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## Highlights 

## Financial Results in Brief 

<img src='content_image/269130.jpg'>

## Performance 

Net earnings for the twelve months ended December 31, 2011 were $20.4 million. With kilowatt-hour sales flat, a decrease in Finance Charges and an increase in Other Income resulted in an overall increase to earnings year over year from $19.9 million for the twelve months ended December 31, 2010. Dividends paid and declared on Class A Ordinary Shares were $0.66 per share. The Class A Ordinary Shares (CUP.U) traded on the Toronto Stock Exchange at a high of $9.80 per share in 2011. 

## Rate of Exchange 

The closing rate of exchange as of December 31, 2011 as reported by the Bank of Canada for the conversion of United States dollars into Canadian dollars was Cdn$1.017 per US$1.00. The official exchange rate for conversion of Cayman Islands dollars into United States dollars, as determined by the Cayman Islands Monetary Authority, has been fixed since April 1974 at US$1.20 per CI$1.00. Thus, the rate of exchange as of December 31, 2011 for the conversion of Cayman Islands dollars into Canadian dollars was Cdn$1.220 per CI$1.00. 

## Share Performance 

Comparison of five-year cumulative total returns between Cdn$100.00 and US$100.00 invested in CUC Class A Ordinary Shares and the S&P/TSX Composite Index - Utilities and S&P/TSX Composite Index. 

<img src='content_image/269131.jpg'>

Information reflected in this Highlights section should be read in conjunction with the disclosure contained in the Management’s Discussion and Analysis and its associated cautions beginning on page eight. All dollar amounts in this 2011 Annual Report are stated in United States dollars unless otherwise indicated. 

