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## OPERATIONS AND GROWTH FOCUSED ON: NATURAL GAS, COAL, WIND AND SOLAR 

• Increased operating effi ciencies, including refined operating and maintenance practices 

• Greater economies of scale 

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## BALANCED PORTFOLIO OF MERCHANT AND CONTRACTED GENERATION 

• Long-term contracts help stabilize cash fl ows, support dividend and improve access to capital 

• Cash flow from merchant assets help fi nance growth and provide upside 

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1 Based on megawatts (MW) owned capacity; excludes the acquired Sundance PPA (371 MW). 2 Based on existing plants plus committed development projects. 

3 

Debt to total capitalization as of December 31 for each respective year. Capital Power Income L.P. accounted for on an equity basis in 2010. 

## FINANCIAL STRENGTH AND DISCIPLINE 

• Commitment to maintaining investment grade credit rating 

• Well spread out debt maturities 

• Current debt to capitalization lower than our target of 40%-50% 

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