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For the year ended December 31, 2012, adjusted funds from operations totalled $76.9 million as compared to adjusted funds from operations of $72.7 million, an increase of $4.2 million as compared to the same period in 2011. 

For the three months ended December 31, 2012, adjusted funds from operations totalled $26.9 million as compared to adjusted funds from operations of $12.7 million, an increase of $14.2 million as compared to the same period in 2011. 

## Summary of Property, Plant and Equipment Expenditures 

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APUC’s consolidated capital expenditures in the year ended December 31, 2012 increased as compared to the same period in 2011 primarily due to APCo’s acquisition of the Gamesa Wind Facilities and Liberty Utilities’ acquisitions of EnergyNorth Gas Utility, Granite State Electric Utility and the Midwest Gas Utilities. 

Property, plant and equipment expenditures for the 2013 fiscal year are anticipated to be between $130 million and $145 million. Capital expenditures for Liberty Utilities include: approximately $34 million at Liberty Utilities 

