<SUBMISSION>
<ACCESSION-NUMBER>0000916457-17-000110
<TYPE>DEFA14A
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20170818
<DATE-OF-FILING-DATE-CHANGE>20170818
<EFFECTIVENESS-DATE>20170818
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CALPINE CORP
<CIK>0000916457
<ASSIGNED-SIC>4911
<IRS-NUMBER>770212977
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEFA14A
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>171041659
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>717 TEXAS AVENUE
<STREET2>SUITE 1000
<CITY>HOUSTON
<STATE>TX
<ZIP>77002
<PHONE>7138302000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>717 TEXAS AVENUE
<STREET2>SUITE 1000
<CITY>HOUSTON
<STATE>TX
<ZIP>77002
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>schedulea14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2017 Workiva -->
		<title>Document</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s265D8AFE076E19B8FB98EE44150C41F2"></a></div><div style="line-height:120%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">SCHEDULE 14A</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(Rule 14a-101)</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">INFORMATION REQUIRED IN PROXY STATEMENT</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SCHEDULE 14A INFORMATION</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Proxy Statement Pursuant To Section 14(a) of the</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Securities Exchange Act of 1934</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">(Amendment No.)</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Filed by the Registrant  </font><font style="font-family:Wingdings;font-size:9pt;">x</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Filed by a Party other than the Registrant  </font><font style="font-family:Wingdings;font-size:9pt;">&#168;</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:8px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Check the appropriate box:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Preliminary Proxy Statement</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Confidential, for use of the Commission only (as permitted by Rule 14a-6(e)(2))</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Definitive Proxy Statement</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Definitive Additional materials</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">x</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Soliciting Material pursuant to &#167;240.14a-12</font></div></td></tr></table><div style="line-height:120%;text-align:center;"><img src="calpinelogoa02a01a01.gif" alt="calpinelogoa02a01a01.gif" style="height:61px;width:240px;"></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">CALPINE CORPORATION</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(Name of Registrant as Specified in Charter)</font></div><div style="line-height:120%;text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Not applicable</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:8px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Payment of filing fee (Check the appropriate box):</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">x</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">No fee required.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Fee computed on the table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(1)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Title of each class of securities to which transaction applies:</font></div></td></tr></table><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="padding-top:5px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(2)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Aggregate number of securities to which transaction applies:</font></div></td></tr></table><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(3)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></div></td></tr></table><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(4)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Proposed maximum aggregate value of transaction:</font></div></td></tr></table><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(5)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total fee paid:</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Fee paid previously with preliminary materials.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(1)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount Previously paid:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(2)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Form, Schedule or Registration Statement No.:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(3)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Filing Party:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">(4)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Date Filed:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_______________________________________________________________________________________________</font></div><div><br></div><hr style="page-break-after:always"><div><a name="sCA0844E5C8B93175F8CBEE4415723BB0"></a></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 18, 2017, Calpine Corporation sent the following communication to its employees:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Calpine Corporation Q&amp;A</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">General</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">What was the rationale for the deal?  Why sell now?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Since the spring, the Calpine Board of Directors has evaluated a full range of financial and strategic alternatives to maximize value for Calpine&#8217;s shareholders.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Calpine&#8217;s Board took this action because it believes the public equity markets undervalued our business and underappreciated our stable cash flows and strong track record of executing on financial commitments.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Calpine Board has unanimously determined that this transaction is in the best interest of Calpine&#8217;s shareholders.  The Board also believes the transaction is beneficial to Calpine&#8217;s other stakeholders, including employees, customers, and local communities.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">2)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Why is ECP the right buyer?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ECP is a respected private equity firm focused on North American energy infrastructure, with significant investments in traditional and renewable power generation, midstream oil and gas, electric transmission, environmental infrastructure and energy services.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We believe ECP&#8217;s decision to acquire Calpine is an endorsement of the Company&#8217;s strategic success and effective execution.  