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MANAGEMENT’S DISCUSSION AND ANALYSIS …

ALASKA HYDRO CORPORATION management S DISCUSSION AND ANALYSIS FOR THE YEARS ended december 31, 2013 AND 2012 As at May 12, 2014 Alaska Hydro Corporation management s DISCUSSION and ANALYSIS For the Years ended december 31, 2013 and 2012 (In US Funds, unless otherwise indicated) Page 2 The following management s DISCUSSION and ANALYSIS is for the years ended december 31, 2013 and 2012. This MD&A is as of May 12, 2014. INTRODUCTION The DISCUSSION and ANALYSIS of the operating results and financial position of Alaska Hydro Corporation ( the Company ) should be read in conjunction with the attached Consolidated Financial Statements and related Notes (the Financial Statements ), These financial statements have been prepared by management in accordance with Canadian generally accepted accounting principles as set out in the CPA Canada Handbook ( CPA Handbook ).

Alaska Hydro Corporation Management’s Discussion and Analysis For the Years ended December 31, 2013 and 2012 (In US Funds, unless otherwise indicated)

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