Brookfield Renewable Energy* (BEP.UN : TSX : $30.14), Net Change: -0.36, % Change: -1.18%, Volume: 78,402

Western Wind Energy* (WND : TSX-V : $2.51), Net Change: 0.13, % Change: 5.46%, Volume: 456,905

In all the “Days of Our Lives.Brookfield Renewable Energy Partners has increased its all-cash offer for the shares of Western

Wind to $2.60/share from $2.50/share and has extended the expiry time of the offer to February 11, 2013 from January 28,

2013. BEP.UN indicates that 22% of independent shareholders have either entered into lock up agreements or have advised that

they will tender the shares to the offer. While this may seem like a no-brainer for Western Wind shareholders as it represents a

119% premium to the share price prior to the announcement that it was for sale (July 28, 2012)...we suspect the Western Wind

CEO will continue to posture for an even sweeter bid. Just a couple days ago, BEP.UN demonstrated their frustration with

Western Wind, saying there were terminating discussions. Upon making its offer in November 2012, the company said its

preferred approach was to work with the Board and the advisors towards a Board supported transaction. However the gloves

have now come off. In a recent press release, BEP.UN said, ?Unfortunately, based on Western Wind's conduct since

commencement of the Offer it appears that Western Wind, and in particular, its CEO, has no intention of selling the Company.

In fact, Brookfield Renewable's recent discussions with Western Wind appear to have been orchestrated by the Company to

enable it to issue its January 22, 2013 news release as well as its Notice of Change to its Supplementary Director's Circular, and

raise shareholder expectations that a revised proposal will be made, despite there being no agreement or understanding between

the parties regarding a proposal or its terms.? BEP.UN also points to the fact that Western Wind said 56 parties were interested

in acquiring the company, yet no alternative proposals have emerged. Interestingly, management of Western Wind has also

managed to convince its board of directors to approve early payments of their change of control payments (despite the fact that

no sale was on the horizon). Ciachurski received approximately $3 million. Better yet, Ciachurski continues to have a special

bonus arrangement in which he would receive another $3 million if he gets $3.00 a share for the company…aka…the battle is

likely not over.