Invest in a Canadian independent power producer whose disciplined  growth strategy is generating signifi cant and growing cash fl ow from  operations. Supported by our strong operations, quality assets and  the strength of our financial position, Capital Power continues to  invest in the future while paying a competitive dividend to investors.  EXCELLENT  OPERATING HISTORY STRONG CASH  FLOW GENERATION • High plant availability maximizes value  from our facilities • Reduced costs associated with major outages • Supports attractive dividend  • Funds sustaining capital expenditures • Strong discretionary cash fl ow$^{1}$ used to fund growth • Dividends  (common and preferred) Sustaining capex • Other sustaining capex Discretionary cash flow FUNDS FROM OPERATIONS (FFO) 1,2 ($millions) $400 $300 $200 $100 $0 2010 2011 2012 40% 24% 37% 2% 1% 26% 35% $352 35% 31% 34% $381 35% $277 0 6,000 12,000 18,000 • Generation -  Average plant availability 2009 2010 2012 2011 90% 91% 92% 96% OPERATIONS (GWh) 1 Discretionary cash flow and funds from operations are non-GAAP financial measures. See Management’s Discussion and Analysis. 2 Excluding non-controlling interest in Capital Power Income L.P. CAPITAL POWER  2012 ANNUAL REPORT 5