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~$3.0B PJM Acquisition Positioned to capture multi-faceted growth in North America’s largest power market. April 14, 2025 Acquisition of Hummel and Rolling Hills . A final base shelf prospectus of Capital Power Corporation (and its subsidiaries, “Capital Power”, the “Company”, "CPX", “we”, “us” or “our”) dated June 12, 2024 containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+. Copies of the documents may be obtained from TD Securities Inc. at 1625 Tech Avenue, Mississauga, Ontario L4W 5P5 Attention: Symcor, NPM, or by telephone at (289) 360-2009 or by email at sdcconfirms@td.com or from CIBC Capital Markets at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at (416) 956-6378 or by email at mailbox.canadianprospectus@cibc.com. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities described in this document, before making an investment decision. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Note: All $ figures in this presentation are disclosed on a C$ basis unless otherwise indicated
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2 Learn more about Indigenous Relations at Capital Power. In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 Territory and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community. Territorial Acknowledgement
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Sandra Haskins SVP, Finance & CFO Avik Dey President & CEO 3 Agenda 1. Transaction Details | Avik Dey - President & CEO 2. Financial Overview | Sandra Haskins - SVP, Finance & CFO 3. Closing Remarks | Avik Dey - President & CEO
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4 1. Pennsylvania-New Jersey-Maryland Interconnection. 2. PJM 2023 State of the Market Report. 3. See Non-GAAP Financial Measures and Ratios. 4. Converted from US dollars to Canadian dollars using a 1.3890 exchange rate, as reported by the Bank of Canada on April 11, 2025 5. Mid-Atlantic Area Council region of the PJM region 6. Regional transmission organization. 7. Combined cycle natural gas turbine. 8. Combustion turbine. • Establishes a presence in PJM1, the largest and most liquid North American (N.A.) power market (~200GW2 of installed capacity) • Expands U.S. fleet by approximately 50% • Attractive acquisition metrics expected to drive significant Adjusted Funds from Operations (AFFO)3 per share accretion and returns • Expected transaction returns exceed target equity hurdle rates • Cash purchase price ~$3.0B4 - equity portion of acquisition financing is fully funded • Balanced financing plan maintains investment grade credit rating • Anticipated closing: Q3-2025 ~$3.0B acquisition of two natural gas-fired facilities in PJM Asset Overview Hummel Rolling Hills Location Pennsylvania Ohio Region PJM-MAAC5 PJM-RTO6 Capacity 1,124 MW 1,023 MW Commercial Operation Date 2018 2003 Type CCGT7 CT8 Capacity Factor (2024) ~80% ~25% Heat Rate (mmbtu/MWh) 6.8 10.6
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5 Execution of growth strategy enhances shareholder value Contract Optimization Asset Optimization & Expansion DevelopAcquire Flexible Generation1 and Renewables Targeted Annual Total Shareholder Return of 12-14% 1. Flexible Generation is defined as natural gas generation assets and energy storage business.
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6 PJM Market Enhanced Scale High Quality Assets Financial Merit Major U.S. expansion expected to provide strong accretion, increased scale and diversification Institutional Validation Large and liquid market with multiple sources of demand growth Positions Capital Power as one of five N.A. IPPs1 with over 10GW of natural gas capacity2 Consistent with growth, expansion and optimization strategy Expected to be accretive and to preserve investment grade balance sheet Enhanced institutional partnership 1. Independent Power Producer. 2. Based on net unregulated capacity utilizing S&P Capital IQ Pro database of gas -fired generation operators (February 2025) and referenced against publicly disclosed sources where available.
