Robert P. May
Chief Executive Officer

In December 2005, Robert P. May became Chief Executive Officer of Calpine Corporation, a leading independent power producer that provides nearly 24,000 megawatts of environmentally responsible electricity in 18 states across the country. A seasoned executive with more than 30 years of experience in implementing and managing operational and financial improvements at major corporations, Mr. May currently is a member of Calpine's Board of Directors. He recently led Calpine through the largest bankruptcy conducted under the new federal bankruptcy laws. Mr. May was Interim President and Chief Executive Officer at Charter Communications, Inc., from January 2005 to August 2005, and at HealthSouth Corporation, where he joined its Board of Directors in October 2002, becoming Chairman of the Board from July 2004 until October 2005. From March 2003 to May 2004, he was HealthSouth's Interim Chief Executive Officer. Since March 2001, Mr. May has been a private investor and principal of RPM Systems, which provides strategic business consulting services. From March 1999 to March 2001, Mr. May served on the Board of Directors and was Chief Executive of PNV Inc., a national telecommunications company. Mr. May was Chief Operating Officer and a director of Cablevisions Systems Corp. from October 1996 to February 1998. He held several senior executive positions with Federal Express Corporation, including President of Business Logistics Services, from 1973 to 1993. Mr. May also serves as a director of Charter Communications, Inc. and on the advisory board of Deutsche Bank America. He was educated at Curry College and Boston College and attended Harvard Business School's Program for Management Development.

Lisa J. Donahue
Senior Vice President, Chief Financial Officer

Lisa J. Donahue is a Managing Director of AlixPartners where she co-heads their Turnaround and Restructuring practice. AlixPartners has been retained by Calpine in connection with its Chapter 11 restructuring. As Interim Chief Financial Officer, Ms. Donahue leads all of Calpine's financial operations including: accounting and finance; Sarbanes-Oxley compliance; internal and external reporting; tax; treasury and corporate insurance. Ms. Donahue has also served as an executive officer of several public companies, including most recently as chief executive officer of New World Pasta Company from June 2004 through December 2005, and as chief financial officer from October 2001 through March 2003 and chief restructuring officer from October 2001 through May 2004 of Exide Technologies.

Gregory L. Doody
Executive Vice President, General Counsel and Secretary

Gregory L. Doody oversees all of Calpine’s corporate legal affairs and serves as the company’s Secretary. Mr. Doody previously held the position of Executive Vice President, General Counsel and Secretary at HealthSouth Corporation, where was responsible for the oversight of all legal activities since 2003. Prior to joining HealthSouth, Mr. Doody was a Partner at Balch & Bingham LLP, a regional law firm based in Birmingham, Alabama. He earned a juris doctor degree from Emory University’s School of Law and a bachelor of science – management degree from Tulane University. He is a member of the Alabama State Bar, Birmingham Bar Association and the American Bar Association. Mr. Doody also is a member of the Executive Committee of The Federalist Society’s Corporations and Securities and Antitrust Practice Group.

Gary M. Germeroth
Executive Vice President and Chief Risk Officer

Gary M. Germeroth, in his role of leading Calpine’s Risk Management function, is responsible for maintaining oversight of Calpine’s risk management framework and assuring that the complex risks of the company are communicated and understood throughout the organization. Mr. Germeroth brings to Calpine more than 26 years of experience in energy strategy and risk management, having directed a variety of commercial strategy, enterprise risk management and corporate restructuring projects for multiple companies. He has led efforts related to corporate governance, portfolio risk evaluation, operational risk management, strategic options analysis, management of portfolio capital requirements, organizational and business process design, transaction settlement and financial accounting. He has most recently worked for PA Consulting Group and its predecessor firm, Hagler Bailly Risk Advisors, since 1999. Prior to joining PA in 1999, Mr. Germeroth held a variety of controllership, risk control and treasury positions at various entities in his energy career. He holds a bachelor of science degree in finance from the University of Denver.

