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Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL /GS0 gs q 368.00 0 0 368.00 52.50 132.12 cm /I4 Do Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 19.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 19.00 Td ( ) Tj ET Q q 0 0 0 rg BT 733.50 19.00 Td (4) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 49.50 542.15 Td (Highlights ) Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 634.50 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6745098039215687 0.9294117647058824 rg BT 48.50 508.55 Td (Q3) Tj ET Q BT /F2 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 85.85 508.55 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 93.63 508.55 Td (2014) Tj ET Q BT /F2 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 155.92 508.55 Td ( ) Tj ET Q /GS0 gs q 16.00 0 0 16.95 49.50 476.57 cm /I5 Do Q /GS0 gs q 11.00 0 0 16.95 65.50 476.57 cm /I6 Do Q BT /F2 17.00 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0.34901960784313724 0.34901960784313724 rg BT 616.60 480.15 Td (cash ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 658.31 480.15 Td (flows ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 704.73 480.15 Td (from ) Tj ET Q BT /F2 17.00 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 459.75 Td (operations ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 168.12 459.75 Td (are ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 198.37 459.75 Td (higher ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 255.04 459.75 Td (compared ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 341.01 459.75 Td (to ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 361.78 459.75 Td (the ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 392.00 459.75 Td (same ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 440.21 459.75 Td (period ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 496.88 459.75 Td (last ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 530.89 459.75 Td (year ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 570.60 459.75 Td (mainly ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 629.17 459.75 Td (as ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 652.81 459.75 Td (aresultof:) Tj ET Q BT /F2 15.50 Tf ET /GS0 gs q 27.00 0 0 15.09 85.50 433.80 cm /I7 Do Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 112.50 437.15 Td (the contribution of the newly commissioned facilities: ) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 112.50 414.55 Td (France) Tj ET Q BT /F2 15.50 Tf ET /GS0 gs q 27.00 0 0 15.09 121.50 388.60 cm /I8 Do Q BT /F2 15.50 Tf ET 0.34901960784313724 0.34901960784313724 0.34901960784313724 RG /GS0 gs 1.63 w 0 i [] 0 d 1 J 1 j 3 M 148.5 389.4940673828125 m 238.05078125 389.4940673828125 l s q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 148.50 391.95 Td (V) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 157.98 391.95 Td (ron \(8 MW\)) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 238.05 391.95 Td (: wind, September 2013) Tj ET Q BT /F2 15.50 Tf ET /GS0 gs q 27.00 0 0 15.09 121.50 366.00 cm /I9 Do Q BT /F2 15.50 Tf ET 0.34901960784313724 0.34901960784313724 0.34901960784313724 RG /GS0 gs 1.63 w 0 i [] 0 d 1 J 1 j 3 M 148.5 366.8940673828125 m 278.5732421875 366.8940673828125 l s q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 148.50 369.35 Td (La V) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 180.38 369.35 Td (alle \(32 MW\)) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 278.57 369.35 Td (: wind, December 2013) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 112.50 346.75 Td (Canada) Tj ET Q BT /F2 15.50 Tf ET /GS0 gs q 27.00 0 0 15.09 121.50 320.80 cm /I10 Do Q BT /F2 15.50 Tf ET 0.34901960784313724 0.34901960784313724 0.34901960784313724 RG /GS0 gs 1.63 w 0 i [] 0 d 1 J 1 j 3 M 148.5 321.6940673828125 m 456.00341796875 321.6940673828125 l s q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 148.50 324.15 Td (Seigneurie de Beaupr - phase I \(136 MW\)) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 456.00 324.15 Td (: wind, Qubec, December 2013) Tj ET Q BT /F2 15.50 Tf ET /GS0 gs q 27.00 0 0 15.09 121.50 298.20 cm /I11 Do Q BT /F2 15.50 Tf ET 0.34901960784313724 0.34901960784313724 0.34901960784313724 RG /GS0 gs 1.63 w 0 i [] 0 d 1 J 1 j 3 M 148.5 299.0940673828125 m 303.564453125 299.0940673828125 l s q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 148.50 301.55 Td (Jamie Creek \(22 MW\)) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 303.56 301.55 Td (: hydro, British Columbia, May 2014) Tj ET Q /GS0 gs q 17.00 0 0 18.00 49.50 251.15 cm /I12 Do Q /GS0 gs q 10.00 0 0 18.00 66.50 251.15 cm /I13 Do Q BT /F2 17.00 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 254.55 Td (On ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 103.96 254.55 Td (July ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 141.82 254.55 Td (30, ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 169.30 254.55 Td (2014, ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 215.69 254.55 Td (Boralex ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 281.91 254.55 Td (announced ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 376.43 254.55 Td (the ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 405.77 254.55 Td (acquisition ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 499.36 254.55 Td (of ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 519.25 254.55 Td (a ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 532.55 254.55 Td (14 ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 555.31 254.55 Td (MW ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 589.37 254.55 Td (wind ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 631.93 254.55 Td (power ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 685.84 254.55 Td (project ) Tj ET Q BT /F2 17.00 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 234.15 Td (in ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 96.33 234.15 Td (France ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 156.80 234.15 Td (\(Calmont\), ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 245.57 234.15 Td (which ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 298.46 234.15 Td (will ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 330.58 234.15 Td (be ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 355.14 234.15 Td (commissioned ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 478.90 234.15 Td (in ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 498.73 234.15 Td (Q4 ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 526.13 234.15 Td (2015) Tj ET Q /GS0 gs q 16.00 0 0 16.95 49.50 179.77 cm /I14 Do Q /GS0 gs q 11.00 0 0 16.95 65.50 179.77 cm /I15 Do Q BT /F2 17.00 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 183.35 Td (On ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 103.89 183.35 Td (November ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 190.81 183.35 Td (5, ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 208.77 183.35 Td (2014, ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 255.10 183.35 Td (Boralex ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 321.24 183.35 Td (will ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 