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7 Enhanced Scale 1. Based on net unregulated capacity utilizing S&P Capital IQ Pro database of gas-fired generation operators (February 2025) and referenced against publicly disclosed sources where available. 2. Includes acquisition of Calpine, and planned divestiture of four PJM Flexible Generation assets totaling 3.5 GW as announced by Constellation. 3. After its planned divestiture of PJM assets. 4. Includes announced acquisition of 6 Texas facilities (738 MW) from Rockland Capital, which was press released on March 12, 2025 5. Pro Forma acquisition of Carlyle Assets. 6. Peers: CEG, NRG, VST, TLN. Positions CPX as IPP with >10GW natural gas capacity 27.5 23.9 14.0 12.2 10.4 8.2 7.4 6.5 5.5 5.5 5.4 Top 10 North American Independent Power Producers1 Net Natural Gas Capacity Only (GW) 2 3 4 One of 5 N.A. IPPs with >10GW of natural gas Gas 52% Coal 23% Nuclear 19% Renewables & Other 6% Gas 88% Renewables & Other 12% Purest-play natural gas IPP: • No coal exposure • Generation almost entirely comprised of natural gas assets with a complement of renewables and storage assets Avg. of U.S. Peers6 CPX Pro Forma 5 Constellation Energy Vistra LS Power Arclight Pro Forma Capital Power Capital Power Southern Power NRG Energy GenOn Talen Quantum
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8 PJM Market 140 150 160 170 180 190 200 210 220 230 240 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 Historical 2022 Load Forecast 2025 Prelim. Load Forecast Position of scale in a key power market Why PJM? PJM load growth projections continue to rise, helping to support capacity and energy prices GW +6% +44% 15 Yr Load Growth Forecast(3) 1. From 2025-2040. 2. PJM Load Forecast Reports (2022, 2025). 3. 2025 preliminary forecast growth is from 2025 to 2040; 2022 f orecast growth is from 2023 to 2038. Largest, most liquid power market in N.A. Rapid acceleration of PJM load growth forecasts: +44% by 20401,2 Power supply constraints are expected to continue “The demand for electricity is growing at the fastest pace in years, primarily from the proliferation of data centres, electrification of buildings and vehicles, and manufacturing.” PJM 2025 Long-Term Load Forecast Report
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9 PJM Market AESO 28% IESO 11% Other Can. 3%WECC 20% PJM 18% Other U.S. 10% MISO 9% Leveraging core competencies to enter a key market • Value creation and optimization • Risk management Market and counterparty diversification • No single market will represent >30% of total net capacity • Diversifies merchant power exposure Enhances ability to participate in the energy expansion • Continued benefit from load growth, including data centre demand Enhanced strategic positioning and diversification Net Operating Capacity by Region 11.8 GW 9.6 GW Current Owned Capacity Pro Forma Owned Capacity U.S. Capacity: 48% U.S. Capacity: 57% AESO 35% IESO 13% Other Can. 4% WECC 25% Other U.S. 12% MISO 11%
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10 High Quality Assets Hummel Generating Station 1,124 MW | Pennsylvania | 100% CPX ownership Large, new & efficient power generation in PJM MAAC Contribution to market and customer reliability • High historical capacity factor (~80%1), potential to increase over time • Low heat rate (6.8 mmbtu/MWh) Strategically Positioned • Demand growth driving attractive capacity pricing • 663 data centres are located within 200 miles2 • Advantaged access to fuel with lower cost • Leidy gas - cheapest gas point in PJM along with Dominion South • Plant scale driving O&M savings Expansion and optimization opportunities • Plans to increase capacity; 30 MW uprate in 2026/2027 Consistent with growth, expansion and optimization strategy Compelling long-term contract potential 1. Based on 2024 actual capacity factor. 2. Based on third party analysis on Data Centre Hawk data.
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11 High Quality Assets Rolling Hills Generating Station 1,023 MW | Ohio | 100% CPX ownership Combustion turbine peaking facility in PJM RTO Contribution to market and customer reliability • Flexible peaker, fast ramping capability • Elevated capacity factors given increasing PJM demand profiles Strategically Positioned • Demand growth (including data centres) driving attractive capacity pricing • 244 data centres are located within 200 miles1 • Advantaged access to fuel with lower cost • TETCO - hub which prices at a discount compared to Henry Hub and other PJM gas hubs • Plant scale driving O&M savings Expansion and optimization opportunities • Excess acreage, expansion opportunities with opportunity to repower • Co-location potential Consistent with growth, expansion and optimization strategy Data centre potential 1. Based on third party analysis on Data Centre Hawk data.
