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by operating activities and per share adjusted funds from operations do not represent amounts available for distribution to shareholders and should be considered in light of various charges and claims against APUC. 

## 2012 Three month results from operations 

## Key Selected Fourth Quarter Financial Information 

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APUC uses adjusted EBITDA, adjusted net earnings and adjusted funds from operations to enhance assessment and understanding of the operating performance of APUC without the effects of certain accounting adjustments which are derived from a number of non-operating factors, accounting methods and assumptions. 2 

APUC uses per share adjusted net earnings, cash provided by operating activities and adjusted funds from operations to enhance assessment and understanding of the performance of APUC. 

$^{3}$ Non-GAAP measure - see applicable section later in this MD&A and the caution regarding non-GAAP measures on page 1. 

For the three months ended December 31, 2012, APUC experienced an average U.S. exchange rate of approximately $0.991 as compared to $1.023 in the same period in 2011. As such, any quarter over quarter variance in revenue or expenses, in local currency, at any of APUC’s U.S. entities are affected by a change in the average exchange rate, upon conversion to APUC’s reporting currency. 

For the three months ended December 31, 2012, APUC reported total revenue of $143.1 million as compared to $70.5 million during the same period in 2011, an increase of $72.6 million. The major factors resulting in the increase in APUC revenue in the three months ended December 31, 2012 as compared to the corresponding period in 2011 are set out as follows: 

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