352.42 183.35 Td (bid ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 381.69 183.35 Td (on ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 406.24 183.35 Td (new ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 443.09 183.35 Td (wind ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 485.58 183.35 Td (projects ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 555.50 183.35 Td (for ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 581.94 183.35 Td (a ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 595.18 183.35 Td (significant ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 683.97 183.35 Td (portion ) Tj ET Q BT /F2 17.00 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 162.95 Td (of ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 96.12 162.95 Td (the ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 125.20 162.95 Td (450 ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 157.14 162.95 Td (MW ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 190.92 162.95 Td (tender ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 246.46 162.95 Td (launched ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 324.66 162.95 Td (in ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 343.34 162.95 Td (December ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 429.13 162.95 Td (2013 ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 470.53 162.95 Td (by ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 493.94 162.95 Td (the ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 523.02 162.95 Td (Government ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 626.73 162.95 Td (of ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 646.35 162.95 Td (Quebec ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 712.28 162.95 Td (and ) Tj ET Q BT /F2 17.00 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 142.55 Td (developed ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 165.30 142.55 Td (with ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 204.02 142.55 Td (community ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 299.42 142.55 Td (partners ) Tj ET Q /GS0 gs q 92.00 0 0 26.00 350.50 19.00 cm /I16 Do Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 19.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 19.00 Td ( ) Tj ET Q q 0 0 0 rg BT 733.50 19.00 Td (5) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 49.50 542.15 Td (Highlights ) Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 634.50 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6745098039215687 0.9294117647058824 rg BT 48.50 508.55 Td (Q3) Tj ET Q BT /F2 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 85.85 508.55 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 93.63 508.55 Td (2014) Tj ET Q BT /F2 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 155.92 508.55 Td ( ) Tj ET Q /GS0 gs q 16.00 0 0 16.95 49.50 476.57 cm /I17 Do Q /GS0 gs q 11.00 0 0 16.95 65.50 476.57 cm /I18 Do Q BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 480.15 Td (Sites ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 121.86 480.15 Td (to ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 142.62 480.15 Td (be ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 167.19 480.15 Td (commissioned ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 290.94 480.15 Td (in ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 310.77 480.15 Td (the ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 341.00 480.15 Td (next ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 380.67 480.15 Td (couple ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 440.18 480.15 Td (of ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 460.95 480.15 Td (months:) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 112.50 457.55 Td (France, wind:) Tj ET Q BT /F2 15.50 Tf ET /GS0 gs q 27.00 0 0 15.09 121.50 431.60 cm /I19 Do Q BT /F2 15.50 Tf ET 0.34901960784313724 0.34901960784313724 0.34901960784313724 RG /GS0 gs 1.63 w 0 i [] 0 d 1 J 1 j 3 M 148.5 432.4940673828125 m 336.23779296875 432.4940673828125 l s q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 148.50 434.95 Td (Fortel-Bonnires \(23 MW\)) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 336.24 434.95 Td (: Q4 2014) Tj ET Q BT /F2 15.50 Tf ET /GS0 gs q 27.00 0 0 15.09 121.50 409.00 cm /I20 Do Q BT /F2 15.50 Tf ET 0.34901960784313724 0.34901960784313724 0.34901960784313724 RG /GS0 gs 1.63 w 0 i [] 0 d 1 J 1 j 3 M 148.5 409.8940673828125 m 297.486328125 409.8940673828125 l s q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 148.50 412.35 Td (St-Franois \(23 MW\)) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 297.49 412.35 Td (: Q1 2015) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 112.50 367.15 Td (Canada, 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\(25 MW\)) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 315.59 321.95 Td (: Q4 2014) Tj ET Q BT /F2 15.50 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 112.50 276.75 Td (T) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 120.82 276.75 Td (otal : 105 MW) Tj ET Q /GS0 gs q 17.00 0 0 18.00 49.50 224.55 cm /I23 Do Q /GS0 gs q 10.00 0 0 18.00 66.50 224.55 cm /I24 Do Q BT /F2 17.00 Tf ET q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 76.50 227.95 Td (Boralex ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 143.59 227.95 Td (declares ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 217.31 227.95 Td (a ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 231.48 227.95 Td (quarterly ) Tj ET Q q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg BT 308.96 227.95 Td (dividend ) 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449.95 Td (2013) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 424.46 Td (Power Production \(GWh\)) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 379.20 423.95 Td (203.8) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 487.10 423.95 Td (96.9) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 582.15 423.95 Td (840.9) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 681.15 423.95 Td (454.9) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 398.46 Td (Utilization factor) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 388.05 397.95 Td (20.2) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 419.25 397.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 487.10 397.95 Td (15.4) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 518.25 397.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 591.10 397.95 Td (27.7) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 622.25 397.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 690.10 397.95 Td (24.2) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 721.25 397.95 Td (%) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 372.46 Td (Revenues from energy sales) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 370.25 371.95 Td (24,042) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 469.30 371.95 Td (11,822) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 564.40 371.95 Td (103,255) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 672.30 371.95 Td (55,804) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 346.46 Td (EBITDA) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 370.25 345.95 Td (17,466) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 478.20 345.95 Td (7,347) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 573.30 345.95 Td (83,250) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 672.30 345.95 Td (43,821) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 320.46 Td (EBITDA margin) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 388.05 319.95 Td (72.6) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 419.25 319.