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## Commitment 

We are committed to managing Capstone Infrastructure in the best interests of our investors, which includes acting as a responsible corporate citizen in the communities where our businesses operate. 

## Teamwork 

As a team, we work cooperatively and constructively to build Capstone Infrastructure and share a focus on achieving optimal performance. 

## Responsibly operating our businesses with concern for all stakeholders 

Our overall approach to managing our businesses is embedded in our commitment to corporate responsibility and the principles of honesty, transparency and respect. Across our businesses, workplace safety is a priority for all employees and contractors. Environmental and social consciousness is also an integral element of our business strategy and fundamental to sustained operating performance. 

Ensuring the safe and reliable operation of our businesses is a complex and demanding task. Through hard work and commitment, our businesses have earned strong safety and environmental records. In 2014, we will continue to focus on ensuring the safety of our employees and the communities where we operate while protecting the environment. 

## Our Outlook 

We are looking forward to a productive, successful year in 2014. We expect annual Adjusted EBITDA to be $140 million to $150 million, which reflects our expectation of continuing stable performance from our power assets, some growth from our utilities businesses, and a full year of contribution from the operating wind facilities we acquired from ReD 1 . 

Our team worked exceptionally hard in 2013. While the outcome of our efforts has not yet been fully reflected in our share price, our portfolio is sound operationally and our businesses are running well. Moreover, our strategy of portfolio diversifi cation has shifted the mix and cash flow characteristics of the businesses we own, creating a much stronger foundation for our company. 

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## Fulfillment for Our People 

We foster a professional, safe work environment where our people have the tools and resources to excel and be successful and where they are recognized for their service and contributions. 

## Highest Standards 

We strive for excellence, innovation and creativity in the management and growth of our business and seek to effectively manage and mitigate risk. 

I am optimistic about the tomorrow we are building for this company, and expect our strategy to deliver long-term income and capital appreciation to shareholders in the years ahead. 

Capstone is pursuing its strategy at a time of great global demand for new infrastructure spending fuelled by fiscal austerity, large and growing government deficits, and demographic trends. Global infrastructure requirements over the next 20 years are, in a word, staggering. With trillions of dollars needed, the private sector has a vital role to play in improving and building the new, more sustainable infrastructure that is required to unleash renewed economic growth and improved quality of life in Canada and internationally. For our shareholders, an investment in Capstone affords access to the infrastructure asset class and the ability to benefit from its investment merits, such as consistent demand, steady inflation-linked cash flow and a long, predictable life. 

I would like to thank our Board of Directors for their continuing guidance and counsel and our employees for their excellent work and commitment to Capstone. 

Finally, I would like to thank our shareholders for their investment in Capstone and continuing support. We are committed to delivering results that reward your trust, and look forward to reporting our progress to you over 2014. 

Sincerely, 

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