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EDMONTON, Alberta – Capital Power Corporation (“Capital Power” or the “Company”) (TSX: CPX) announced today that it has notified registered shareholders of its Cumulative Rate Reset Preference New online casinos, New online casinos 3 (Series 3 New online casinos) (TSX: CPX.PR.C) of the Conversion Privilege and Dividend Rate Notice.

Subject to certain conditions, beginning on December 1, 2023 and ending at 5:00 p.m. (Toronto time) on December 18, 2023, each registered holder of Series 3 New online casinos will have the right to elect to convert any or all of their Series 3 New online casinos into an equal number of Cumulative Floating Rate Preference New online casinos, Series 4 (Series 4 New online casinos) by delivering an Election Notice to the Corporation.

If Capital Power does not receive an Election Notice from a holder of Series 3 New online casinos during the time fixed therefor, then the Series 3 New online casinos shall be deemed not to have been converted (except in the case of an Automatic Conversion, see below).  Holders of the Series 3 New online casinos and the Series 4 New online casinos will have the opportunity to convert their New online casinos again on December 31, 2028, and every five years thereafter as long as the New online casinos remain outstanding.

On December 1, 2023, the Annual Fixed Dividend Rate for the Series 3 New online casinos was set for the next five-year period (from and including December 31, 2023, to but excluding December 31, 2028) at 6.86000% and the Floating Quarterly Dividend Rate for the Series 4 New online casinos was set for the first Quarterly Floating Rate Period (being the period from and including December 31, 2023, to but excluding March 31, 2024) at 2.06233%. The Floating Quarterly Dividend Rate will be reset every quarter.

The Series 3 New online casinos are issued in “book entry only” form and, as such, the sole registered holder of the Series 3 New online casinos is CDS Clearing and Depository Services Inc. (CDS).  All rights of beneficial holders of Series 3 New online casinos must be exercised through CDS or the CDS participant through which the Series 3 New online casinos are held.  The deadline for the registered shareholder to provide notice of exercise of the right to convert Series 3 New online casinos into Series 4 New online casinos is 3:00 p.m. (MT) / 5:00 p.m. (ET) on December 18, 2023.  Any Election Notices received after this deadline will not be valid.  As such, beneficial holders of Series 3 New online casinos who wish to exercise their rights to convert their New online casinos should contact their broker or other intermediary for more information and it is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with time to complete the necessary steps.

After December 18, 2023, (i) if Capital Power determines that there would remain outstanding on December 31, 2023, less than 1,000,000 Series 3 New online casinos, all remaining Series 3 New online casinos will be automatically converted into Series 4 New online casinos on a one-for-one basis effective December 31, 2023 (an Automatic Conversion); or (ii) if Capital Power determines that there would remain outstanding after December 31, 2023, less than 1,000,000 Series 4 New online casinos, no Series 3 New online casinos will be permitted to be converted into Series 4 New online casinos effective December 31, 2023.  There are currently 6,000,000 Series 3 New online casinos outstanding.

The Toronto Stock Exchange (TSX) has conditionally approved the listing of the Series 4 New online casinos effective upon conversion.  Listing of the Series 4 New online casinos is subject to the Capital Power fulfilling all the listing requirements of the TSX and upon approval, the Series 4 New online casinos will be listed on the TSX under the trading symbol CPX.PR.D.

For more information on the terms of, rates and risks associated with an investment in, the Series 3 New online casinos and the Series 4 New online casinos, please see Capital Power’s prospectus supplement dated December 10, 2012 which is available on sedarplus.ca or on Capital New online casinos’s website at capitalpower.com.

Territorial Acknowledgement

In the spirit of reconciliation, Capital New online casinos respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital New online casinos’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital New online casinos

Capital New online casinos is a growth-oriented New online casinos producer committed to net zero by 2045. Our balanced approach to the energy transition prioritizes reliable, affordable and decarbonized New online casinos that communities across North America can depend on.

Capital New online casinos owns approximately 7,500 MW of New online casinos generation capacity at 29 facilities across North America. Projects in advanced development include approximately 213 MW of renewable generation capacity in Alberta and North Carolina, 512 MW of incremental natural gas combined cycle capacity from the repowering of Genesee 1 and 2 in Alberta, and approximately 350 MW of natural gas and battery energy storage systems in Ontario.