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## 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 

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