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 487.10 319.95 Td (62.1) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 518.25 319.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 591.10 319.95 Td (80.6) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 622.25 319.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 690.10 319.95 Td (78.5) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 721.25 319.95 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.4 0.8 0 rg /GS0 gs 49.00 301.05 40.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 89.00 301.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 244.00 301.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 399.00 301.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 554.00 301.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 709.00 301.05 33.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 297.05 693.00 -19.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 278.05 693.00 -17.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 261.05 40.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 89.00 261.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 244.00 261.05 310.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 554.00 261.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 709.00 261.05 33.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 257.05 40.00 -14.00 re f /GS0 gs 0 0.6 0.2 rg /GS0 gs 89.00 257.05 620.00 -14.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 709.00 257.05 33.00 -14.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 243.05 40.00 -13.00 re f /GS0 gs 0.4 0.4 0.4 rg /GS0 gs 89.00 243.05 310.00 -13.00 re f /GS0 gs 0.4 0.4 0.4 rg /GS0 gs 399.00 243.05 310.00 -13.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 709.00 243.05 33.00 -13.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 230.05 40.00 -26.00 re f /GS0 gs 0.8 0.8 0.8 rg /GS0 gs 89.00 230.05 310.00 -26.00 re f /GS0 gs 0.8 0.8 0.8 rg /GS0 gs 399.00 230.05 310.00 -26.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 709.00 230.05 33.00 -26.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 204.05 40.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 89.00 204.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 244.00 204.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 399.00 204.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 554.00 204.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 709.00 204.05 33.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 200.05 693.00 -42.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 158.05 693.00 -42.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 116.05 693.00 -42.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 49.00 74.05 40.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 89.00 74.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 244.00 74.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 399.00 74.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 554.00 74.05 155.00 -4.00 re f /GS0 gs 0.4 0.8 0 rg /GS0 gs 709.00 74.05 33.00 -4.00 re f /GS0 gs 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 257.04999999999995 m 244 257.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 257.04999999999995 m 399 257.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 257.04999999999995 m 554 257.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 257.04999999999995 m 709 257.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 257.04999999999995 m 89 243.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 257.04999999999995 m 244 257.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 257.04999999999995 m 554 257.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 709 257.04999999999995 m 709 243.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 257.04999999999995 m 709 257.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 230.04999999999995 m 244 230.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 243.04999999999995 m 399 230.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 230.04999999999995 m 399 230.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 709 243.04999999999995 m 709 230.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 230.04999999999995 m 89 204.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 230.04999999999995 m 244 230.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 204.04999999999995 m 244 204.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 204.04999999999995 m 399 204.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 230.04999999999995 m 399 204.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 230.04999999999995 m 554 230.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 204.04999999999995 m 554 204.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 709 230.04999999999995 m 709 204.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 230.04999999999995 m 709 230.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 204.04999999999995 m 709 204.04999999999995 l s /GS0 gs q 12.31 0 0 14.67 57.50 280.58 cm /I38 Do Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 69.81 283.46 Td ( Production was higher by 1) Tj ET Q q 0 0 0 rg BT 255.74 283.46 Td (10% vs Q3 2013) Tj ET Q /GS0 gs q 10.55 0 0 12.71 81.50 263.59 cm /I39 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 92.05 266.05 Td ( Higher by 3% excluding the contribution from V) Tj ET Q q 0 0 0 rg BT 369.41 266.05 Td (ron, La V) Tj ET Q q 0 0 0 rg BT 420.09 266.05 Td (alle and Seigneurie de Beaupr - phase I ) Tj ET Q BT /F4 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 369.90 247.36 Td (PRODUCTION) Tj ET Q BT /F2 8.50 Tf ET q 1 1 1 rg BT 206.40 234.36 Td (Canadian Stations) Tj ET Q BT /F2 8.50 Tf ET q 1 1 1 rg BT 515.95 234.36 Td (European Stations) Tj ET Q BT /F4 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 196.70 219.96 Td (362% higher vs Q3 2013) Tj ET Q BT /F4 8.50 Tf ET q 0 0 0 rg BT 98.40 209.76 Td (13% higher excluding the contribution of the Seigneurie de Beaupr - phase I ) Tj ET Q BT /F4 8.50 Tf ET q 0 0 0 rg BT 509.05 219.96 Td (16% higher vs Q3 2013) Tj ET Q BT /F4 8.50 Tf ET q 0 0 0 rg BT 450.45 209.76 Td (Stable excluding the contribution of V) Tj ET Q q 0 0 0 rg BT 590.48 209.76 Td (ron and La V) Tj ET Q q 0 0 0 rg BT 638.53 209.76 Td (alle) Tj ET Q /GS0 gs q 12.31 0 0 14.67 57.50 180.38 cm /I40 Do Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 69.81 183.26 Td ( The commissioning of the Seigneurie de Beaupr - phase I had a positive impact on EBITDA) Tj ET Q q 0 0 0 rg BT 686.18 183.26 Td ( of ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 75.50 167.06 Td ($8.6 M) Tj ET Q /GS0 gs q 12.31 0 0 14.67 57.50 138.38 cm /I41 Do Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 69.81 141.26 Td ( The commissioning of the V) Tj ET Q q 0 0 0 rg BT 259.61 141.26 Td (ron and La V) Tj ET Q q 0 0 0 rg BT 343.63 141.26 Td (alle wind farms had a positive impact on EBITDA) Tj ET Q q 0 0 0 rg BT 675.29 141.26 Td ( of ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 75.50 125.06 Td ($0.8M) Tj ET Q /GS0 gs q 12.31 0 0 14.67 57.50 88.23 cm /I42 Do Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 69.81 91.11 Td ( The strenghtening of the Euro had a positive impact of $0.2 M on EBITDA) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 92.00 0 0 26.00 350.50 19.00 cm /I43 Do Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M -0.5 572 m 263.5 572 l s 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 572 m 527.5 572 l s 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 572 m 791.5 572 l s BT /F5 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.6 0.6 0.6 rg BT 300.35 577.02 Td (Proportionate Consolidation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 19.