OUR VISION  is to be recognized as one of North America’s most respected, reliable, and competitive power generators. 

OUR BUSINESS  is the development, acquisition, construction, operation, and optimization of large-scale, fuel-diverse, cost-effective power generation facilities in North America. 

## CONTENTS 

01 AT A GLANCE 

02 MESSAGE FROM THE PRESIDENT AND CEO 

04 MESSAGE FROM THE CHAIRMAN 

05 WHY INVEST 

08 BOARD OF DIRECTORS 

09 GOVERNANCE 

11 MANAGEMENT’S DISCUSSION AND ANALYSIS 

67 FINANCIAL STATEMENTS 

132 3-YEAR OPERATIONAL AND FINANCIAL HIGHLIGHTS 

IBC INVESTOR INFORMATION 

Forward-looking information: Forward-looking information or statements included in this Annual Report are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. Certain information in this Annual Report is forward-looking within the meaning of Canadian securities law, as it is related to anticipated financial performance, events or strategies. When used in this context, words such as “will,” “anticipate,” “believe,” “plan,” “intend,” “target” and “expect” or similar words suggest future outcomes. By their nature, such statements are subject to significant risks, assumptions and uncertainties, which could cause Capital Power’s actual results and experience to be materially different than the anticipated results. Readers are advised that all information in this Annual Report is provided subject to the cautionary statement regarding forward-looking information, which is found in management’s discussion and analysis (MD&A) beginning at page 11. 

