Investors 

CPI Preferred Equity Ltd. Stock Information

Available preferred share series:

• CPI Preferred Equity Ltd. Stock Information, Series I
• CPI Preferred Equity Ltd. Stock Information, Series II

4.85% Cumulative Redeemable Preferred Shares, Series I

Toronto Stock Exchange (TSX) ticker symbol: CZP.PR.A
Date of TSX Listing: May 24, 2007
Shares Outstanding: 5,000,000
CUSIP: 29413R209

Excerpt from Initial Public Offering (IPO) Announcement
On May 7, 2007, EPCOR Power L.P. (collectively with its subsidiaries, the "Partnership") announced that its subsidiary, EPCOR Power Equity Ltd. ("the Issuer" or the "Corporation") will issue 5,000,000 4.85% Cumulative Redeemable First Preference Shares, Series 1 (the "Series 1 Shares") at a price of $25.00 per Series 1 Share.

The Series 1 Shares will pay cumulative dividends of $1.2125 per share per annum, yielding 4.85% per annum, payable quarterly on the last business day of March, June, September and December of each year.

The Series 1 Shares will not be redeemable by the Issuer before June 30, 2012. On or after this date, the Series 1 Shares will be redeemable by the Issuer in whole or in part, at the Issuer's option, on at least 30 and not more than 60 days prior notice.

The Partnership will fully and unconditionally guarantee the payment of dividends, as and when declared, the amounts payable on a redemption of the Series 1 Shares for cash and the amounts payable in the event of the liquidation, dissolution and winding up of the Issuer.

The Series 1 Shares will be offered for sale by way of a short form prospectus of the Issuer and the Partnership in all provinces and territories of Canada. Only persons who are residents of Canada, or if partnerships are Canadian partnerships, in each case for purposes of the Income Tax Act (Canada), may purchase Series 1 Shares under the Offering.

Summary

Dividends Declared

Eligible Dividend Designation

The dividends are 100 per cent eligible dividends as defined by the Income Tax Act. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable.

Additional Information:

• Short Form Prospectus (May 18, 2007)
• Guarantee Indenture (May 25, 2007)

Background Information

CPI Preferred Equity Ltd. (the "Issuer" or the "Corporation") was incorporated under the laws of the Province of Alberta on June 26, 1998 and is a subsidiary of the Capital Power Income L.P. (the "Partnership"). The Corporation operates as a holding company and indirectly holds all of the Partnership's business and power generation and other assets in the United States, including the Partnership's Castleton, Curtis Palmer, Manchief, Frederickson, Naval Station, North Island, Naval Training Center, Oxnard, Greeley, Kenilworth, Roxboro and Southport power generating facilities. These facilities have a total generating capacity of approximately 967 megawatts (representing approximately 75 per cent of the total generating capacity of the Partnership's assets) and approximately three million pounds per hour of thermal energy (representing 100 per cent of the total thermal energy capacity of the Partnership's assets). In addition, the Corporation holds, through a wholly-owned subsidiary, the Partnership's overall 15.4 per cent equity interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH wholly owns four recycled energy assets in the United States with an aggregate generation capacity of 284 megawatts and nearly two million pounds per hour of thermal energy, and holds a 50 per cent interest in a pulverized coal facility. Primary Energy Ventures LLC, a subsidiary of the Partnership, manages and operates these facilities for PERH.

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7.0% Cumulative Rate Reset Preferred Shares, Series II

Toronto Stock Exchange (TSX) ticker symbol: CZP.PR.B
Date of TSX Listing: November 2, 2009
Shares Outstanding: 4,000,000
CUSIP: : 12621D204

Excerpt from Initial Public Offering (IPO) Announcement
On October 13, 2009, EPCOR Power L.P. (collectively with its subsidiaries, the "Partnership") announced that its subsidiary, EPCOR Power Equity Ltd. ("the Issuer" or the "Corporation") will issue 4,000,000 7.00% Cumulative Rate Reset Preference Shares, Series 2 (the "Series 2 Shares") at a price of $25.00 per Series 2 Share.

The Series 2 Shares will pay fixed cumulative dividends of $1.75 per share per annum, yielding 7.0% per annum, payable on the last business day of March, June, September and December of each year.

The holders of Series 2 Shares will have the right to convert their shares into Cumulative Floating Rate Preferred Shares, Series 3 (the “Series 3 Shares”) of the Corporation, subject to certain conditions, on December 31, 2014 and on December 31 of every fifth year thereafter. The holders of Series 3 Shares will be entitled to receive quarterly floating rate cumulative dividends, as and when declared by the board of directors of the Corporation, at a rate equal to the sum of the then 90-day Government of Canada treasury bill rate and 4.18%.

The Partnership will fully and unconditionally guarantee the payment of dividends, as and when declared, the amounts payable on a redemption of the Series 2 Shares or Series 3 Shares for cash and the amounts payable in the event of the liquidation, dissolution and winding up of the Issuer.

The Series 2 Shares will be offered for sale by way of a short form prospectus of the Issuer in all provinces and territories of Canada. Only persons who are residents of Canada, or if partnerships are Canadian partnerships, in each case for purposes of the Income Tax Act (Canada), may purchase Series 2 Shares under the Offering.

Summary

Dividends Declared

Eligible Dividend Designation

Additional Information:

• Short Form Prospectus (October 21, 2009)
• Guarantee Indenture (November 2, 2009)

Background Information

CPI Preferred Equity Ltd. (the "Issuer" or the "Corporation") was incorporated under the laws of the Province of Alberta on June 26, 1998 and is a subsidiary of the Capital Power Income L.P. (the "Partnership"). The Corporation operates as a holding company and indirectly holds all of the Partnership's business and power generation and other assets in the United States, including the Partnership's Castleton, Curtis Palmer, Manchief, Frederickson, Naval Station, North Island, Naval Training Center, Oxnard, Greeley, Kenilworth, Roxboro and Southport power generating facilities. These facilities have a total generating capacity of approximately 967 megawatts (representing approximately 75 per cent of the total generating capacity of the Partnership's assets) and approximately three million pounds per hour of thermal energy (representing 100 per cent of the total thermal energy capacity of the Partnership's assets). In addition, the Corporation holds, through a wholly-owned subsidiary, the Partnership's overall 15.4 per cent equity interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH wholly owns four recycled energy assets in the United States with an aggregate generation capacity of 284 megawatts and nearly two million pounds per hour of thermal energy, and holds a 50 per cent interest in a pulverized coal facility. Primary Energy Ventures LLC, a subsidiary of the Partnership, manages and operates these facilities for PERH.

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