Operating Activities

Net income

Adjusted for the following items:

Earnings from investments in associates and joint ventures, net of distributions received

Depreciation and amortization expense

Mark-to-market on hedging items, provisions and other

Gain (Loss) on Disposition of Business

Deferred income tax expense (recovery)

Changes in non-cash working capital, net

Cash from operating activities

Investing Activities

Acquisition of subsidiaries, net of cash acquired

Additions of investments in associates and joint ventures

Proceeds from sales of investments accounted for using equity method

Purchase of long lived assets

Disposal of long lived assets

Purchase of financial assets

Sale of financial assets and other

Net settlement of foreign exchange hedging items

Cash used by investing activities

Financing Activities

Distributions to general partner

Distributions to other unitholders

Subsidiary distributions to non-controlling interest

Capital provided by non-controlling interest

Capital provided to non-controlling interest

Proceeds from corporate borrowings

Proceeds from corporate credit facility

Repayment of corporate credit facility

Proceeds from subsidiary borrowings

Repayment of subsidiary borrowings

Preferred units issued

Partnership units issued, net of issuance costs

Cash from financing activities

Cash and cash equivalents

Change during the year

Impact of foreign exchange on cash