Guidance

2010 Guidance ⁽¹⁾

	2010 Forecast		2009	2008
Fort Chicago Energy Partners L.P.	Low	High	Actual	Actual
Distributable Cash - Cdn $ per Class A Unit (2,3)
Alliance Distributions	0.83	0.89	0.88	0.91
AEGS	0.10	0.11	0.11	0.12
Aux Sable Distributions, net of support payments	0.11	0.66	0.33	0.52
Fort Chicago Power	0.08	0.12	0.10	0.07
NRGreen Distributions	0.01	0.01	0.01	0.01
East Windsor Distributions	-	0.03	-	-
General and Administrative, Realized Foreign Exchange	(0.13)	(0.12)	(0.09)	(0.10)
Debt Service - Principal Repayments and Interest, net	(0.18)	(0.15)	(0.11)	(0.15)
Taxes	(0.03)	(0.25)	(0.13)	(0.18)
	0.85	1.30	1.10	1.20
Net Income (Cdn $ per Class A Unit)	0.48	0.53	0.24	0.46
Cdn/U.S. Exchange Rate - Average	1.00	1.10	1.14	1.07
Average Number of Class A Units Outstanding (Thousands) - for calculation of:
Distributable Cash	143,000	142,000	138,134	133,207
Net Income	143,000	142,000	138,105	133,032
Taxable Income Allocation to Unitholders as a Percent of Cash Distributions Paid (4)	95	100	99	99
Distributable Cash Per Unit Sensitivity (Pre-tax, Annualized)
Cdn $0.01 change in Cdn/U.S. exchange rate	0.005	0.006	0.007	0.006
US $5.00 change in WTI Crude	0.08	0.10	0.082	0.085
US $1.00 change in Henry Hub Natural Gas	0.12	0.13	0.122	0.120
Alliance Pipeline - 100% Basis
Volume (bcf/d)	1.550	1.603	1.601	1.609
Rate Base - Average for Period
U.S. (US $Millions)	1,081	1,121	1,139	1,273
Canada (Cdn $Millions)	1,985	2,025	2,053	2,141
Tolls
U.S. (US $ per mcf)	0.59	0.59	0.59	0.59
Canada (Cdn $ per mcf)	0.89	0.89	0.86	0.86
Capital Expenditures
U.S. (US $Millions)	-	1.0	0.3	3.4
Canada (Cdn $Millions)	-	2.0	3.5	46.7
Distributions (Prior to withholding for capital expenditures; net of debt service)
U.S. (US $Millions)	89.0	92.0	84.7	82.5
Canada (Cdn $Millions)	148.6	150.6	142.4	155.5
AEGS - Cdn $Millions, except where noted
Toll Volume (mbbls/d)	265	285	277.8	299.8
Earnings Before Interest, Tax, Depreciation & Amortization ("EBITDA")	22.6	23.6	23.1	24.0
Debt Service - Principal Repayments and Interest	(8.2)	(8.2)	(8.2)	(8.2)
Distributable Cash	14.4	15.4	14.9	15.8
Aux Sable - 100% Basis
U.S. Operations
NGL Volumes (mbbls/d)	70	70	64.7	60.9
WTI Crude (US$/bbl)	63.00	83.00	62.00	99.73
Henry Hub Natural Gas (US$/mmbtu)	6.00	4.70	3.92	8.85
Crude to Gas Ratio	10.5:1	17.7:1	15.7:1	11.3:1
(US $Millions)
Growth Capital Expenditures	4.0	5.0	9.2	4.0
EBITDA, before project development costs	40.9	203.5	99.3	161.6
Debt Service - Principal Repayments and    Interest	(4.2)	(4.2)	(1.1)	(2.0)
Non-recoverable Maintenance Capital	-	-	-	(1.3)
Distributable Cash	36.7	199.3	98.2	158.3
Unrecognized margin-based fees under     NGL Sales Agreement	-	-	-	-
Canadian Operations (Cdn$ Millions)
Growth Capital Expenditures	15.0	16.0	23.7	15.6
Fort Chicago Power
U.S. Operations (US $Millions)
Growth Capital Expenditures (excluding acquisitions)	-	-	-	-
EBITDA, before project development costs	10.3	11.8	9.7	12.0
Interest	(1.4)	(1.4)	(1.4)	(1.4)
Maintenance Capital	(2.0)	(1.0)	(2.8)	(6.5)
Distributable Cash	6.9	9.4	5.5	4.1
Canadian Operations (Cdn $Millions)
Growth Capital Expenditures (excluding acquisitions)	-	0.2	-	25.8
EBITDA, before project development costs	6.4	7.4	6.8	5.2
Maintenance Capital	(1.6)	(0.6)	(0.6)	(0.6)
Distributable Cash	4.8	6.8	6.2	4.6
NRGreen - 100% Basis; Cdn $Millions
Capital Expenditures	-	-	2.4	12.0
Distributions (Prior to withholding for project development costs; net of debt service)	3.8	4.2	2.0	2.0
East Windsor Cogeneration - 100% Basis; Cdn $Millions
Capital Expenditures	-	-	36.3	106.6
Distributable Cash reserved for Debt Service Reserve Account	-	7.5	2.0	n/a