We also believe it reflects the value that ECP places on Calpine&#8217;s operating strength, strong and stable cash flows and customer relationships, as well as its respect for Calpine&#8217;s dedicated and talented employees.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">3)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">What are Calpine&#8217;s prospects as a private company?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Combining with ECP is expected to enable Calpine to continue to focus on customers and further strengthen its wholesale power generation footprint to grow our position as the nation&#8217;s premier competitive power company, while benefiting from ECP&#8217;s support, industry expertise, and long-term investment horizon.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We expect that flexible natural gas fired resources will continue to play a critical role in providing resilience and reliability to our nation&#8217;s electric grid, and baseload geothermal energy will remain a key part of California&#8217;s renewable energy supply.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a private company, Calpine would be able to devote greater focus to long-term growth, ensuring a strong future for the company, and its customers, partners, and employees.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">4)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Did Calpine run a formal sale process?  What other strategic and financial alternatives were considered?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Yes, the Board and its advisors independently conducted a review process involving a diverse group of alternatives.  The agreement with ECP also includes a go-shop provision.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The go-shop provision allows Calpine to actively solicit, evaluate and potentially enter into negotiations with parties that offer alternative proposals, to ensure that no stone is left unturned.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The break-up fee of $67 million payable by Calpine to pursue a deal with a bidder who has submitted a superior proposal during the go-shop period is significantly lower than the break-up fee of $147 million payable by Calpine to pursue a deal with a bidder who submits a superior proposal after the end of the go-shop period.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Calpine Board has unanimously determined that this transaction is in the best interest of Calpine&#8217;s shareholders.  The Board also believes that the transaction is beneficial to Calpine&#8217;s other stakeholders, including employees, customers, and local communities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The relevant details will be included in Calpine&#8217;s proxy filing.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The proposed transaction is subject to approval by stockholders representing a majority of outstanding shares of common stock of Calpine.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">5)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">How did this transaction come about?  Who approached whom?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This transaction is the conclusion of our Board&#8217;s strategic review process, which was initiated this spring.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">6)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">How long have you been in discussions with ECP?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are not going to get into specifics at this time.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The relevant details will be included in Calpine&#8217;s proxy filing.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">7)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">How many bids did Calpine receive, who were they from and what were the offers?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Calpine engaged in an extensive process involving a diverse group of strategic and financial buyers.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The relevant details will be included in Calpine&#8217;s proxy filing.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">8)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">How does this acquisition support Calpine&#8217;s long-term strategy?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We believe ECP&#8217;s decision to acquire Calpine is an endorsement of the company&#8217;s strategic success and effective execution.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We also believe it also reflects the value that ECP places on Calpine&#8217;s strong and stable cash flows, operating strength and customer relationships, as well as its respect for the company&#8217;s dedicated and talented employees.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Calpine&#8217;s mission to operate safely and serve its customers will not change.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We expect that flexible natural gas fired resources will continue to play a critical role in providing resilience and reliability to our nation&#8217;s electric grid, and baseload geothermal energy will remain a key part of California&#8217;s renewable energy supply.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Combining with ECP is expected to enable Calpine to further strengthen its wholesale power generation footprint and grow its position as the nation&#8217;s premier competitive power company, while benefiting from ECP&#8217;s support, industry expertise, and long-term investment horizon.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">9)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">There has been speculation that assets may be sold as part of this transaction.  Is that true?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We do not expect that FERC or other regulators would require divestitures.  The Merger Agreement requires ECP to use its reasonable best efforts to obtain the necessary regulatory approvals.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We plan to continue business operations as usual, providing resilience and reliability to our nation&#8217;s electric grid, while serving our customers with flexible natural gas fired resources and baseload geothermal energy.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">10)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Will the existing executive team members stay at the Company?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We will maintain our corporate headquarters in Houston with the current management team expected to remain in place.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ECP is very supportive of the executive team, and there are no executive team member changes planned as part of the transaction.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">11)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Do you think another bidder could emerge and top ECP&#8217;s proposal?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We can&#8217;t speculate on what others will do.