OUR VISION  is to be recognized as one of North America’s  most respected, reliable, and competitive power generators. OUR BUSINESS  is the development, acquisition, construction,  operation, and optimization of large-scale, fuel-diverse,  cost-effective power generation facilities in North America. CONTENTS 01  AT A GLANCE 02  MESSAGE FROM THE PRESIDENT AND CEO 04  MESSAGE FROM THE CHAIRMAN 05  WHY INVEST 08  BOARD OF DIRECTORS 09  GOVERNANCE 11  MANAGEMENT’S DISCUSSION AND ANALYSIS 67  FINANCIAL STATEMENTS 132  3-YEAR OPERATIONAL AND FINANCIAL HIGHLIGHTS IBC  INVESTOR INFORMATION Forward-looking information:  Forward-looking information or statements included in this Annual Report are provided to inform the  Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This  information may not be appropriate for other purposes. Certain information in this Annual Report is forward-looking within the meaning of  Canadian securities law, as it is related to anticipated financial performance, events or strategies. When used in this context, words such as  “will,” “anticipate,” “believe,” “plan,” “intend,” “target” and “expect” or similar words suggest future outcomes. By their nature, such statements are  subject to significant risks, assumptions and uncertainties, which could cause Capital Power’s actual results and experience to be materially  different than the anticipated results. Readers are advised that all information in this Annual Report is provided subject to the cautionary  statement regarding forward-looking information, which is found in management’s discussion and analysis (MD&A) beginning at page 11.