Calpine Corp.

Jack A. Fusco joined Calpine as President and Chief Executive Officer and a member of its Board of Directors in August 2008. He recently served as Chairman and Chief Executive Officer of Texas Genco Inc. until 2006. From 2002 until July 2004, Mr. Fusco was the exclusive energy investment advisor to Texas Pacific Group. Earlier in his career, Mr. Fusco helped to found Orion Power, an independent power producer, serving as a Board member and the Company's Chief Executive Officer until 2002. Prior to the establishment of Orion Power, Mr. Fusco was a vice president in Goldman, Sachs & Co., where he focused on wholesale electric commodity trading and marketing. Before joining Goldman Sachs, Mr. Fusco was executive director for International Development and Operations for Pacific Gas & Electric's nonregulated subsidiary. In that role, Mr. Fusco was responsible for the development and implementation of PG&E's international business strategy and the launching of International Generating Company (InterGen), an international independent power producer focused on emerging markets. Mr. Fusco, who started his career as an operator at power plants in California, has nearly 25 years of experience in the power industry.

Jim D. Deidiker was named Senior Vice President and Chief Accounting Officer in January 2009. Previously, Mr. Deidiker served as Vice President and Controller at Texas Genco. Prior to that, he was Managing Director and Vice President, Administration at AEP Energy Services, Inc., and also held accounting and financial positions at Basis Petroleum, Inc., Enron Corporation and UPG Falco, Inc. In addition, he worked as a research assistant and lecturer at Texas A&M University. Mr. Deidiker earned a Bachelor of Science degree in accounting from Southwest Missouri State University and a master's degree in business administration-finance from the University of Houston. He also completed research and coursework toward a doctoral degree in accounting from Texas A&M University. He is a Certified Public Accountant in Texas and a Certified Management Accountant.

W. Thaddeus Miller joined Calpine Corporation in August 2008 as Executive Vice President, Chief Legal Officer and Secretary. Mr. Miller brings almost 30 years of legal experience to Calpine, the last 20 years of which have been in the energy industry. He recently served as Executive Vice President and Chief Legal Officer of Texas Genco Inc. until 2006. From 2002 to 2004, Mr. Miller was a consultant to Texas Pacific Group, a private equity firm. From 1998 to 2002, he served as Executive Vice President and Chief Legal Officer of Orion Power, an independent power producer. From 1994 to 1998, Mr. Miller was Vice President of Goldman Sachs & Co., where he focused on wholesale electric and other energy commodity trading. Before joining Goldman Sachs & Co., Mr. Miller was a partner in a New York law firm. Mr. Miller earned his Bachelor of Science degree from the United States Merchant Marine Academy and his Juris Doctor from St. John's School of Law. In addition, he was an officer in the United States Coast Guard.

Zamir Rauf is Executive Vice President and Chief Financial Officer. Mr. Rauf previously was interim Chief Financial Officer and Treasurer from June 2008 to December 2008. Prior to his role as Interim CFO, Mr. Rauf was Senior Vice President, Finance and Treasurer at Calpine. In that position, he had responsibility over Calpine's corporate and project finance, treasury and debt compliance functions and managed the corporate banking, investment banking and rating agency relationships. Prior to Calpine, Mr. Rauf held various accounting and finance roles with Enron North America and Dynegy Inc., as well as Comerica Bank in both credit and lending roles. He earned his Bachelor of Arts degree in business and commerce and master's degree in business administration-finance from the University of Houston.

Jim has led energy industry operations for more than 30 years. As Executive Vice President at Calpine Corporation, he steered the nationwide development and construction of power generation plants with a total capacity of over 20,000 megawatts, one of the largest and most successful build-outs in U.S. history. He also restructured 6,500 energy, plant and service contracts to achieve more than $200 million in annual cost savings. Prior to joining Calpine, Jim was a senior operating executive at PG&E, one of the largest investor-owned public utility companies in the nation and the major utility serving Northern California. Jim oversaw operations for a 10,000-megawatt power generation fleet, $4 billion electric and gas transmission systems, and gas and electric procurement for more than four million customers. He received his B.S. in mechanical engineering from California Polytechnic State University, San Luis Obispo, and graduated from the Harvard University Graduate School of Business Program for Management Development.

John Miller has over twenty years of senior management and operating experience in the independent power sector, most recently with Calpine Corporation, where he was Senior Vice President of Central Services. At Calpine, John oversaw key human resources and safety programs and managed the build-out of more than twenty major power projects valued at over $6 billion. Prior to his tenure at Calpine, John served as president of Thermo Electron’s Thermo Ecotek division, where he directed Thermo Electron’s expansion of its independent power business to ten operating plants in the US, Germany and the Czech Republic. He has a B.S. degree in Mechanical Engineering from Oregon State University and an M.B.A. degree from the University of Portland.

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.

