Restructuring

Calpine has completed its Chapter 11 restructuring and successfully emerged from bankruptcy on Jan. 31, 2008. New Calpine stock is now trading on the New York Stock Exchange under the symbol “CPN”.

• For information concerning claims settlements, please refer to Claims Distribution Information.
• For information concerning the distribution of warrants to shareholders of old Calpine stock (CPNLQ), please refer to the Warrant Fact Sheet.
• For historical information on the Court proceeding, including a link to the complete document record, please visit www.kccllc.net/calpine.