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Michael Simpson, CFA Calpine Power Income Fund CF.UN-T BUY ON WEAKNESS Dec 30, 2005

There is some value in this fund and he would be a buyer around $7.50.

Michael Simpson, CFA

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$8.030

Stock price when the opinion was issued

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DON'T BUY

The issue on this one is not the underlying assets, but is the contracts between it and its California parent which is in financial difficulty. If the parent company were out of the equation, it would have distributable cash flow of roughly $0.69. Would be a buyer in the mid $7’s.

BUY

Calpine Corp. in California is going into bankruptcy protection and this trust contracts with them which created a lot of concerns. There is definitely a risk of distribution cut of 25% but the drop in price has fully reflected this and was very pessimistic. Very solidly run business. Below $9 it is a good buy and in the drops below $8 it will be a good take a candidate.

DON'T BUY

Parent in the US took creditor protection last year and the price dropped to $7.50 which was a very good price. North of $10, he was selling his units.

BUY

Very complicated story with a lot of moving parts. Their parent is going through bankruptcy procedures and they still own some of this company. A lot of uncertainty. Good buying opportunity. Over the next couple of months, the story should get a lot cleaner.

DON'T BUY

Have used this as a trading stock in the past. There is uncertainty on hydro costs in Alberta. They are very good assets but because of uncertainty, he doesn't own now.

DON'T BUY

Has lightened up his position in this stock over time. The parent company in the US went into Chapter 11. There are various inter company arrangements relating to debt, fees, etc. which caused them some problems.

DON'T BUY

A little less optimistic because of the convoluted contractual rate arrangement between this company and the Calpine Corporation which has gone into bankruptcy.

SELL

Have been through a lot over the last 6/8 months with their parent company seeking bankruptcy protection. There will continue to be a lot of uncertainties. Fairly high risk.

HOLD

Mother company in the US is going through bankrupt proceedings, so there is a lot of speculation regarding their Calgary facility. Just signed a new 20-year contract with Calgary. Expect distribution will be sustainable. Have a lot of cash. Can see some upside.

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Michael Simpson, CFA Calpine Power Income Fund CF.UN-T BUY ON WEAKNESS Dec 30, 2005

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