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 19.00 Td ( ) Tj ET Q q 0 0 0 rg BT 728.50 19.00 Td (15) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 49.50 542.15 Td (Sector Review) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 240.92 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 248.70 542.15 Td (Q3) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 286.05 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 293.83 542.15 Td (2014) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 356.12 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6745098039215687 0.9294117647058824 rg BT 49.50 508.55 Td (Hydro ) Tj ET Q BT /F4 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 138.18 508.55 Td (Energy) Tj ET Q 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 341.00 486.05 198.00 -33.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 544.00 486.05 198.00 -33.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 486.05 m 341 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 486.05 m 440 486.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 453.05 m 440 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 486.05 m 539 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 486.05 m 539 486.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 453.05 m 539 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 486.05 m 539 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 486.05 m 544 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 486.05 m 544 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 486.05 m 643 486.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 453.05 m 643 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 486.05 m 742 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 486.05 m 742 486.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 453.05 m 742 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 453.05 m 341 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 453.05 m 341 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 453.05 m 440 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 420.05 m 440 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 453.05 m 440 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 453.05 m 539 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 453.05 m 539 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 453.05 m 539 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 453.05 m 544 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 453.05 m 544 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 453.05 m 643 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 453.05 m 643 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 453.05 m 643 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 453.05 m 742 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 453.05 m 742 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 420.05 m 341 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 420.05 m 341 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 420.05 m 440 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 420.05 m 539 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 420.05 m 539 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 420.05 m 539 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 420.05 m 544 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 420.05 m 544 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 420.05 m 643 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 420.05 m 643 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 420.05 m 643 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 420.05 m 742 387.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 420.05 m 742 420.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 387.05 m 341 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 387.05 m 440 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 387.05 m 539 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 387.05 m 539 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 387.05 m 544 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 387.05 m 544 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 387.05 m 643 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 387.05 m 643 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 387.05 m 742 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 354.05 m 341 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 354.05 m 440 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 354.05 m 539 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 354.05 m 539 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 354.05 m 544 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 354.05 m 544 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 354.05 m 643 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 354.05 m 643 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 354.05 m 742 321.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 288.05 m 341 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 321.05 m 341 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 288.05 m 440 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 321.05 m 440 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 321.05 m 539 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 288.05 m 539 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 321.05 m 539 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 321.05 m 544 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 321.05 m 544 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 321.05 m 643 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 288.05 m 643 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 321.05 m 643 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 321.05 m 742 288.