Commitment Teamwork Fulfillment for Our People Highest Standards Responsibly operating our businesses with concern  for all stakeholders Our Outlook 2013 ANNUAL REPORT  7 Our Business Code of Conduct outlines our commitment to respecting  our stakeholders and to communicating with transparency. Read it  online at:  www.capstoneinfrastructure.com/About/Governance.aspx 1 See page 20 for a description of various other material factors or assumptions  underlying our outlook. Sincerely, Our team worked exceptionally hard in 2013. While the outcome  of our efforts has not yet been fully reflected in our share price, our  portfolio is sound operationally and our businesses are running  well. Moreover, our strategy of portfolio diversifi cation has  shifted the mix and cash flow characteristics of the businesses  we own, creating a much stronger foundation for our company.  We are looking forward to a productive, successful year in  2014. We expect annual Adjusted EBITDA to be $140 million  to $150 million, which reflects our expectation of continuing  stable performance from our power assets, some growth from  our utilities businesses, and a full year of contribution from the  operating wind facilities we acquired from ReD 1 .  Finally, I would like to thank our shareholders for their investment in Capstone and continuing support. We are committed to  delivering results that reward your trust, and look forward to  reporting our progress to you over 2014. I would like to thank our Board of Directors for their continuing  guidance and counsel and our employees for their excellent  work and commitment to Capstone.  Ensuring the safe and reliable operation of our businesses  is a complex and demanding task. Through hard work and  commitment, our businesses have earned strong safety and  environmental records. In 2014, we will continue to focus  on ensuring the safety of our employees and the communities  where we operate while protecting the environment. Our overall approach to managing our businesses is embedded  in our commitment to corporate responsibility and the principles of honesty, transparency and respect. Across our businesses,  workplace safety is a priority for all employees and contractors. Environmental and social consciousness is also an integral  element of our business strategy and fundamental to sustained  operating performance.  I am optimistic about the tomorrow we are building for this  company, and expect our strategy to deliver long-term income  and capital appreciation to shareholders in the years ahead. Capstone is pursuing its strategy at a time of great global demand for new infrastructure spending fuelled by fiscal austerity, large  and growing government deficits, and demographic trends.  Global infrastructure requirements over the next 20 years  are, in a word, staggering. With trillions of dollars needed, the  private sector has a vital role to play in improving and building  the new, more sustainable infrastructure that is required to  unleash renewed economic growth and improved quality of life  in Canada and internationally. For our shareholders, an investment  in Capstone affords access to the infrastructure asset class  and the ability to benefit from its investment merits, such as  consistent demand, steady inflation-linked cash flow and a long,  predictable life. MICHAEL BERNSTEIN President and Chief Executive Officer We foster a professional, safe work environment where our people  have the tools and resources to excel and be successful and where  they are recognized for their service and contributions. We strive for excellence, innovation and creativity in the management and  growth of our business and seek to effectively manage and mitigate risk. We are committed to managing Capstone Infrastructure in the  best interests of our investors, which includes acting as a responsible  corporate citizen in the communities where our businesses operate. As a team, we work cooperatively and constructively to build Capstone  Infrastructure and share a focus on achieving optimal performance.