Laura D. Guthrie, 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 for the company's nearly 2,100 employees. Ms. Guthrie brings more than 25 years of experience in human resources. She most recently served as Vice President, Human Resources at Hercules Offshore, Inc. Prior to that she headed human resources at Input / Output and Splitrock Services and held various positions of increasing responsibility at UNOCAL Corporation and BHP Petroleum. Ms. Guthrie earned a Bachelor of Science degree in Personnel Administration and Industrial Relations from Oregon State University.

Michael Rogers, Senior Vice President, Geothermal Region, oversees Calpine's 15 geothermal plants in The Geysers area of Northern California. With a capacity of 725 megawatts, this is the nation's largest geothermal power generating facility. His previous executive experience included responsibility for Calpine's clean, efficient natural gas-fired plants as well as its geothermal fleet. In addition, he oversaw 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 he 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. He is a graduate of the University of California at Davis with a degree in chemical engineering.

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.

Tom Webb was named Senior Vice President, Calpine Power Operations, in January 2009. From 2002 to 2008, Mr. Webb served as a power industry consultant, specializing in power production. He was Executive Vice President, Operations and Assets for Texas Genco from 2004 to 2006 and Senior Vice President, Orion Power Holdings from 1998 to 2002. Prior to that, he held a variety of management positions with Pacific Gas and Electric mostly related to power plant operations management. Mr. Webb earned a Bachelor of Science degree in Mechanical Engineering from California Polytechnic State University and a Master of Business Administration degree from Saint Mary's College. He is also a Registered Professional Engineer in California.

Gary began his 35-year career in the Electric Power industry in 1973 with Orlando Utilities Commission. While with OUC, Gary held positions as Power Plant Operator, System Dispatcher, and Power System Operator. Gary retired from Orlando Utilities Commission in 2001 as Director of Energy Control. Since then Gary has held positions as Manager of Control Area Operations and Market Operations for Calpine Corporation, and Superintendent of Energy Control for Colorado Springs Utilities. He has served in roles of significant responsibility in Generation Dispatch, Transmission and Distribution Operations, Strategic Development, Market Operations, and Control Area Operations. He has a strong background in system reliability, application of standards and regulations, emergency operations and system restoration. He is experienced in developing and implementing section policies and training programs. Gary has recently brought this strong background to the SOS Intl team where he serves as a Consultant and a Trainer to Utilities and Energy Reliability Organizations across the country.

Prior to joining Salem Partners, Mr. Merritt founded and ran Gerard Klauer Mattison's Entertainment Media Advisory Group, which focused on financial advisory services to the entertainment and media industries. Previously, Mr. Merritt spent 24 years at KPMG LLP, one of the four international accounting and consulting firms, including 14 years as a partner. From 1989 to 1998 he served as the National Partner-in-Charge of the Media Entertainment Practice. During this period he had direct partner responsibilities for many of the largest clients of KPMG, including four of the major studios, two major television networks and several independent producers. From 1999 through 2000, Mr. Merritt was the Chief Financial Officer to Artists Management Group, a major talent management company and Artists Television Group, a major independent television producer. Mr. Merritt currently serves on the Board of Directors of Charter Communications, Inc. and Laser Pacific Media Corporation.

Since 1996, Ms. O'Leary has been a private venture capital investor in Woodside, California. From 1983 to 1996, Ms. O'Leary was an associate, then general partner, at Menlo Ventures, a venture capital firm that provides long-term capital and management services primarily to development-stage companies in such industries as Internet infrastructure, semiconductors, software, financial services, and computer hardware. Prior to 1983, Ms. O'Leary held various positions of increasing responsibility in manufacturing engineering and management positions at Spectra Physics, Inc. Ms. O'Leary earned an M.B.A. from Harvard Business School in 1983 and has an industrial engineering degree from Stanford University. She is also a director at Medtronic, Inc. and US Airways Group, Inc. She serves as chair of the Nominating and Governance Committee and is also a member of the Compensation Committee.

Denise M. O Leary became a director of the Company on January 31, 2008. Since 1996, she has been a private venture capital investor in a variety of early stage companies. From 1983 to 1996, Ms. O Leary was an associate, then general partner, at Menlo Ventures, a venture capital firm providing long-term capital and management services to development stage companies. She graduated from Stanford University with a Bachelor of Science degree in Industrial Engineering. Ms. O Leary obtained her Master in Business Administration from Harvard Business School. Ms. O Leary is also a director of U.S. Airways Group, Inc., and Medtronic, Inc. Ms. O Leary is the chair of the Nominating and Governance Committee and a member of the Compensation Committee.