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12 Financial Merit 6% - 8% 17-19% Prior CPX Transactions Hummel and Rolling Hills Highly Accretive Acquisition Compelling purchase price and prudent funding strategy expected to drive strong risk adjusted returns Attractive Gas Acquisition Metrics (EV / Adjusted EBITDA ) Significant AFFO Per Share Accretion 7.8x ~7x Prior CPX Transactions Hummel and Rolling Hills Implied acquisition cost of ~US$1,000/kW, favorable relative to cost of new build 1 1. Expected 5-year (2026-2030) average EV / Adjusted EBITDA. See Non-GAAP Financial Measures and Ratios. 2. Expected 5-year (2026-2030) average AFFO Per Share Accretion. See Non-GAAP Financial Measures and Ratios. 2
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13 Financial Merit / Institutional Validation Equity offering $0.5B Cash on hand and debt ~$2.5B • ~$3.0B purchase price funded with: • ~$0.5B common share offering comprised of: • Bought deal and concurrent private placement to AIMCo • ~$2.5B • Cash on hand from prior equity raise and asset divestitures • Corporate debt financing, primarily through future bond and hybrid issuances • Financing plan backstopped by $2.0B acquisition term loans and $1.0B revolving credit facility (currently undrawn) • Maintains investment grade credit rating and balance sheet flexibility US$2.2B ~$3.0B1 Compelling Financial Metrics Financing plan reflects commitment to maintaining IG rating 1. Converted from US dollars to Canadian dollars using a 1.3890 exchange rate, as reported by the Bank of Canada on April 11, 2025.
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14 Cle Track Record of Growth and Capital Discipline Capital Power has created significant shareholder value $3.36 $6.34 2015A 2024A Continued Capacity Growth (MW)) Strong Financial Performance Since 2015 Over a decade of focused and disciplined growth Note: All information on this page is before the proposed Acquisition. 1. See Non-GAAP Financial Measures and Ratios. 2. Based on 2015-2024 Adjusted EBITDA. 3,217 3,217 4,484 5,073 6,210 6,424 6,601 7,554 7,695 9,633 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A Adjusted EBITDA1,2 CAGR of 12% Stable and growing cash flows 1
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15 Strong fundamentals favour existing gas generation capacity CPX Investment Thesis 15 Contracted cash flow provides stability and low-cost capital Large, diversified existing generation footprint Strong in-house operational and commercial expertise Proven ability to acquire and optimize thermal generation assets
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16 Investor Relations Roy Arthur VP, Investor Relations 1-403-736-3315 | investor@capitalpower.com capitalpower.com
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17 Appendix
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18 9.8x 9.1x 8.6x 7.9x 7.6x 6.7x 4.8x ~7x 6% 7% 6% 6% 7% 8% 17%-19% 7.8x Decatur Energy Centre East Windsor / York Energy Centre Arlington Valley Goreway Midland Frederickson Harq. & La Paloma Hummel & Rolling Hills Proven M&A Track Record AFFOPS(1) Accretion n/d Ann. Date Apr 2017 Feb 2017 Sep 2018 Apr 2019 Jul 2022 Oct 2023 Nov 2023 Apr 2025 Deal Value(5) C$585mm C$500mm C$396mm C$977mm C$1,163mm C$137mm C$1,500mm C$3,000mm PPA Term at Acquisition 5 years 14 years(6) 7 years 10 years 9 years 7 years 8 years(8) n/a Re-con Extension 10 years 3 years(7) 6 years 6 years n/a n/a n/a n/a (3) (3) (3)(4) US$/kW $555 $1,347 $517 $830 $547 $752 $684 (2) (2) Avg. EV / Adj. EBITDA(1): (3) ~$1,000 1. See Non-GAAP Financial Measures and Ratios. 2. C$ denominated transaction price, translated to US$ using USD / CAD rate on announcement date. 3. Expected 5-year average accretion. 4. n/d: not disclosed. 5. Assumes conversion of USD to CAD using the Bank of Canada rate on the date prior to the date of the announcement. 6. Weighted average of 11-year remaining PPA at East Windsor and 14-year remaining PPA at York Energy Centre at the time of acquisition. 7. Executed a 3-year contract extension for the York Energy Centre associated with its successful bid in the Same Technology Upgrade Solicitation. The contract extension applies to the new contracted capacity of 431 MW (from the COD of the upgrades expected in 2025) and extends the current contract from 2032 to 2035. 8. La Paloma is partially contracted through various resource adequacy contracts.