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 288.05 m 742 288.05 l s BT /F2 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 428.80 465.45 Td (Q3) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 626.50 465.45 Td (YTD) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 424.23 Td (\(in thousands of dollars, unless otherwise specified\)) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 376.90 432.45 Td (2014) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 475.90 432.45 Td (2013) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 579.90 432.45 Td (2014) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 678.90 432.45 Td (2013) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 399.96 Td (Power Production \(GWh\)) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 379.20 399.45 Td (139.9) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 478.20 399.45 Td (131.8) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 582.15 399.45 Td (487.2) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 681.15 399.45 Td (478.2) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 366.96 Td (Revenues from energy sales) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 370.25 366.45 Td (12,236) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 469.30 366.45 Td (11,206) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 573.30 366.45 Td (43,854) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 672.30 366.45 Td (41,010) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 333.96 Td (EBITDA) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 379.20 333.45 Td (8,816) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 478.20 333.45 Td (7,595) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 573.30 333.45 Td (32,985) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 672.30 333.45 Td (31,411) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 300.96 Td (EBITDA margin) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 388.05 300.45 Td (72.0) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 419.25 300.45 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 487.10 300.45 Td (67.8) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 518.25 300.45 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 591.10 300.45 Td (75.2) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 622.25 300.45 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 690.10 300.45 Td (76.6) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 721.25 300.45 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 278.05 62.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 111.00 278.05 288.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 399.00 278.05 288.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 687.00 278.05 55.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 274.05 693.00 -35.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 239.05 62.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 111.00 239.05 576.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 687.00 239.05 55.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 235.05 62.00 -17.00 re f /GS0 gs 0 0.2 0.6 rg /GS0 gs 111.00 235.05 576.00 -17.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 687.00 235.05 55.00 -17.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 218.05 62.00 -15.00 re f /GS0 gs 0.4 0.4 0.4 rg /GS0 gs 111.00 218.05 288.00 -15.00 re f /GS0 gs 0.4 0.4 0.4 rg /GS0 gs 399.00 218.05 288.00 -15.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 687.00 218.05 55.00 -15.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 203.05 62.00 -47.00 re f /GS0 gs 0.8 0.8 0.8 rg /GS0 gs 111.00 203.05 288.00 -47.00 re f /GS0 gs 0.8 0.8 0.8 rg /GS0 gs 399.00 203.05 288.00 -47.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 687.00 203.05 55.00 -47.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 156.05 62.00 -6.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 111.00 156.05 288.00 -6.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 399.00 156.05 288.00 -6.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 687.00 156.05 55.00 -6.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 150.05 693.00 -36.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 114.05 693.00 -31.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 49.00 83.05 62.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 111.00 83.05 288.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 399.00 83.05 288.00 -4.00 re f /GS0 gs 0.7137254901960784 0.8666666666666667 0.9098039215686274 rg /GS0 gs 687.00 83.05 55.00 -4.00 re f /GS0 gs 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 235.04999999999995 m 399 235.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 235.04999999999995 m 687 235.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 235.04999999999995 m 111 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 235.04999999999995 m 111 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 235.04999999999995 m 399 235.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 218.04999999999995 m 399 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687 235.04999999999995 m 687 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 235.04999999999995 m 687 235.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 218.04999999999995 m 687 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687 235.04999999999995 m 687 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 218.04999999999995 m 111 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 218.04999999999995 m 111 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 218.04999999999995 m 399 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 218.04999999999995 m 399 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 203.04999999999995 m 399 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 218.04999999999995 m 399 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687 218.04999999999995 m 687 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 218.04999999999995 m 687 218.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 203.04999999999995 m 687 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687 218.04999999999995 m 687 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 203.04999999999995 m 111 156.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 203.04999999999995 m 111 156.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 203.04999999999995 m 399 156.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 203.04999999999995 m 399 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 111 156.04999999999995 m 399 156.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 203.04999999999995 m 399 156.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687 203.04999999999995 m 687 156.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 203.04999999999995 m 687 203.