CORPORATE OVERVIEW Building a Diversified Infrastructure Company

1. CORPORATE OVERVIEWBuilding a Diversified Infrastructure Company December 2013

2. Corporate Snapshot Key Strengths Mission & Vision • Active management approach that drives stable performance Our mission is to build & responsibly manage a high quality portfolio of infrastructure businesses in Canada & internationally in order to deliver a superior total return to shareholders by providing reliable income & capital appreciation. Our vision is to be Canada’s pre-eminent diversified infrastructure company. 1 • Disciplined approach to growing portfolio with focus on enhancing returns 2 • Capabilities & relationships that span the infrastructure sector 3 Investor Information 1 – On October 1, 2013, Capstone issued 19,699,339 common shares to acquire Renewable Energy Developers Inc., (ReD) resulting in a total of 92,718,773 common shares outstanding as at October 1, 2013. 2 - Market capitalization is based on the closing price of the common shares on November 20, 2013 and includes Class B exchangeable units issued by a subsidiary of CSE. 3 – Pro forma combined total assets of CSE and ReD as at March 31, 2013. 4 - – As at November 20, 2013.

3. Our PortfolioPower infrastructure & utilities investments POWER PROJECTS: TOTAL NET ~79 MW UTILITIES IN EUROPE OPERATING POWER: TOTAL NET ~439 MW1 Wind – 194 MW Biomass – 25 MW Regulated Water Utility2 Wind – 79 MW Hydro – 26 MW District Heating3 Solar – 20 MW Gas Cogeneration – 156 MW Bristol Water Värmevärden Hluey Lakes Whitecourt Glace Bay I & II Chapais4 Springhill & Higgins Mountain Sechelt Glen Dhu I Riverhurst Wawatay Dryden Fitzpatrick Saint Philemon Digby Neck Goulais Cardinal Snowy RidgeSettlers LandingGanaraska ] Ferndale 1 – Reflects Capstone’s economic interest in its various power facilities.2 – CSE holds a 50% interest in Bristol Water.3 – CSE holds a 33% interest in Värmevärden.4 – CSE’s investment in Chapais consists of a 31.3% interest in one of two classes of preferred shares, a 24.8% interest in Tranche A and B debt, and a 50% interest in Tranche C debt. Ravenswood ] Grey Highlands ZEPGrey Highlands CleanSkyway 8 Proof Line I ErieShores Amherstburg

4. Our PortfolioBy the numbers… Power Utilities • ~439 MW1 ₤388M2 • Regulated capital value (RCV) at Bristol Water • Installed power capacity 639 MWth ~79 MW • Contracted wind power projects • Heat production capacity at Värmevärden 1– Reflects Capstone’s economic interest in its various power facilities. 2– As at March 31, 2013 Expect Adjusted EBITDA in 2013 of ~$120 M - $130M3 3 – Please refer to slide 2 for the assumptions underlying this outlook.

5. Behind the Numbers… …Drinking water for 1.2 million people …Clean electricity to power about 200,000+ households …Heat distributed within 10 communities with combined population of 170,000

6. Capstone Power DevelopmentA wholly-owned subsidiary of CSE • CPD is focused on sourcing, developing & pursuing renewable & clean electricity generation projects • Positions CSE to participate in greenfield & brownfield project opportunities • Potential to enhance shareholder value • Led by seasoned development team

7. Revenue2,3 Adjusted EBITDA1,2 Total Assets2 A History of Growth In $ millions In $ millions In $ millions 1 – Excludes internalization costs.2 – Figures presented for 2004 to 2009 reflect Canadian Generally Accepted Accounting Principles (GAAP).

8. Adjusted EBITDA1 by Country 2012 AFFO1 by Business & Country2,3 A History of Diversification 17% 4% 5% 39% 78% 57% 2010 2011 2012 CanadaSwedenUK 100% 1 – Please refer to slides 13 and 14 for definitions of Adjusted EBITDA and AFFO, respectively.2 - Chart illustrates contribution for the businesses and excludes corporate component.3 – Excludes internalization costs..

9. 2013 PrioritiesGrowth: core infrastructure pillars Trillions of dollars of investment needed

10. Effective, Responsive PartnerCommitted to corporate citizenship • “Erie Shores Wind Farm is generating more than just clean, renewable energy here in Bayham. It is generating interest and excitement that has translated into tourism dollars for our local businesses, generating revenue for the municipality in the form of taxes, generating profits for our farmers through their annual lease payments and generating a sense of community identity and pride.” • - (Former) Mayor Lynn Acre, Municipality of Bayham “Cardinal Power’s consistent, reliable steam and air supply over the past 15 years has allowed our facility to succeed in challenging times.” - Marc Harcus, Plant Manager, Casco Inc. – Cardinal “We are indeed fortunate to have Cardinal Power located in our community and continue to find them to be a generous and involved corporate citizen.” - (Former) Mayor Larry Dishaw, Township of Edwardsburgh/Cardinal

11. Health & SafetyA company-wide priority • “A key value of Capstone is to foster a professional, safe work environment where our people have the tools and resources to excel and be successful. There is nothing more important than the well-being and safety of our employees and those who work with us.” • - Michael Bernstein, President & Chief Executive Officer • GOALS • Achieve zero accidents at our businesses & instill an industry-leading safety culture. • All accidents or near misses are preventable. • Identify the root causes of all incidents. • Assess the businesses’ health & safety performance quarterly & annually. • GUIDING PRINCIPLES • Our businesses are expected to build & encourage a proactive health & safety culture that is open, cooperative, constructive and collaborative. • All employees must take direct responsibility for their own personal safety as well as that of their colleagues and others. • As part of our continuous improvement culture, all businesses must strive to learn from historical incidents, take appropriate & timely action to prevent recurrence, & track results over time. In 2013, the Whitecourt biomass facility was awarded a Certificate of Recognition by Alberta’s provincial government, reflecting high safety standards and programs at the facility. In 2012, the Cardinal gas cogeneration facility achieved its 16th consecutive year with no lost-time injuries