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19 19 PJM Capacity Market Overview Historical BRA Capacity Price (US$ / MW-day)1 • In addition to the energy market, where electricity is bought and sold, PJM operates a capacity market • It is designed to ensure adequate power generation capacity is available to meet future peak demand • PJM conducts annual Base Residual Auctions (“BRA”) to secure future commitments from power generators to supply electricity when called upon • BRA clearing prices have risen dramatically amid an increase in expected future power demand, driven by AI and electrification, and constrained flex gen supply • The 2025/26 capacity auction cleared at US$270 / MW-day, reflecting a ~9x increase from the prior year • PJM instituted a price cap (US$325 / MW-day) and floor (US$175 / MW-day) for the next two auctions to increase market stability Designed to Maintain PJM Grid Reliability $175 $325 $ - $50 $100 $150 $200 $250 $300 $350 PJM-MAAC PJM-RTO 1. Source: PJM website.
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20 Alignment to our Capital Investment Strategy Attractive Markets Created new “hub” in core WECC1 market by adding two critical infrastructure assets within their respective markets Particularly attractive given California’s ambitious energy transition mandate and Phoenix’s rapid growth Compelling Risk-Adjusted Returns Adjusted EBITDA2 contribution: $265mm (2024-2028E average) Immediately accretive to AFFO / Share2 with average accretion of 8% over 2024-2028E Proven M&A Track Record Acquisition Case Study – La Paloma and Harquahala Optimization and Development Potential Unlocked additional O&M synergies and drives further competitive advantage New “hub” amplifies opportunity for further growth Corporate Impact Maintained investment grade rating and balance sheet strength Owned/Operated: 100% Owned Capacity: 1,062 MW Location: Kern County, California Facility COD: 2003 Transaction Close: February 2024 La Paloma Quick Facts Owned/Operated: 50%/100% Owned Capacity: 546 MW Location: Maricopa County, Arizona Facility COD: 2004 Transaction Close: February 2024 Harquahala Quick Facts 1. Western Electricity Coordinating Council. 2. See Non-GAAP Financial Measures and Ratios
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21 Legal Notices Cautionary Statement Certain information in this presentation and responses by management to questions contain forward-looking information within the meaning of Canadian securities law. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information as a result of certain material factors or assumptions that were applied in drawing conclusions or making forecasts or projections as reflected in the forward-looking information. Additional information about the material factors and risks that could cause actual results to differ materially from the conclusions, forecasts or projections in the forward-looking information and the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information are disclosed on slide 21 of this presentation and in the Company’s management’s discussion and analysis for the year ended December 31, 2024 (“MD&A”) prepared as of February 25, 2025, contained in the Company’s Integrated Annual Report, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at capitalpower.com. Forward-looking Information This presentation and responses by management to questions contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Such forward-looking information is provided to inform the Company’s shareholders and potential investors about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as “anticipate”, “proposed”, “estimated”, “estimates”, “would”, “expects”, “intends”, “plans”, “may”, “will”, and similar expressions, although not all forward-looking information contain these identifying words. More particularly and without limitation, the forward-looking information in this presentation includes (i) expectations regarding the Acquisition and the characteristics, value drivers, anticipated benefits (including expected Adjusted EBITDA contribution, AFFO and AFFOPS accretion and returns), operational impacts (including to the Company’s net gas-fired operating capacity, geographic diversification, operations and maintenance optimization and development potential and increase in scale) and credit impacts thereof, on a standalone and pro forma basis; (ii) expectations regarding future growth and emerging opportunities in, and characteristics of, relevant markets, including the focus on certain technologies and the Acquisition; (iii) expectations regarding the Company’s business plans, operations and projects; (iv) expectations regarding the Company’s priorities and long-term strategies, including advancing its position as a leading North American power producer, enhancing its positioning to capture load growth opportunities, and its ability to participate in the energy expansion, integrating assets to