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 156.04999999999995 m 687 156.04999999999995 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687 203.04999999999995 m 687 156.04999999999995 l s /GS0 gs q 12.31 0 0 14.67 57.50 241.58 cm /I44 Do Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 69.81 244.46 Td ( Production was higher by 6% against Q3 2013 and lower by 6% compared to historical averages) Tj ET Q BT /F4 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 369.90 224.36 Td (PRODUCTION) Tj ET Q BT /F2 8.50 Tf ET q 1 1 1 rg BT 217.40 208.36 Td (Canadian Stations) Tj ET Q BT /F2 8.50 Tf ET q 1 1 1 rg BT 518.60 208.36 Td (US Stations) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 207.45 188.00 Td (36% higher vs Q3 2013) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 159.45 177.20 Td (12% lower vs Q3 2013 \(excluding Jamie Creek\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 188.95 166.45 Td (17% lower vs historical averages) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.20 182.65 Td (14% lower vs Q3 2013) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 477.70 171.85 Td (8% higher vs historical averages) Tj ET Q /GS0 gs q 12.31 0 0 14.67 57.50 116.58 cm /I45 Do Q BT /F4 14.00 Tf ET q 0 0 0 rg BT 69.81 119.46 Td ( ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 73.70 119.46 Td (The commissioning of Jamie Creek in May had a positive impact on EBITDA) Tj ET Q q 0 0 0 rg BT 578.85 119.46 Td ( of $2.0 M) Tj ET Q /GS0 gs q 12.31 0 0 14.67 57.50 85.58 cm /I46 Do Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 69.81 88.46 Td ( The strenghtening of the US dollar had a positive impact of $0.2 M on EBITDA) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 92.00 0 0 26.00 350.50 19.00 cm /I47 Do Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M -0.5 572 m 263.5 572 l s 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 572 m 527.5 572 l s 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 572 m 791.5 572 l s BT /F5 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.6 0.6 0.6 rg BT 300.35 577.02 Td (Proportionate Consolidation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 19.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 19.00 Td ( ) Tj ET Q q 0 0 0 rg BT 728.50 19.00 Td (16) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 49.50 542.15 Td (Sector Review) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 240.92 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 248.70 542.15 Td (Q3) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 286.05 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 293.83 542.15 Td (2014) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 356.12 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6745098039215687 0.9294117647058824 rg BT 49.50 508.55 Td (Thermal ) Tj ET Q BT /F4 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 166.20 508.55 Td (Energy) Tj ET Q 1 0.7333333333333333 0 rg /GS0 gs 337.00 462.05 198.00 -33.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 540.00 462.05 202.00 -33.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 462.05 m 337 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 462.05 m 436 462.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 429.05 m 436 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 462.05 m 535 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 462.05 m 535 462.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 429.05 m 535 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 462.05 m 540 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 462.05 m 641 462.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 429.05 m 641 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 462.05 m 742 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 462.05 m 742 462.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 429.05 m 742 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 429.05 m 337 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 429.05 m 337 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 429.05 m 436 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 396.05 m 436 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 429.05 m 436 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 429.05 m 535 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 429.05 m 535 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 429.05 m 540 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 429.05 m 540 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 429.05 m 641 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 396.05 m 641 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 429.05 m 641 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 429.05 m 742 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 429.05 m 742 429.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 396.05 m 337 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 396.05 m 337 361.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 396.05 m 436 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 396.05 m 436 361.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 396.05 m 535 361.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 396.05 m 535 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 396.05 m 540 361.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 396.05 m 641 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 396.05 m 641 361.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 396.05 m 742 361.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 396.05 m 742 396.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 361.05 m 337 326.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 361.05 m 436 326.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 361.05 m 535 326.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 361.05 m 540 326.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 361.05 m 641 326.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 361.05 m 742 326.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 326.05 m 337 291.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 326.05 m 436 291.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 326.05 m 535 291.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 326.05 m 540 291.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 326.05 m 641 291.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 326.05 m 742 291.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 256.05 m 337 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 291.05 m 337 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 256.05 m 436 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 291.05 m 436 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 291.05 m 535 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 256.05 m 535 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 256.05 m 540 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 291.05 m 540 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540 256.05 m 641 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 291.05 m 641 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 291.05 m 742 256.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641 256.05 m 742 256.05 l s BT /F2 16.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 424.80 441.45 Td (Q3) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 624.50 441.45 Td (YTD) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 400.23 Td (\(in thousands of dollars, unless otherwise 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q 0 0 0 rg BT 681.15 339.45 Td (111.9) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 304.96 Td (Revenues from energy sales) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 381.20 304.45 Td (5,660) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 474.85 304.50 Td (4,657) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 571.30 304.45 Td (22,521) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 672.30 304.45 Td (20,471) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 51.50 269.96 Td (EBITDA) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 394.50 269.45 Td (588) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 482.85 269.50 Td (\(614) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 514.90 269.45 Td (\)) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 580.15 269.45 Td (4,059) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 681.15 269.45 Td (2,984) Tj ET Q BT /F1 10.00 Tf ET 1 0.7333333333333333 0 rg /GS0 gs 49.00 246.05 62.00 -9.