Casey L. Gunnell
Executive Vice President and Chief Administrative Officer

Casey L. Gunnell serves the company as its interim Executive Vice President and Chief Administrative Officer. Most functions that are shared among the various groups throughout the company report to Mr. Gunnell, including human resources, information services, ACE, communications, insurance, procurement, and records and contract administration. Mr. Gunnell, during his 35 years of broad business experience, has held pivotal operational and financial positions in startup, turnaround and mature organizations. He has served on the Board of Directors for several private companies and one publicly traded company. Mr. Gunnell operates a management services business focusing on interim management and restructuring situations working with clients such as HealthSouth Corp. and Charter Communications and has been working with Calpine since early 2006. He spent 19 years with a $5 billion auto distribution company in senior roles including Executive Vice President and Chief Financial Officer. Mr. Gunnell received a bachelor of business administration in accounting from Florida Atlantic University and is a Florida certified public accountant, inactive.

Michael Rogers
Senior Vice President and President of Power Operations

Michael Rogers, as Senior Vice President and President of Power Operations, oversees Calpine’s nearly 24,000-megawatt portfolio of clean, efficient natural gas-fired and geothermal power plants. He is also responsible for Calpine's extensive safety, health and environmental programs, engineering, project development program, construction and fuel diversification activities. Mr. Rogers has served with Calpine since 2001 in both operations and development, and has previous experience in power plant operations, control area operations and energy trading with Pacific Gas and Electric Company, including positions as Plant Engineer, Supervisor of Maintenance, Plant Manager, Manager of Grid Operations and Director of Generation Portfolio Management. Mr. Rogers was also COO of the Calpine Power Income Fund in Canada from 2005 until the Fund's sale in 2007. Mr. Rogers is a graduate of the University of California at Davis with a degree in chemical engineering.

Melissa A. Brown
Senior Vice President of Strategy and Financial Planning and Analysis

Melissa A. Brown, in her position of Senior Vice President of Strategy and Financial Planning and Analysis, provides research and analysis on strategic matters and oversees Calpine’s Financial Planning and Analysis group, which provides budgets, short- to mid-term forecasts, variance analysis and plant- and corporate-level financial metric analysis. In addition, she manages an analytics group, which provides economic analysis for expansions, mergers and acquisitions and other development projects, as well as for asset rationalizations and large capital expenditures. After receiving a bachelor of science in business administration from Oklahoma State University she began her business career at AES Corporation where she was the Manager of Corporate Financial Analysis. While at AES, Ms. Brown completed her master’s in business administration from the College of William and Mary. She later joined NRG Energy where she held positions of increasing responsibility in a variety of groups, including Northeast Region, Treasury, Australia, Asset Sales, NEO Corporation, Corporate Strategy and Portfolio Assessment, Latin America and Emerging Markets and attained the position of Executive Director of Business Development. While at NRG, Ms. Brown also served as a member of the restructuring team while NRG proceeded through bankruptcy. Post bankruptcy Ms. Brown remained with the company as a member of the management team of the Northeast Region with specific responsibilities including regional strategy, budget, financial analysis and development.

Charles B. Clark
Senior Vice President, Chief Accounting Officer

Charles B. Clark joined Calpine in 1999. He brings more than 20 years of domestic and international financial experience to the company. In his current position, he serves as the company's Chief Accounting Officer, leading internal financial reporting, with special emphasis on enhancing and streamlining the management reporting process; external financial reporting; Sarbanes-Oxley compliance; and special projects. Prior to joining Calpine, Mr. Clark was the Chief Financial Officer of the Hobbs Group, LLC. He holds a master's degree in business administration from Harvard Graduate School of Business Administration, and a bachelor of science degree in mathematics from Duke University.

Dennis Fishback
Senior Vice President, Chief Information Officer

Dennis Fishback joined Calpine in 2001. He oversees the development, integration and operation of Calpine's information technology applications and infrastructure, as well as the management of Calpine's office facilities. Mr. Fishback brings to Calpine almost three decades of experience in the power industry, most recently serving at the California Independent System Operator where he supervised all information technology activities for the state's power grid. He also enjoyed 20-year tenure with Virginia Power in fuels and information technology. In 2004, Mr. Fishback was recognized by Computerworld as one of the business world's Premier 100 IT Leaders for exemplary technology leadership in solving pressing business problems.