optimize performance, and pursuing its growth, expansion and optimization strategy aimed at enhancing shareholder value; (v) expectations regarding the Company’s financing plans, transaction closing time, and future expansion and optimization opportunities with respect to the Acquisition; (vi) expectations regarding the Company’s sources of funding, adequacy and availability of committed bank facilities and future borrowings, including the acquisition term loans; (vi) expectations regarding Acquisition and transaction expenses, the Company’s ability to maintain its investment grade credit rating and balance sheet strength; (viii) the expected potential for the Acquisition to serve as a foundation for the Company’s future growth in a key U.S. power market and to further diversify its portfolio; (ix) expectations regarding the Company’s targeted annual range for total shareholder return and the upside potential of its valuation relative to U.S. power generator peers; (x) expectations regarding the equity offering; (xi) expectations regarding anticipated pricing trends, growth opportunities, market conditions, and future power demand in PJM; and (xii) planned capacity increases and uprate at the Hummel facility. Such forward-looking statements are based on certain assumptions and analyses made by Capital Power concerning its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate, including its review of the Acquisition and re-contracting opportunities. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity and other energy (including natural gas) and carbon prices; (ii) the Company’s performance; (iii) business prospects and opportunities including expected growth and capital projects; (iv) the energy needs of certain jurisdictions; (v) the status and impact of policy, legislation and regulations; (vi) effective tax rates; (vii) the development and performance of technology; (viii) the anticipated growth in data centre energy consumption in North America; (ix) foreign exchange rates; (x) anticipated facility performance and gas prices for the Hummel and Rolling Hills facilities; (xi) financing assumptions, including indebtedness and anticipated interest rates; (xii) the replacement, refinancing or repayment of the facilities, including the acquisition term loans, through the issuance of senior notes and/or hybrid notes and the net proceeds therefrom; (xiii) anticipated sustaining capital expenditures at the Hummel and Rolling Hills facilities; (xiv) the timing and completion of the Acquisition; and (xv) other matters discussed under the “2025 Performance Targets”, “Executing our strategy”, “Performance Overview”, and “Risks and Risk Management” headings of Capital Power’s MD&A. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions are subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which Capital Power operates and the use of derivatives; (ii) regulatory and political environments, including changes to environmental, climate, financial reporting, market structure and tax legislation; (iii) disruptions, or price volatility within the Company’s supply chains; (iv) generation facility availability, wind capacity factor and performance including maintenance expenditures; (v) ability to fund current and future capital and working capital needs; (vi) acquisitions (including the Acquisition), dispositions and developments including timing and costs of regulatory approvals and construction; (vii) changes in market prices and the availability of fuel; (viii) ability to realize the anticipated benefits of acquisitions (including the Acquisition), and dispositions; (ix) limitations inherent in the Company’s review of acquired assets; (x) changes in general economic and competitive conditions, including inflation; and (xi) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See “Risks and Risk Management” in Capital Power’s MD&A, and other reports filed by Capital Power with Canadian securities regulators. The forward-looking information in this presentation reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
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22 Legal Notices Future Oriented Financial Information This presentation contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the Company’s prospective Adjusted EBITDA, AFFOPS and AFFO and the components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of describing the anticipated effects of the Acquisition on the Company’s business and operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this presentation, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this presentation should not be used for purposes other than for which it is disclosed herein. Non-GAAP Financial Measures and Ratios This presentation contains references to certain financial measures that do not have a standardized meaning prescribed by GAAP, and may not be comparable to similar measures presented by other issuers and should not be considered