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 111.00 246.05 272.00 -9.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 383.00 246.05 310.00 -9.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 693.00 246.05 41.00 -9.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 734.00 246.05 8.00 -9.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 49.00 237.05 685.00 -47.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 734.00 237.05 8.00 -47.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 49.00 190.05 685.00 -71.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 734.00 190.05 8.00 -71.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 49.00 119.05 685.00 -44.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 734.00 119.05 8.00 -44.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 49.00 75.05 62.00 -6.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 111.00 75.05 272.00 -6.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 383.00 75.05 310.00 -6.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 693.00 75.05 41.00 -6.00 re f /GS0 gs 1 0.7333333333333333 0 rg /GS0 gs 734.00 75.05 8.00 -6.00 re f /GS0 gs /GS0 gs q 10.55 0 0 16.02 57.50 215.68 cm /I48 Do Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 68.05 219.05 Td ( ) Tj ET Q q 0 0 0 rg BT 73.19 219.05 Td (The ) Tj ET Q q 0 0 0 rg BT 106.77 219.05 Td (Senneterre ) Tj ET Q q 0 0 0 rg BT 195.50 219.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 251.33 219.05 Td (operated ) Tj ET Q q 0 0 0 rg BT 324.04 219.05 Td (one ) Tj ET Q q 0 0 0 rg BT 357.62 219.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 438.31 219.05 Td (month ) Tj ET Q q 0 0 0 rg BT 492.33 219.05 Td (\(September\) ) Tj ET Q q 0 0 0 rg BT 590.82 219.05 Td (in ) Tj ET Q q 0 0 0 rg BT 610.17 219.05 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 636.65 219.05 Td (2014 ) Tj ET Q q 0 0 0 rg BT 677.38 219.05 Td (than ) Tj ET Q q 0 0 0 rg BT 716.30 219.05 Td (in ) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 75.50 199.85 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 101.29 199.85 Td (2013 ) Tj ET Q q 0 0 0 rg BT 141.33 199.85 Td (generating ) Tj ET Q q 0 0 0 rg BT 227.56 199.85 Td (a ) Tj ET Q q 0 0 0 rg BT 240.91 199.85 Td (positive ) Tj ET Q q 0 0 0 rg BT 305.81 199.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 361.83 199.85 Td (on ) Tj ET Q q 0 0 0 rg BT 385.82 199.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 460.53 199.85 Td (of ) Tj ET Q q 0 0 0 rg BT 480.08 199.85 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 515.66 199.85 Td (M ) Tj ET Q q 0 0 0 rg BT 533.44 199.85 Td (and ) Tj ET Q q 0 0 0 rg BT 566.33 199.85 Td (on ) Tj ET Q q 0 0 0 rg BT 590.32 199.85 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 649.28 199.85 Td ( ) Tj ET Q q 0 0 0 rg BT 653.73 199.85 Td (of ) Tj ET Q q 0 0 0 rg BT 673.27 199.85 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 708.86 199.85 Td (M) Tj ET Q /GS0 gs q 10.55 0 0 16.02 62.00 166.28 cm /I49 Do Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 72.55 169.65 Td ( ) Tj ET Q q 0 0 0 rg BT 78.98 169.65 Td (The ) Tj ET Q q 0 0 0 rg BT 113.85 169.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 153.17 169.65 Td (of ) Tj ET Q q 0 0 0 rg BT 174.70 169.65 Td (raw ) Tj ET Q q 0 0 0 rg BT 208.69 169.65 Td (materials ) Tj ET Q q 0 0 0 rg BT 285.38 169.65 Td (at ) Tj ET Q q 0 0 0 rg BT 306.03 169.65 Td (the ) Tj ET Q q 0 0 0 rg BT 336.46 169.65 Td (Senneterre ) Tj ET Q q 0 0 0 rg BT 426.48 169.65 Td (facility ) Tj ET Q q 0 0 0 rg BT 483.59 169.65 Td (decreased ) Tj ET Q q 0 0 0 rg BT 569.18 169.65 Td (thereby ) Tj ET Q q 0 0 0 rg BT 633.40 169.65 Td (generating ) Tj ET Q q 0 0 0 rg BT 721.61 169.65 Td (a ) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 80.00 150.45 Td (positive ) Tj ET Q q 0 0 0 rg BT 147.35 150.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 205.80 150.45 Td (of ) Tj ET Q q 0 0 0 rg BT 227.79 150.45 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 265.82 150.45 Td (M ) Tj ET Q q 0 0 0 rg BT 286.03 150.45 Td (on ) Tj ET Q q 0 0 0 rg BT 312.46 150.45 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 383.35 150.45 Td (This ) Tj ET Q q 0 0 0 rg BT 423.13 150.45 Td (improvement ) Tj ET Q q 0 0 0 rg BT 530.48 150.45 Td (is ) Tj ET Q q 0 0 0 rg BT 550.71 150.45 Td (due ) Tj ET Q q 0 0 0 rg BT 586.04 150.45 Td (to ) Tj ET Q q 0 0 0 rg BT 608.03 150.45 Td (Senneterre ) Tj ET Q q 0 0 0 rg BT 698.51 150.45 Td (now ) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 80.00 131.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 157.34 131.25 Td (eight ) Tj ET Q q 0 0 0 rg BT 200.00 131.25 Td (months ) Tj ET Q q 0 0 0 rg BT 262.22 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 275.56 131.25 Td (year ) Tj ET Q q 0 0 0 rg BT 312.93 131.25 Td (hence ) Tj ET Q q 0 0 0 rg BT 363.62 131.25 Td (having ) Tj ET Q q 0 0 0 rg BT 419.63 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 432.97 131.25 Td (more ) Tj ET Q q 0 0 0 rg BT 476.54 131.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 527.23 131.25 Td (supply) Tj ET Q /GS0 gs q 10.55 0 0 16.02 57.50 101.53 cm /I50 Do Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 68.05 104.90 Td ( ) Tj ET Q q 0 0 0 rg BT 77.58 104.90 Td (The ) Tj ET Q q 0 0 0 rg BT 115.55 104.90 Td (renovation ) Tj ET Q q 0 0 0 rg BT 206.86 104.90 Td (of ) Tj ET Q q 0 0 0 rg BT 231.49 104.90 Td (Blendecques ) Tj ET Q q 0 0 0 rg BT 340.60 104.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 400.82 104.90 Td (being ) Tj ET Q q 0 0 0 rg BT 453.01 104.90 Td (completed, ) Tj ET Q q 0 0 0 rg BT 546.99 104.90 Td (production ) Tj ET Q q 0 0 0 rg BT 640.06 104.90 Td (resumed ) Tj ET Q q 0 0 0 rg BT 716.28 104.90 Td (in ) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 80.00 85.70 Td (November) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 92.00 0 0 26.00 350.50 19.00 cm /I51 Do Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M -0.5 572 m 263.5 572 l s 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 572 m 527.5 572 l s 0.6 0.6 0.6 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 572 m 791.5 572 l s BT /F5 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.6 0.6 0.6 rg BT 300.35 577.02 Td (Proportionate Consolidation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 19.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 19.00 Td ( ) Tj ET Q q 0 0 0 rg BT 728.50 19.00 Td (17) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 49.50 542.15 Td (Sector Review) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 240.92 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 248.70 542.15 Td (Q3) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 286.05 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 293.83 542.15 Td (2014) Tj ET Q BT /F2 28.00 Tf ET q 0 0 0 rg BT 356.12 542.15 Td ( ) Tj ET Q BT /F2 28.