Ms. Katherine Perron reports

CAPITAL POWER REPORTS VOTING RESULTS FROM THE 2024 ANNUAL MEETING OF SHAREHOLDERS

The annual meeting of shareholders for Capital Power Corp. was held on April 30, 2024, in Edmonton, Alta. Each of the matters voted upon at the annual meeting is discussed in detail in the company's management proxy circular dated March 11, 2024, and available on the company's website.

The total number of shares represented by shareholders present in person and by proxy at the annual meeting was 56,762,324 representing 43.96 per cent of the company's common shares that were issued and outstanding as of the record date of the annual meeting.

The voting results for each matter presented at the annual meeting are provided herein.

1. Election of directors

Each of the nine director nominees put forward by management was elected by a vote conducted by way of ballot.

2. Appointment of auditor

The appointment of KPMG LLP, chartered accountant, to serve as the auditor of the corporation until the close of the next annual meeting of the shareholders of the corporation, at remuneration to be fixed by the directors on the recommendation of the audit committee, was approved by a show of hands. Proxies representing 56,571,724 (99.66 per cent) votes for and 190,598 (0.34 per cent) votes withheld were received.

3. Approach to executive compensation

On an advisory basis and not to diminish the role and responsibility of the board of directors, the approach to executive compensation disclosed in the corporation's management proxy circular was approved by a show of hands. Proxies representing 55,387,163 (97.82 per cent) votes for and 1,234,217 (2.18 per cent) votes against were received.

4. Amendment of compensation plan

The amendment of the omnibus long-term incentive plan to increase the aggregate number of common which may be issued under the plan from 9,194,506 to 11,194,506 common shares, was authorized and approved as an ordinary resolution by a show of hands. Proxies representing 54,699,224 (96.61 per cent) votes for and 1,922,156 (3.39 per cent) votes against were received.

Territorial acknowledgment

In the spirit of reconciliation, Capital Power respectfully acknowledges that it operates 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 region and Metis Nation of Alberta Region 4. The company acknowledges the diverse indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power Corp.

Capital Power is a growth-oriented power producer committed to net zero by 2045, with approximately 9,300 MW of power generation at 32 facilities across North America.

Capital Power prioritizes delivering reliable, affordable and decarbonized power that communities can depend on, building decarbonized power systems needed for tomorrow, and creating real net-zero solutions for customers. The company is powering change by changing power.