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">However, the Board and its advisors independently conducted a comprehensive process involving a diverse group of strategic and financial buyers.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The agreement includes a 45-day &#8220;go-shop&#8221; period, during which Calpine can actively solicit, evaluate and potentially enter into negotiations with parties that offer superior proposals.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The break-up fee of $67 million payable by Calpine to pursue a deal with a bidder who has submitted a superior proposal during the go-shop period is significantly lower than the break-up fee of $147 million payable by Calpine to pursue a deal with a bidder who submits a superior proposal after the end of the go-shop period.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">12)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">What approvals are required? When do you expect the transaction to close?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The proposed transaction is subject to approval by stockholders representing a majority of outstanding shares of common stock of Calpine.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, the transaction is subject to expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other necessary regulatory filings include Federal Energy Regulatory Commission (FERC), New York Public Service Commission (NYPSC) and the Public Utility Commission of Texas (PUCT).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Additional state approval(s) may be required where we have a retail presence; however, it is not anticipated that obtaining these approvals will impact the closing timeline.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This process takes time and we expect to close the transaction in the first quarter of 2018.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">13)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">If the Board ran a robust process, why is the &#8220;go shop&#8221; provision necessary?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In an effort to be thorough and ensure the best outcome for shareholders, the agreement includes a 45-day &#8220;go-shop&#8221; period, during which Calpine can actively solicit, evaluate and potentially enter into negotiations with parties that offer superior proposals.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">14)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">What is the break fee if Calpine walks away from the deal?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The agreement provides for a break-up fee of $67 million payable by Calpine to pursue a deal with a bidder who has submitted a superior proposal during the go-shop period and a break-up fee of $147 million payable by Calpine to pursue a deal with a bidder who submits a superior proposal after the end of the go-shop period.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">15)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Does Calpine&#8217;s $12 billion debt come due at closing?&#160; Is ECP retiring this as part of the consideration?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Calpine expects both Standard and Poor&#8217;s and Moody&#8217;s Investors Service to affirm its corporate, secured and unsecured credit ratings, which means that its current corporate level debt will rollover following the close.</font></div></td></tr></table><div><br></div><hr style="page-break-after:always"><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We do not expect any change of control provisions on corporate secured and unsecured debt to be triggered.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">16)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">What does this mean for ECP&#8217;s ownership and board representation of Dynegy?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ECP is required to use reasonable best efforts to obtain the necessary regulatory approvals.  We expect ECP will take appropriate measures to ensure that the necessary regulatory approvals are obtained in a timely manner.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Customers</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Will the transaction have any implications for Calpine&#8217;s customers?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Customer satisfaction is core to Calpine&#8217;s business success and to the value of the enterprise ECP is acquiring.  Consequently, we are firmly committed to continuing to develop customer relationships and provide compelling products and services; we do not expect any interruptions or changes for our customers.  Calpine and ECP will work hard to make sure we don&#8217;t miss a beat on that front.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">2)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Will anything change that will impact our current relationship?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We do not expect to make any changes to the way Calpine operates its business and intend to remain focused on providing the high level of service to which Calpine&#8217;s wholesale and retail customers have become accustomed.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">3)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Will approvals be required from any of our facility partners; will this impact those relationships?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Regarding facilities where we have an equity partner, we see no impact on our business relationship and anticipate operations will continue as normal.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We will work with our partners to secure any needed consents and to address any concerns they may have.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">4)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Do we plan to continue construction and development of existing/announced sites, such as York 2, Washington Parish and wind development projects?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Merger Agreement does not affect ongoing construction and development work.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We remain focused on operating our business as usual.  This includes ongoing construction and development projects.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">5)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Will there be any changes in leadership?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There are no executive team member changes planned as part of the transaction.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We will maintain our corporate headquarters in Houston with the current management team expected to remain in place.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">6)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Will my contact at the company change?</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contacts at the Company will remain the same.