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6745098039215687 0.9294117647058824 rg BT 49.50 508.55 Td (Solar ) Tj ET Q BT /F4 28.00 Tf ET q 0 0.6745098039215687 0.9294117647058824 rg BT 127.31 508.55 Td (Energy) Tj ET Q 1 1 0.2 rg /GS0 gs 341.00 474.05 198.00 -37.00 re f /GS0 gs 1 1 0.2 rg /GS0 gs 544.00 474.05 198.00 -37.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 474.05 m 341 437.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 474.05 m 440 474.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 437.05 m 440 437.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 474.05 m 539 437.05 l s 0 0 0 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0 d 0 J 0 j 3 M 539 437.05 m 539 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 437.05 m 539 437.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 401.05 m 539 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 437.05 m 544 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 437.05 m 544 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 437.05 m 643 437.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 401.05 m 643 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 437.05 m 643 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 437.05 m 742 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 437.05 m 742 437.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 401.05 m 742 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 401.05 m 341 401.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 401.05 m 341 362.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 401.05 m 440 362.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 401.05 m 539 362.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 401.05 m 544 362.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 401.05 m 643 362.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 401.05 m 742 362.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 362.05 m 341 323.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 362.05 m 440 323.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 362.05 m 539 323.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 362.05 m 544 323.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643 362.05 m 643 323.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 742 362.05 m 742 323.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 323.05 m 341 284.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 323.05 m 440 284.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 323.05 m 539 284.05 l s 0 0 0 RG 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ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 684.75 231.95 Td (\(9,697) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 730.15 231.95 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 49.00 199.05 182.00 -4.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 231.00 199.05 170.00 -4.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 401.00 199.05 170.00 -4.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 571.00 199.05 165.00 -4.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 736.00 199.05 6.00 -4.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 49.00 195.05 687.00 -53.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 736.00 195.05 6.00 -53.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 49.00 142.05 687.00 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(Restricted cash) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 525.30 385.95 Td (34,434) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 665.30 385.95 Td (60,126) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 52.50 348.46 Td (Total assets) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 503.05 347.95 Td (1,846,480) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 643.05 347.95 Td (1,791,440) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 52.50 310.46 Td (Net debt \(excluding convertibles debentures\)) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 516.40 309.95 Td (923,414) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 656.40 309.95 Td (821,040) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 52.50 272.46 Td (Convertible debentures - nominal value) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 516.40 271.95 Td (244,447) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 656.40 271.95 Td (244,655) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 52.50 234.46 Td (Average rate - total debt) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 543.10 233.95 Td (5.35) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 574.25 233.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 683.10 233.95 Td (5.46) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 714.25 233.95 Td (%) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 52.50 196.46 Td (Equity attributable to shareholders' of Boralex ) Tj ET Q BT /F2 14.00 Tf ET BT /F2 9.10 Tf ET q 0 0 0 rg BT 363.88 203.14 Td (\(1\)) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 516.40 195.95 Td (321,125) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 656.40 195.95 Td (356,094) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 52.50 158.46 Td (Book value per share) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 534.20 157.95 Td ($8.40) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 674.15 157.95 Td ($9.43) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 52.50 120.46 Td (Net debt ratio ) Tj ET Q BT /F2 14.00 Tf ET BT /F2 9.10 Tf ET q 0 0 0 rg BT 146.62 127.14 Td (\(2\)) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 543.10 119.95 Td (61.2) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 574.25 119.95 Td (%) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 683.10 119.95 Td (57.1) Tj ET Q BT /F4 16.00 Tf ET q 0 0 0 rg BT 714.25 119.95 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 49.50 89.95 Td (\(1\) Excludes Non-controlling shareholders) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 49.50 76.35 Td (\(2\) For calculation details, refer to the section: Non-IFRS Measures in the MD&A. Ratios can be adjusted to exclude the non-current debt drawn from projects in development.) 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115.83 267.85 Td ( ) Tj ET Q BT /F2 16.00 Tf ET q 0.14901960784313725 0.14901960784313725 0.45098039215686275 rg BT 120.83 267.85 Td (\(before corporate and eliminations\)) Tj ET Q BT /F2 18.00 Tf ET q 0.14901960784313725 0.14901960784313725 0.45098039215686275 rg BT 389.32 267.85 Td ( \($) Tj ET Q BT /F2 18.00 Tf ET q 0.14901960784313725 0.14901960784313725 0.45098039215686275 rg BT 410.32 267.85 Td (122.5) Tj ET Q BT /F2 18.00 Tf ET q 0.14901960784313725 0.14901960784313725 0.45098039215686275 rg BT 455.37 267.85 Td ( M\) ) Tj ET Q /GS0 gs q 315.00 0 0 208.00 49.50 52.85 cm /I64 Do Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 364.50 57.85 Td ( ) Tj ET Q /GS0 gs q 315.00 0 0 208.00 418.50 52.85 cm /I65 Do Q BT /F1 10.00 Tf ET /GS0 gs q 92.00 0 0 26.00 350.50 19.00 cm /I66 Do Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 0.00 188.10 Td ( ) Tj ET Q BT /F2 40.00 Tf ET q 0 0 0 rg BT 72.00 188.10 Td (Question Period ) Tj 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