Epstein Secrets

address is Dubai International Financial Centre - Building 3, Level 7, PO Box 506551, Dubai, UAE. Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPM

3% 4.9% 44.9% Rd I S.7% 13.4% .37% 31.8% Company Data Price ($) 81.81 Date Of Price 21 May 14 52-week Range ($) 84.88-48.70 Market Cap (S mn) 133,757.20 Fiscal Year End Dec Shares OfS (mn) 1,635 Price Target ($) 100.00 Price Target End Date 31-Dec-14 See page 6 for analyst certif

address is Dubai International Financial Centre - Building 3, Level 7, PO Box 506551. Dubai, UAE. Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the LEA by JPMSL. Investment research issued by JPMSL

exposure to greater generation volumes as natural gas prices fall. Table 1: Calpine's estimated effect of a $11MMBtu decrease in natural gas prices (S mn) Sensitivity for SUMNIBtu decrease As of 3Q11 As of 4Q11 2012 $149 $61 2013 $340 $224 2014 $366 $271 Source: Company reports and . Morg

address is Dubai International Financial Centre - Building 3. Level 7, PO Box 506551, Dubai, UAE. Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPM

(Corr) Price (5) 80.57 Date Of Price 17 Jun 14 EPS Reported (S) 52-week Range (5) 81.25-60.32 Q1 (Mar) 1.48 1.41 1.56 1.98A Market Cap (S mn) 29,408.05 Q2 (Jun) 1.39 1.38 1.62 1.64 Fiscal Year End Dec Q3 (Sep) 1.46 1.61 1.61 1.62 Shares CVS (inn) 365 Q4 (Dee) 1.03 1.00 1

address is Dubai International Financial Centre - Building 3. Level 7, PO Box 506551, Dubai, UAE. Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPM

2 Price Target End Date 31-Dec-14 03 (Sep) - - 1.80 1.98 1.94 52-week Range (5) 144.57-87.20 04 (Dec) - - 1.88 2.02 2.18 Market Cap (S mn) 100,467.50 FY 5.74 5.88 7.08 7.55 7.90 8.20 8.60 Shares 0/S (mn) 769 Bloomberg EPS FY (5) 4.51 5.01 6.74 - 7.32 - 8.17 Source: C