EPCOR Completes $225 Million Secondary Offering of Capital Power Common Shares

April 2, 2015

Client: EPCOR Utilities Inc.

On April 2, 2015, EPCOR Utilities Inc. ("EPCOR") completed its sale of 9,450,000 common shares of Capital Power Corporation ("Capital Power") at an offering price of $23.85 per common share for aggregate gross proceeds to EPCOR Power Development Corporation of $225,382,500. The aggregate offering is comprised of an offering of 9,000,000 shares at $23.85 per share for gross proceeds of approximately $214 million, together with the underwriters exercising the over-allotment option for the sale of an additional 450,000 shares at $23.85 per share for additional gross proceeds of approximately $11 million. The underwriting syndicate for the offering was co-led by CIBC and TD Securities Inc. as bookrunners.

EPCOR's in-house counsel was led by Dana Bissoondatt.

Norton Rose Fulbright Canada LLP acted as counsel to EPCOR with a team that included Don Tse, Peter Allegretto (Capital Markets) and Darren Hueppelsheuser (Tax).