Notes

1. All data represents management's estimate based on current information. There can be no assurance that the actual amounts may not vary significantly from the estimates provided.
2. The low and high estimates applicable to each line item are not intended to be additive and therefore will not add to the low and high forecast distributable cash.
3. Forecast distributable cash is based on Fort Chicago's ownership interest in jointly held and wholly-owned businesses. For a reconciliation of distributable cash to operating cash flows, see Fort Chicago’s December 31, 2009 Management Discussion and Analysis.
4. Applicable to taxable investors only.
5. Includes contribution from Glen Park facility; acquisition expected to close in Q1 2010.

Advisory:

The 2010 guidance information contained herein relating to Fort Chicago and its businesses constitutes forward-looking information under applicable securities laws. The following discussion is intended to identify certain factors, although not necessarily all factors, which could cause future outcomes to differ materially from those set forth in the forward-looking information. The risks and uncertainties that may affect the operations, performance, development and results of our businesses include, but are not limited to, the following factors: the ability of Fort Chicago to successfully implement its strategic initiatives and achieve expected benefits; the status, credit risk and continued existence of contracted customers; the availability and price of energy commodities; fluctuations in foreign exchange and interest rates; the regulatory environment; competitive factors in the pipeline, NGL and power industries; and the prevailing economic conditions in North America. The reader is cautioned that these factors and risks are difficult to predict and that the assumptions used in the preparation of such information, although considered reasonably accurate by Fort Chicago at the time of preparation, may prove to be incorrect or may not occur. Accordingly, readers are cautioned that the actual results achieved will vary from the information provided herein and the variations may be material. Readers are also cautioned that the foregoing list of factors and risks is not exhaustive. Additional information on these and other risks, uncertainties and factors that could affect Fort Chicago's operations or financial results are included in our filings with the securities commissions or similar authorities in each of the provinces of Canada, as may be updated from time to time. There is no representation by Fort Chicago that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and Fort Chicago does not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise. Any forward-looking information contained herein is expressly qualified by this cautionary statement.

Certain financial information contained herein may not be standard measures under Generally Accepted Accounting Principles ("GAAP") in Canada and may not be comparable to similar measures presented by other entities. These measures are considered to be important measures used by the investment community and should be used to supplement other performance measures prepared in accordance with GAAP in Canada. For further information on non-GAAP financial measures used by Fort Chicago see Management’s Discussion and Analysis, in particular, the section entitled “Non-GAAP Financial Measures” contained in the annual Management Discussion and Analysis, filed by Fort Chicago with Canadian securities regulators.

Fort Chicago Energy Partners LP
TSX - FCE.UN
Web site: www.fortchicago.com
Email: investor_relations@fortchicago.com
Tel. (403) 213-3633

Approved by the Board of Directors on March 2, 2010