Capital Power Corporation — Proxy Solicitation & Information Statement 2023

Mar 20, 2023

Have questions about this notice? Call the Toll Free Number below or scan the QR code to find out more.

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Notice of Availability of Proxy Materials for CAPITAL POWER CORPORATION Annual Meeting

Meeting Date and Location:

When: April 28, 2023 Where: 8th Floor EPCOR Tower , 10423 101 Street 1:00 pm (Mountain Time) Edmonton

You are receiving this notice to advise that the proxy materials for the above noted securityholders' meeting are available on the Internet. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We remind you to access and review all of the important information contained in the information circular and other proxy materials before voting.

The information circular and other relevant materials are available at:

www.capitalpower.com/agm

OR

www.sedar.com

How to Obtain Paper Copies of the Proxy Materials

Securityholders may request to receive paper copies of the current meeting materials by mail at no cost. Requests for paper copies may be made using your Control Number as it appears on your enclosed Voting Instruction Form or Proxy. To ensure you receive the materials in advance of the voting deadline and meeting date, all requests must be received no later than April 18, 2023. If you do request the current materials, please note that another Voting Instruction Form/Proxy will not be sent; please retain your current one for voting purposes.

For Holders with a 15 digit Control Number:

For Holders with a 16 digit Control Number:

Request materials by calling Toll Free, within North America - 1-866-962-0498 or direct, from Outside of North America - (514) 982-8716 and entering your control number as indicated on your Voting Instruction Form or Proxy.

Request materials by calling Toll Free, within North America - 1-877-907-7643 or direct, from Outside of North America - (905) 507-5450 and entering your control number as indicated on your Voting Instruction Form.

To obtain paper copies of the materials after the meeting date, please contact (514) 982-8716.

To obtain paper copies of the materials after the meeting date, please contact (905) 507-5450.

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Securit holder Meetin Notice y g

The resolutions to be voted on at the meeting are listed below along with the Sections within the Information Circular where disclosure regarding the matter can be found.

1. Election of Directors - Shareholders will be asked to elect directors for the next year. Information respecting the election of directors may be found in the "About the nominated Directors" section of the Circular.

2. Appointment of Auditors - Shareholders will be asked to re-appoint KPMG LLP as Capital Power's auditors for the ensuing year. Information on the appointment of KPMG LLP may be found in the "Business of the meeting" section of the Circular.

3. Say on Pay - Shareholders will be asked to consider and approve an advisory resolution regarding Capital Power's approach to executive compensation, which is described in the "Business of the meeting" and "Compensation" sections of the Circular.

Voting

PLEASE NOTE - YOU CANNOT VOTE BY RETURNING THIS NOTICE. To vote your securities you must vote using the methods reflected on your enclosed Voting Instruction Form or Proxy.

PLEASE VIEW THE INFORMATION CIRCULAR PRIOR TO VOTING

Integrated Annual Report

• All Registered holders and only Beneficial holders who opted to receive one