Dennis J. Gilles
Senior Vice President - Western Region and Geothermal Power Operations

Dennis J. Gilles, as Senior Vice President, Western Region Power Operations, is responsible for Calpine’s operating portfolio of clean, efficient and reliable natural gas-fired and geothermal power plants in the US western markets. This portfolio includes 45 plants with a total generation capacity in excess of 7,200 megawatts. Mr. Gilles has 27 years of experience (18 years with Calpine) related to the management, operation, maintenance, engineering, construction, and administration of power and petrochemical plants and their related facilities. Mr. Gilles lead the team for Calpine in the late 1990’s that successfully consolidated the ownership of the Geysers, the world’s largest geothermal facility. He has also been actively involved in advancing legislation to stimulate growth in the geothermal industry, as well as active in improving the knowledge and interest of the public and government, at the local, state, and federal levels. Mr. Gilles holds a master of business administration degree from Pepperdine University and received his undergraduate degree in mechanical engineering from California Polytechnic State University, San Luis Obispo. He is a California registered Mechanical Engineer. He is also the current Chairman of the Board of the Geothermal Energy Association, and also serves as Vice President on the executive board of the Geothermal Resource Council.

Jeffrey P. Kinneman
Senior Vice President - Structured Finance, Strategy & Restructuring

Mr. Jeffrey P. Kinneman oversees and manages Calpine's Structured Finance, Strategy and Restructuring group which focuses on long-term strategic planning and structured transactions with an emphasis on cross commodity and cross regional opportunities. Mr. Kinneman has over 20 years structured finance and strategy experience, most recently serving as Director of Credit and Risk Management and acting Chief Risk Officer with Texas Genco. Prior to Texas Genco, Mr. Kinneman was a Partner at the investment advisory firm Quint Capital L.P., and prior to this was at Enron in the position of Vice President, Credit. Mr. Kinneman obtained a bachelor of arts degree in economics from Rutgers University.

Larry B. Leverett
Senior Vice President - Commercial Operations

Larry B. Leverett joined Calpine in November 2006 as Senior Vice President, Commercial Operations. He is responsible for managing natural gas positions and risk management strategies for Calpine's gas-fired power portfolio. Mr. Leverett has 15 years of commercial energy experience and brings to Calpine in-depth experience in both gas and power trading and related risk management programs. He has served as Senior Vice President - Wholesale Markets for TXU Portfolio Management L P where he worked from 2000 through 2005. At TXU, he managed a diverse portfolio, including power generation, power load and tolling transactions; in addition to wholesale power, natural gas, ancillary services, and emission credits. He also has served in senior management positions with Avista Energy and El Paso Energy. Most recently, during 2006, he was a senior consultant for PNM Resources, leading commercial and operational management for its Southwest gas and power businesses. He holds a master's degree in business administration from the University of Houston and a bachelor of science degree in business administration from Christian Brothers College in Memphis, Tennessee.

Kevin G. McMahon
Senior Vice President, Internal Audit

Kevin G. McMahon is responsible for managing and conducting all internal audit activities, supporting operations and the functional departments as requested, and reporting audit findings with the appropriate recommendations to senior management and the Audit Committee. Prior to joining Calpine, Kevin was Vice President and General Auditor for Exide Technologies, a global manufacturer of stored electrical energy products and services for industrial and transportation applications. He previously served as Vice President-Internal Audit Services and in other senior auditing positions for HCA, Inc., the largest hospital provider in the United States, and served in senior management and auditing positions for Ernst & Young LLP, Southern Company Services, FPL Group and HSBC/Marine Midland Bank N.A. Kevin serves on the board of directors of Epic Energy Resources, Inc. and is chairman of its audit committee. He has a master of business administration degree from Palm Beach Atlantic University and a bachelor of science degree in accounting from the State University of New York, and is a Certified Internal Auditor.