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Cautionary Statement Regarding Forward-looking Statements </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This communication contains certain information, including financial estimates and statements as to the expected timing, completion and effects of the proposed merger between Calpine and a consortium led by Energy Capital Partners, which may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially.  Such forward looking statements include, among others, statements about the benefits of the proposed transaction, including future financial and operating results, plans, objectives, expectations for Calpine and other statements that are not historical facts.  Such statements are based on the current beliefs and expectations of the management of Calpine and are subject to significant risks and uncertainties outside of Calpine&#8217;s control.  These risks and uncertainties include the possibility that the anticipated benefits from the proposed transaction with a consortium led by Energy Capital Partners will not be realized, or will not be realized within the expected time periods; the occurrence of any event, change or other circumstances that could give rise to termination of the proposed transaction agreement; the failure of Calpine&#8217;s stockholders to adopt the merger agreement; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the announcement of the proposed transaction; the retention of certain key employees at Calpine; risks associated with the disruption of management&#8217;s attention from ongoing business operations due to the proposed transaction; the inability to obtain necessary regulatory approvals of the proposed transaction or the receipt of such approvals subject to conditions that are not anticipated; the risk that a condition to closing the transaction may not be satisfied on a timely basis or at all; the risk that the proposed transaction fails to close for any other reason; the outcome of any legal proceedings related to the proposed transaction; the parties&#8217; ability to meet expectations regarding the timing and completion of the proposed transaction; the impact of the proposed transaction on Calpine&#8217;s credit rating; and other risks described in Calpine&#8217;s Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission (&#8220;SEC&#8221;).  Readers are cautioned </font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  Except as otherwise required by law, Calpine does not undertake any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Additional Information and Where to Find It</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This communication may be deemed solicitation material in respect of the proposed acquisition of Calpine by a consortium led by Energy Capital Partners.  This communication does not constitute a solicitation of any vote or approval.  In connection with the proposed transaction, Calpine plans to file with the SEC preliminary and definitive proxy statements and other relevant documents.  The definitive proxy statement (when available) will be mailed to Calpine&#8217;s stockholders.  INVESTORS AND SECURITYHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by Calpine with the SEC from the SEC&#8217;s website at www.sec.gov.  In addition, investors and security holders may obtain free copies of the documents filed with the SEC at Calpine&#8217;s website at www.calpine.com/investor-relations.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Participants in the Solicitation</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Calpine and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Calpine&#8217;s stockholders in connection with the proposed transaction.  Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Calpine&#8217;s directors and executive officers by reading Calpine&#8217;s Annual Report on Form 10-K, which was filed with the SEC on February 10, 2017, and proxy statement for its 2017 annual meeting of stockholders, which was filed with the SEC on March 29, 2017.  Additional information regarding potential participants in such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement and other relevant documents filed by Calpine with the SEC in connection with the proposed transaction when they become available.</font></div><div><br></div><hr style="page-break-after:always"><div><a name="sb68e7e0367ac444880b150fda2403828"></a></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 18, 2017, John B. (Thad) Hill III, President and Chief Executive Officer of Calpine Corporation, sent the following communication to Calpine Corporation&#8217;s employees:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">August 18, 2017</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></div><div style="line-height:120%;text-align:center;padding-left:18px;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Company Update</font></div><div style="line-height:120%;text-align:center;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Colleagues,</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As you know, last month we confirmed in a public announcement and at our Town Hall that we were in discussions regarding a potential sale of Calpine.&#160; That news was the result of a comprehensive process begun earlier this year by our Board of Directors to review all options for continuing to create value for our shareholders.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">I am pleased today to announce that, following the approval of our Board of Directors, the Company has entered into an agreement under which Calpine will be acquired by Energy Capital Partners (ECP), along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board, for $15.25 per share or a total of $5.6 billion.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ECP is one of the most respected private equity firms focused on North American energy infrastructure, with significant investments in traditional and renewable power generation, midstream oil and gas, electric transmission, environmental infrastructure and energy services.&#160; You can read more about the announcement </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">here</font><font style="font-family:inherit;font-size:10pt;">.&#160; You can also learn more about ECP by visiting their website at </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">www.ecpartners.com</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This news has been speculated about in the press for some time and so it probably does not come as much of a surprise for most of you.&#160; That said, I know rumors and change can be unsettling &#8211; and I want to take this opportunity first and foremost to say thank you to all of you for your incredible focus and professionalism throughout these past months.&#160; The Board of Directors, Senior Management and I are grateful to all of you.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Simply put, ECP&#8217;s decision to acquire Calpine reflects their belief in our Company and its future.&#160; We believe it is an endorsement of our strategic success and effective execution, and we should all be proud of what we have accomplished, especially through what have been challenging times for our whole industry.