Frank Cassidy became president and chief operating officer of PSEG Power (Power), effective June 1999. Prior to his appointment to Power he was president and chief executive officer of PSEG Energy Technologies, effective January 1997. He had been senior vice president - fossil generation of Public Service Electric and Gas Company (PSE&G) since February 1995, and vice president - transmission systems since November 1989. Mr. Cassidy joined PSE&G in 1969 and has held various posts of increasing responsibility. He served as general manager - corporate performance, and then as general manager - transmission before his election to vice president. Mr. Cassidy has served as PSE&G's representative on the Pennsylvania-New Jersey- Maryland Interconnection's Management Committee, and Mid-Atlantic Area Council. He has testified frequently before the New Jersey Board of Public Utilities, the Federal Energy Regulatory Commission, and the United States Senate. Mr. Cassidy graduated from the New Jersey Institute of Technology with a bachelor's degree in electrical engineering, and holds a Master of Business Administration degree from Rutgers University. In 1988 he completed the Harvard Graduate School of Business Administration's Program for Management Development. Mr. Cassidy serves on the United States Environmental Protection Agency's Clean Air Act Advisory Committee, and on the boards of the Northeast States Center for A Clean Air Future, the Association of Edison Illuminating Companies, and the Electric Power Supply Association.

Mr. Patterson is a managing director of SPO Partners & Co., a private investment partnership that he joined in 1989. SPO may initially hold more than 10 percent of the Company's common stock and may be considered an affiliate of the Company. From 1985 to 1987, Mr. Patterson was a financial analyst at Goldman, Sachs & Co., where he was involved in structuring and arranging financing for leveraged buyouts and in privately placing debt and equity securities. He also served as a director of Plum Creek Timber Company, the largest private timberland owner in the United States, from December 1992 to May 2003. Mr. Patterson earned his M.B.A. in 1989 from the Stanford Graduate School of Business and received his A.B. from Harvard College in 1984. He is Board Chair of the California Academy of Sciences, Chair of the Investment Committee of the Marin Community Foundation, Vice Chair of the Stanford Business School Trust and a former trustee and board president of the Bay Area Discovery Museum. Mr. Patterson is also a Henry Crown Fellow of the Aspen Institute. In addition to serving as Chairman of the Board, he is a member of the Nominating and Governance Committee.

Mr. Mosbacher, age 57, was appointed to the Board of Directors in April 2009. Mr. Mosbacher previously served as a member of the Board from 1999 until 2005, at which time he resigned to accept an appointment by the Bush administration to serve as President and Chief Executive Officer of the Overseas Private Investment Corporation, an independent agency of the U.S. government that supports private capital investment in emerging markets around the world, where he served until January 2009. He previously served as President and Chief Executive Officer of Mosbacher Energy Company, an independent oil and gas exploration and production company, from 1986 to 2005. Mr. Mosbacher currently serves as a Director of Calpine Corporation.

Mr. Hinckley previously served as Vice President, Strategic Plans and Programs, General Counsel and Secretary, and Chief Operating Officer for Xilinx, Inc., a supplier of programmable logic solutions in San Jose, CA. From 1988 to 1990, Mr. Hinckley was Senior Vice President and Chief Financial Officer of Spectra Physics, Inc., a supplier of laser products. Mr. Hinckley serves on the boards of directors of several private companies and holds a B.S. in engineering from the U.S. Naval Academy and a J.D. from Tulane University Law School. He serves on the Audit Committee and the Nominating and Governance Committee.

Stephen F. Hodkinson . Mr. Hodkinson, a Director of each of AP Services and AlixPartners, served as our Interim Corporate Controller from November 2006 through August 2008, and also assumed the duties of the chief accounting officer on an interim basis from June 2 through August 29, 2008, pursuant to the agreements with AP Services. Of the total fees and expenses paid to AP Services in 2008, approximately $0.9 million related to fees for services provided by Mr. Hodkinson, for whose services we were charged $620 per hour. In addition, Mr. Hodkinson is entitled to indemnification under the provisions of our Amended and Restated Certificate of Incorporation. We understand from Mr. Hodkinson that, like Ms. Donahue, he does not and did not have a direct monetary interest in the transaction; in particular, he has not and will not, as applicable, directly receive a portion of the fees paid by us to AP Services in respect of his hourly fees, the overall fee, the success fee or any other fees relating to any other aspect of our engagement of AP Services, nor will his ultimate compensation from AlixPartners be directly attributable to our engagement of AP Services and the fees generated thereunder. Rather, the ultimate amount of his compensation will

William J. Keese became an independent Calpine director in September 2005, and is the chair of the compensation committee and a member of the nominating and governance committee. Just before joining the board, Bill was Chairman of the California Energy Commission (CEC). During his eight-year tenure with the CEC, Bill was Chair of the National Association of State Energy Officials and the Western Interstate Energy Board. Prior to his distinguished career at the CEC, he served as a California public affairs advocate and consultant, representing energy and professional clients. He earned his juris doctorate at Loyola University, Los Angeles and is a member of the American and California Bar Associations. Bill is also California's representative to, and co-chair of, the Western Governors Association's Clean and Diversified Energy Advisory Committee. In addition, he sits on the board of the Alliance to Save Energy, where he co-chaired the Alliance's Vision 2010 effort, crafting a suite of federal energy policy options.