John R. Moore
Senior Vice President, Human Resources

John R. Moore, Senior Vice President, Human Resources leads all aspects of Calpine's human resources function, including staffing and training, leadership development, industrial relations, and compensation and benefits. Prior to joining Calpine, he was Vice President of Human Resources for Fleetwood Enterprises. Mr. Moore brings to Calpine more than 20 years of experience in human resources. He previously has served in senior management positions for major corporations in a variety of industries - both domestic and international - including transportation, engineering services and aerospace manufacturing. He most recently served as Vice President of Human Resources for Fleetwood Enterprises, where he was responsible for 13,000 union and non-union employees in the United States and Canada. Mr. Moore holds a master's degree in business administration and a bachelor of business administration degree from Midwestern State University.

Sarah Novosel
Senior Vice President, Government Affairs

Sarah Novosel is Senior Vice President of Government Affairs and Managing Counsel in Calpine's Washington, D.C. office. Ms. Novosel manages Calpine's Washington, D.C. office and directs its federal legislative and regulatory practice. Ms. Novosel has been practicing energy law for more than 15 years. She began her career in 1991 with the law firm of Bracewell & Patterson in Washington, D.C., where she represented natural gas and power marketing clients. After leaving Bracewell & Patterson in 1997, Ms. Novosel joined Enron Corp. and later worked for American Electric Power. She joined Calpine in 2004 as Senior Regulatory Counsel and was promoted in 2007 to her present position. A graduate of the University of Maryland with a bachelor's degree in Government and Politics, Ms. Novosel earned her law degree from Georgetown University Law Center. She is a member of the Maryland State Bar, the District of Columbia Bar and the Energy Bar Association.

Zamir Rauf
Senior Vice President, Finance and Treasurer

Zamir overseas Calpine's corporate finance, project finance, treasury and debt compliance functions. In this role, he is responsible for the corporate banking, investment banking and rating agency relationships. Zamir led the company's efforts in receiving a commitment for one of the largest and most attractively priced exit financing. He also played an integral role in Calpine's restructuring efforts, working closely with the company's legal and restructuring advisors as well as the creditors' committees in an effort to help ensure the successful reorganization of the company. Zamir has been with Calpine for more than eight years in the Finance group, progressing through the organization to his current role as Senior Vice President of Finance and Treasurer. Before joining Calpine, Zamir held various accounting and finance roles with Enron North America and Dynegy Inc, prior to which, he was with Comerica Bank serving in several lending and credit roles. He earned his bachelor's degree in business and commerce and MBA from the University of Houston.

Robert R. Regan
Senior Vice President, Power Operations - East

Bob Regan is responsible for the safe, reliable, and profitable operation of Calpine’s natural gas-fired power plants in the company’s East Region, which includes operations in 14 states in the Midwest, Northeast and Southeast United States as well as two plants in Canada. Calpine’s East Region fleet includes 35 highly efficient generating assets capable of providing approximately 18,000 megawatts of electricity. Bob previously served in the roles of Vice President of Operations for Calpine’s Texas (ERCOT) fleet, and separately as Vice President of Operations, Midwest and Vice President, Asset Optimization. He joined Calpine in 1997 as Plant Manager of the Texas City power plant when it was purchased from Enron. Prior to joining Calpine, Mr. Regan held various power plant management positions with Enron Power Corp. He also has over fifteen years experience in the petrochemical engineering and construction industry. Mr. Regan obtained his Bachelor of Science degree in mechanical engineering, cum laude, from the University of Houston and a Master of Business Administration degree from the University of Houston – Clear Lake. He is a member of the Tau Beta Pi and Pi Tau Sigma Engineering Honor Societies and the Business Management Honor Societies: Sigma Iota Epsilon and Beta Gamma Sigma.

Joseph E. Ronan Jr.
Senior Vice President, Government and Regulatory Affairs

Joe Ronan is responsible for developing and implementing Calpine's political, legislative and regulatory policies at the federal, state and local levels, in coordination with Calpine's legislative and regulatory teams located throughout the United States. He joined Calpine in 1992, and served as General Counsel for six years. Mr. Ronan has previous experience as an attorney with the federal government, the state of Wyoming, Getty Oil Company and in the renewable energy industry. He holds a bachelor of science degree from the University of Wisconsin and a juris doctor degree from the University of Denver College of Law. He is a member of the state bars of California and Colorado.