Guidance

2010 Guidance ⁽¹⁾

	2010 Forecast		Q2 2010	Q2 2009
Fort Chicago Energy Partners L.P.	Low	High	Actual	Actual
Distributable Cash - Cdn $ per Class A Unit (2,3)
Alliance Distributions	0.83	0.87	0.429	0.454
AEGS	0.10	0.11	0.051	0.054
Aux Sable Distributions, net of support payments	0.33	0.60	0.243	0.041
Fort Chicago Power	0.06	0.09	0.024	0.067
NRGreen Distributions	0.01	0.02	0.008	0.007
East Windsor Distributions	-	0.03	-	-
General and Administrative, Realized Foreign Exchange	(0.12)	(0.11)	(0.055)	(0.031)
Debt Service - Principal Repayments and Interest, net	(0.18)	(0.16)	(0.082)	(0.055)
Taxes	(0.04)	(0.13)	(0.045)	(0.020)
	1.00	1.30	0.573	0.517
Net Income (Cdn $ per Class A Unit)	0.53	0.65	0.23	0.23
Cdn/U.S. Exchange Rate - Average			1.034	1.206
Last 6 months of the year	1.00	1.10
Full year	1.02	1.07
Average Number of Class A Units Outstanding (Thousands) - for calculation of:
Distributable Cash	144,000	143,000	141,207	134,659
Net Income	144,000	143,000	140,698	135,195
Taxable Income Allocation to Unitholders as a Percent of Cash Distributions Paid (4)	95	100	n/a	n/a
Distributable Cash Per Unit Sensitivity (Pre-tax, Annualized)
Cdn $0.01 change in Cdn/U.S. exchange rate	0.005	0.007	n/a	n/a
US $5.00 change in WTI Crude	0.100	0.088	n/a	n/a
US $1.00 change in Henry Hub Natural Gas	0.143	0.136	n/a	n/a
Alliance Pipeline - 100% Basis
Volume (bcf/d)	1.550	1.603	1.631	1.638
Rate Base - Average for Period
U.S. (US $Millions)	1,081	1,121	1,120	1,199
Canada (Cdn $Millions)	1,985	2,025	2,028	2,119
Tolls
U.S. (US $ per mcf)	0.59	0.59	0.59	0.59
Canada (Cdn $ per mcf)	0.89	0.89	0.89	0.86
Capital Expenditures
U.S. (US $Millions)	6.0	7.0	1.9	0.6
Canada (Cdn $Millions)	7.0	8.0	5.6	2.7
Distributions (Prior to withholding for capital expenditures; net of debt service)
U.S. (US $Millions)	92.0	94.0	45.9	42.4
Canada (Cdn $Millions)	147.0	149.0	73.6	72.0
AEGS - Cdn $Millions, except where noted
Toll Volume (mbbls/d)	265	285	283.4	278.8
Earnings Before Interest, Tax, Depreciation & Amortization ("EBITDA")	22.4	23.4	11.3	11.4
Debt Service - Principal Repayments and Interest	(8.2)	(8.2)	(4.0)	(4.1)
Distributable Cash	14.2	15.2	7.3	7.3
Aux Sable - 100% Basis
U.S. Operations
NGL Volumes (mbbls/d)	77	77	75.7	62.6
WTI Crude (US$/bbl)			78.25	51.25
Last 6 months of the year	65.0	85.0
Full year	72.0	81.0
Henry Hub Natural Gas (US$/mmbtu)			4.73	4.14
Last 6 months of the year	5.50	3.50
Full year	5.07	4.24
Crude to Gas Ratio			16.5:1	12.4:1
Last 6 months of the year	11.8:1	24.3:1
Full year	14.3:1	19.0:1
U.S. Operations  (US $Millions)
Growth Capital Expenditures	4.0	5.0	0.1	1.4
EBITDA, before project development costs	113.5	190.4	82.0	16.2
Debt Service - Principal Repayments and Interest	(4.0)	(4.0)	(0.4)	(0.5)
Non-recoverable Maintenance Capital	-	-	-	-
Distributable Cash	109.5	186.4	78.0	15.7
Unrecognized margin-based fees under NGL Sales Agreement	-	-	17.7	15.4
Canadian Operations (Cdn$ Millions)
Growth Capital Expenditures	25.0	30.0	10.4	-
Fort Chicago Power
U.S. Operations (US $Millions)
Growth Capital Expenditures (excluding acquisitions)	-	-	-	-
EBITDA, before project development costs	10.1	11.1	3.6	4.8
Interest	(1.4)	(1.4)	(0.7)	(0.7)
Maintenance Capital	(4.8)	(3.8)	(2.4)	0.2
Distributable Cash	3.9	5.9	0.5	4.3
Canadian Operations (Cdn $Millions)
Growth Capital Expenditures (excluding acquisitions)	-	2.0	1.5	0.3
EBITDA, before project development costs	5.8	6.8	3.1	4.0
Maintenance Capital	(1.5)	(0.5)	(0.2)	(0.2)
Distributable Cash	4.3	6.3	2.9	3.8
NRGreen - 100% Basis; Cdn $Millions
Capital Expenditures	0.1	0.2	0.1	2.9
Distributions (Prior to withholding for project development costs; net of debt service)	4.0	4.5	2.2	1.8
East Windsor Cogeneration - 100% Basis; Cdn $Millions
Capital Expenditures	1.5	2.0	1.5	20.4
Distributable Cash reserved for Debt Service Reserve Account	-	7.8	-	-

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 June 30, 2010 Management Discussion and Analysis.
4. Applicable to taxable investors only.

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 Audit Committee on July 28, 2010