&#160; We also believe that this decision reflects the value ECP places on our strong and stable cash flows, operating strength and customer relationships, as well as its respect for our dedicated and talented employees.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We will be holding a town hall meeting at 10:00 am CT today to talk about the transaction and do our best to answer your questions, understanding of course that some details still need to be worked out.&#160; Most importantly, however, we want you to know that it really is business as usual at Calpine.&#160; Our mission to operate safely and serve our customers does not change.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Flexible natural gas-fired resources will continue to play a critical role in providing resilience and reliability to our nation&#8217;s electric grid, and baseload geothermal energy will remain a key part of California&#8217;s renewable energy supply.&#160; And, with ECP as our new partner, we intend to continue growing our position as the nation&#8217;s premier competitive power company.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As with transactions of this nature, our agreement with ECP is subject to shareholder approval, certain regulatory approvals and other customary closing conditions.&#160; This process takes time and we expect to close the transaction during the first quarter of 2018.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We could not be more excited about the future of our company and the continued opportunities for employees as we embark on this journey.&#160; I look forward to speaking with you this morning at our Town Hall.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thanks for your continued hard work and commitment to Calpine.</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sincerely,</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thad Hill</font></div><div style="line-height:120%;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Cautionary Statement Regarding Forward-looking Statements </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This communication contains certain information, including financial estimates and statements as to the expected timing, completion and effects of the proposed merger between Calpine and a consortium led by Energy Capital Partners, which may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially.  Such forward looking statements include, among others, statements about the benefits of the proposed transaction, including future financial and operating results, plans, objectives, expectations for Calpine and other statements that are not historical facts.  Such statements are based on the current beliefs and expectations of the management of Calpine and are subject to significant risks and uncertainties outside of Calpine&#8217;s control.  These risks and uncertainties include the possibility that the anticipated benefits from the proposed transaction with a consortium led by Energy Capital Partners will not be realized, or will not be realized within the expected time periods; the occurrence of any event, change or other circumstances that could give rise to termination of the proposed transaction agreement; the failure of Calpine&#8217;s stockholders to adopt the merger agreement; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the announcement of the proposed transaction; the retention of certain key employees at Calpine; risks associated with the disruption of management&#8217;s attention from ongoing business operations due to the proposed transaction; the inability to obtain necessary regulatory approvals of the proposed transaction or the receipt of such approvals subject to conditions that are not anticipated; the risk that a condition to closing the transaction may not be satisfied on a timely basis or at all; the risk that the proposed transaction fails to close for any other reason; the outcome of any legal proceedings related to the proposed transaction; the parties&#8217; ability to meet expectations regarding the timing and completion of the proposed transaction; the impact of the proposed transaction on Calpine&#8217;s credit rating; and other risks described in Calpine&#8217;s Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission (&#8220;SEC&#8221;).  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  Except as otherwise required by law, Calpine does not undertake any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Additional Information and Where to Find It</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This communication may be deemed solicitation material in respect of the proposed acquisition of Calpine by a consortium led by Energy Capital Partners.  This communication does not constitute a solicitation of any vote or approval.  In connection with the proposed transaction, Calpine plans to file with the SEC preliminary and definitive proxy statements and other relevant documents.  The definitive proxy statement (when available) will be mailed to Calpine&#8217;s stockholders.  INVESTORS AND SECURITYHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by Calpine with the SEC from the SEC&#8217;s website at www.sec.gov.  In addition, investors and security holders may obtain free copies of the documents filed with the SEC at Calpine&#8217;s website at www.calpine.com/investor-relations.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Participants in the Solicitation</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Calpine and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Calpine&#8217;s stockholders in connection with the proposed transaction.  Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Calpine&#8217;s directors and executive officers by reading Calpine&#8217;s Annual Report on Form 10-K, which was filed with the SEC on February 10, 2017, and proxy statement for its 2017 annual meeting of stockholders, which was filed with the SEC on March 29, 2017.  Additional information regarding potential participants in such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement and other relevant documents filed by Calpine with the SEC in connection with the proposed transaction when they become available.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>calpinelogoa02a01a01.gif
<DESCRIPTION>CALPINE LOGO
<TEXT>
begin 644 calpinelogoa02a01a01.gif
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M%F$>1?JTJ]>O8&^B%,!O8 &C566F#="QW\2M 9*&G4NWKEV4!>"HU;>UHP
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M,R-[O 07-'1\'!$=,",!M]@G?R$ J+,?;D% 5)5. Q$;Q=02/0(H.U-7OE0
MD*(/:)42@!)^OX-<$I$4$L"&EQ9&,[8IN$2#DV-3OX$2H^01IJ<L5C%"%+@;
M36)/E--6 $!D=:9I3J-O/%<BD )434,3L14"T,:*+O$ E")TX+(R$S@@HR0C
M(!!P@B8U_B<H@K2-FQ<@BS%1(!=)\F1FAY9J@O=)B4@5->2$YL,8 "<2* $=
MJ.$BJ#4I4%-!!(!K&*$8A_^D11>5$A$09E9Q!K,C 'F1<E82 @X2 0UR5/GH
M&WE!9X<3DYC!E#WI=@ZA F:@1<OT4JO$0<:"?"H (\XS*1"6%A\@?!'@@'
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,BJO]TBX6=Q ! 0 [

end
</TEXT>
</DOCUMENT>
</SUBMISSION>