in isolation or used in substitution for measures of performance prepared in accordance with GAAP. Non-GAAP measures referenced herein include adjusted funds from operations (“AFFO”), earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from the Company's joint venture interests, gains or losses on disposals and other transactions, unrealized changes in fair value of commodity derivatives and emission credits, and other items not reflective of its underlying business (“Adjusted EBITDA”). Adjusted EBITDA and AFFO are both non-GAAP financial measures. The Company also uses AFFO per share (“AFFOPS”) as a specified financial measure. AFFOPS is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share. These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement the nearest GAAP measures in the analysis of the Company's results of operations from management's perspective. For more information regarding the non-GAAP financial measures used by the Company, including the composition of these measures, how management utilizes each non-GAAP financial measure and, where applicable, a reconciliation of the Company’s historical non-GAAP financial measures to the most directly comparable measure calculated in accordance with GAAP for the applicable period then ended, please see “Non-GAAP Financial Measures and Ratios” in the Company’s MD&A, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. A reconciliation of net cash flows from operating activities to AFFO resulting from the Acquisition is as follows: A reconciliation of Adjusted EBITDA to net income resulting from the Acquisition is as follows: 1. Converted from U.S. dollars to Canadian dollars using an exchange rate of 1.3890, as reported by the Bank of Canada on April 11, 2025. 2. Depreciation and amortization are subject to change on finalization of purchase price allocation and closing adjustments. (unaudited, $ millions)1 2026E Increase in net cash flows from operating activities resulting from the Acquisition 322 Add items included in calculation of net cash flows from operating activities: Interest paid 131 Income taxes paid / (recovered) (25) 428 Net finance expense (131) Current income tax (expense) / benefit 25 Sustaining capital expenditures (54) Increase in AFFO resulting from the Acquisition 268 (unaudited, $ millions)1 2026E Increase in Adjusted EBITDA resulting from the Acquisition 428 Depreciation and amortization2 (130) Net finance expense (131) Income tax (expense) / benefit 25 Increase in net income resulting from the Acquisition 192
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23 Legal Notices U.S. Non-Solicitation This presentation is not an offer of securities for sale in the United States and is not an offer to sell or solicitation of an offer to buy any securities of the Company, nor shall it form the basis of, or be relied upon in connection with any contract for purchase or subscription. The securities of Capital Power being sold under the bought deal public offering will only be offered in the provinces and territories of Canada by means of the prospectus referred to above. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or an exemption from registration thereunder. The common shares to be sold pursuant to the bought deal public offering have not been and will not be registered under the U.S. Securities Act or any state securities laws and, except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws, may not be offered or sold in the United States. Such securities are being offered only in the United States to “qualified institutional buyers” (as defined in and in reliance on Rule 144A under the U.S. Securities Act). External, Market and Industry Data Where this presentation quotes any market and industry data and other statistical information from any external source, it should not be interpreted that the Company has adopted or endorsed such information or statistics as being accurate. Although the Company believes these publications and reports to be reliable, it has not independently verified the data or other statistical information contained therein, nor has it ascertained the underlying economic or other assumptions relied upon by these sources; accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. The Company has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. As it relates to information provided by, or in respect of, the Rolling Hills or Hummel facilities, Capital Power, after conducting due diligence that it believes to be a prudent, believes it to be accurate in all material respects; however, there are nonetheless risks relating to the accuracy and completeness of such information. Documents and websites referenced herein are not incorporated by reference into this presentation, unless such incorporation by reference is explicit. Exchange Rate Converted from US dollars to Canadian dollars using an exchange rate of 1.3890, as reported by the Bank of Canada on April 11, 2025.