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

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

(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

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