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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
nzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. (For research published within the first ten days
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
nzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. (For research published within the first ten days
(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
nzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. (For research published within the first ten days
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
nzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. (For research published within the first ten days
Entities connected to both S mn and the Hong Kong

New Zealand
LOCATION
Malaysia
LOCATION
Philippines
LOCATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONEngland & Wales
LOCATION
Bloomberg L.P.
ORGANIZATIONthe Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONJPMSAL
ORGANIZATIONDubai Branch
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATION