OVERVIEW Vision, Mission and Strategy In December 2013, Capstone updated its corporate vision and mission statements following an analysis of its goals, opportunities, strengths, values  and stakeholder audiences. Capstone's vision is to be a Canadian leader in owning and operating diversified infrastructure businesses that benefit the communities we serve, the people we employ, and our investors. Our mission is to provide investors with an attractive total return from  responsibly managed long-term investments in core infrastructure in Canada and internationally.  Infrastructure businesses provide services that meet critical, long-term community needs, such as power generation, electricity transmission, water  systems, and roads and transportation networks. These businesses typically benefit from some form of barrier to entry, stable and growing demand, and other competitive advantages that provide stability in cash flow. Over the long term, Capstone’s growth strategy to is to develop, acquire and manage a portfolio of high quality core infrastructure businesses in the  power, utilities, public-private partnership (“P3”) and transportation segments in countries that are members of the Organization for Economic Cooperation and Development (“OECD”) with the aim of providing an attractive, risk-adjusted return to investors. We focus on wholly-owned businesses while remaining open to collaborating with like-minded partners, an approach that has historically been successful for us with investments  such as Bristol Water and Värmevärden. Specifically, we seek to invest in: •  A combination of lower risk opportunities where cash flow is contractually defined such as operating power facilities and P3s; •  Utility-like opportunities that offer the potential for predictable cash flow and steady growth; and •  Higher return investments such as power development projects or user-pay forms of infrastructure such as toll roads. CORPORATE OBJECTIVES Corporate Objective Strategic Approach Maximize Capstone shareholders’ risk-adjusted return • Build a portfolio of high quality infrastructure businesses that are regulated or operate within a  contractually-defined framework, which typically feature a lower risk profile, provide stable dividends  and offer the potential for growth and capital appreciation. • Increase Capstone’s cash flow to fund growth and support growing dividends over time. • Improve economies of scale, thereby minimizing costs. Improve performance by  entering infrastructure  segments that diversify  Capstone’s portfolio mix • Creating a diversified portfolio across four infrastructure pillars: power, utilities, public-private partnerships and transportation. • Manage Capstone’s mix of infrastructure businesses to reduce the company’s risk profile and achieve better returns. Create shareholder value by  adding infrastructure  businesses that increase scale,  expand future opportunities  and potentially offer synergies • Achieve scale by reducing the average cost of managing Capstone’s businesses and adding new  capabilities. • Expand the scope and size of growth opportunities available to Capstone by building the scale of the company’s portfolio. • Seek to capture synergies across our business through the transfer of skills or sharing of activities. Operate infrastructure  businesses in a responsible and  sustainable manner • Partner with the communities in which Capstone operates to provide socially-responsible services with due consideration to the environment, health and safety. • Apply a long-term philosophy to the maintenance and operation of Capstone’s businesses. • Manage business risks to reduce likelihood and impact of adverse events. Provide a work environment  that attracts and retains skilled  employees • Offer competitive overall compensation.  • Foster an enjoyable culture that promotes collaboration, learning and growth. • Create career development opportunities to enhance expertise and engage employees. 12 CAPSTONE INFRASTRUCTURE CORPORATION STRATEGIC OVERVIEW