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## MANAGEMENT’S DISCUSSION AND ANALYSIS 

In 2013, Capstone achieved Adjusted EBITDA of $128.4 million, which was at the high end of our forecasted range and reflected strong operations across our businesses as well as three months of contribution from our new wind power facilities. 

## Financial Highlights 

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(1) Net income (loss) and earnings (loss) per share have been restated for changes required by IFRS to implement IAS 19 – Employee Benefi ts. This change, which became effective, retroactively, January 1, 2013, is described in note 2 of the consolidated financial statements for the year ended December 31, 2013. 

