Ms. Katherine Perron reports

CAPITAL POWER ANNOUNCES CONVERSION RESULTS FOR ITS PREFERRED SHARES (SERIES 1)

Following the Dec. 16, 2025, deadline for submitting notices to convert cumulative rate-reset preference shares, Series 1, into cumulative floating-rate preference shares, Series 2, the number of Series 1 shares tendered for conversion was less than one million. As a result, holders of Series 1 shares are not entitled to convert their shares into Series 2 shares, and no Series 2 shares will be issued at this time. There were no Series 1 shares tendered for conversion.

There are five million Series 1 shares listed on the Toronto Stock Exchange under the symbol CPX.PR.A. Effective Dec. 31, 2025, the annual fixed dividend rate for the next five-year period has been reset to 4.95800 per cent.

For more information on the terms of, rates and risks associated with an investment in the Series 1 shares, please see Capital Power's short-form prospectus dated Dec. 8, 2010, which is available electronically on SEDAR+ or Capital Power's website.

Territorial acknowledgment

In the spirit of reconciliation, Capital Power respectfully acknowledges that the company operates within the ancestral homelands and 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 homeland. Capital Power 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 with approximately 12 gigawatts of power generation at 32 facilities, plus battery energy storage across North America. The company prioritizes safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems, and creating balanced solutions for the energy future. The company is powering change by changing power.