Restructuring

Calpine completed its Chapter 11 restructuring and successfully emerged from bankruptcy on Jan. 31, 2008.

• For information concerning claims settlements, please refer to Claims Distribution Information.
• For historical information on the Court proceeding, including a link to the complete document record, please visit www.kccllc.net/calpine.

Notice to Former Shareholders

As part of Calpine's emergence from bankruptcy, all of the company's old stock (CPLNQ) was converted into warrants (CPNCW). These warrants expired on August 25, 2008. They are no longer exercisable and therefore have no inherent value.