12. Value Proposition High quality, diversified portfolio that is continuing to deliver strong performance Substantial investment in Bristol Water, a business we expect to generate perpetual, growing cash flow Solid balance sheet New development pipeline Experienced team with strong relationships across the infrastructure spectrum

13. 155 Wellington Street WestSuite 2930Toronto, Ontario M5V 3H1T: 416-649-1300 Email: info@capstoneinfra.com Website: www.capstoneinfrastructure.com Contact Notice to Readers:This presentation is not an offer or invitation for the subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of any investors. Before making an investment in the Corporation, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

14. Notice to Readers Certain of the statements contained within this document are forward-looking and reflect management's expectations regarding the future growth, results of operations, performance and business of the Corporation based on information currently available to the Corporation. Forward-looking statements and financial outlook are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements and financial outlook use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “estimate”, “plan”, “believe” or other similar words, and include, among other things, statements found in "Message to Shareholders" and “Results of Operations” concerning the guidance provided on the Corporation's post transaction profile. These statements and financial outlook are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and financial outlook and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements and financial outlook within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions, including the material assumptions set out in the management's discussion and analysis of the results of operations and the financial condition of the Corporation (“MD&A”) for the year ended December 31, 2012 under the heading “Results of Operations”, as updated in subsequently filed MD&A of the Corporation (such documents are available under the Corporation's profile on www.sedar.com). Other potential material factors or assumptions that were applied in formulating the forward-looking statements and financial outlook contained herein include or relate to the following: that the business and economic conditions affecting the Corporation's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity, regulations, weather, taxes and interest rates; that there will be no material delays in the Corporation's power infrastructure development projects achieving commercial operation; that the Corporation's power infrastructure facilities will experience normal wind, hydrological and solar irradiation conditions, and ambient temperature and humidity levels; an effective TransCanada pipeline ("TCPL") gas transportation toll of approximately $1.95 per gigajoule in 2013; that there will be no material change in the level of gas mitigation revenue historically earned by the Cardinal facility; that there will be no material changes to the Corporation's facilities, equipment or contractual arrangements, no material changes in the legislative, regulatory and operating framework for the Corporation's businesses, no material delays in obtaining required approvals and no material changes in rate orders or rate structures for the Corporation's power infrastructure facilities, Värmevärden or Bristol Water, no material changes in environmental regulations for power infrastructure facilities, Värmevärden or Bristol Water and no significant event occurring outside the ordinary course of business; that the amendments to the regulations governing the mechanism for calculating the Global Adjustment (which affects the calculation of the direct customer rate ("DCR") escalator under the power purchase agreement ("PPA") for the Cardinal facility and price escalators under the PPAs for the hydro power facilities located in Ontario) will continue in force; that there will be no material change to the accounting treatment for Bristol Water's business under International Financial Reporting Standards, particularly with respect to accounting for maintenance capital expenditures; that there will be no material change to the amount and timing of capital expenditures by Bristol Water; that there will be no material changes to the Swedish Krona to Canadian dollar and British pound to Canadian dollar exchange rates; and that Bristol Water will operate and perform in a manner consistent with the regulatory assumptions underlying asset management plan 5 ("AMP5"), including, among others: real and inflationary increases in Bristol Water's revenue, Bristol Water's expenses increasing in line with inflation, and capital investment, leakage, customer service standards and asset serviceability targets being achieved. Although the Corporation believes that it has a reasonable basis for the expectations reflected in these forward-looking statements and financial outlook, actual results may differ from those suggested by the forward-looking statements and financial outlook for various reasons, including: risks related to the Corporation's securities (dividends on common shares and preferred shares are not guaranteed; volatile market price for the Corporation's securities; shareholder dilution; and convertible debentures credit risk, subordination and absence of covenant protection); risks related to the Corporation and its businesses (availability of debt and equity financing; default under credit agreements and debt instruments; geographic concentration; foreign currency exchange rates; acquisitions and development (including risks related to the integration of the business operated by Renewable Energy Developers Inc.); environmental, health and safety; changes in legislation and administrative policy; and reliance on key personnel); risks related to the Corporation's power infrastructure facilities (power purchase agreements; operational performance; fuel costs and supply; contract performance; land tenure and related rights; environmental; and regulatory environment); risks related to Bristol Water (Ofwat price determinations; failure to deliver capital investment programs; economic conditions; operational performance; failure to deliver water leakage target; service incentive mechanism ("SIM") and the serviceability assessment; pension plan obligations; regulatory environment; competition; seasonality and climate change; and labour relations); and risks related to Värmevärden (operational performance; fuel costs and availability; industrial and residential contracts; environmental; regulatory environment; and labour relations). For a comprehensive description of these risk factors, please refer to the “Risk Factors” section of the Corporation’s Annual Information Form dated March 21, 2013 as supplemented by risk factors contained in any material change reports (except confidential material change reports), business acquisition reports, interim financial statements, interim management’s discussion and analysis and information circulars filed by the Corporation with securities commissions or similar authorities in Canada, which are available on the SEDAR website at www.sedar.com The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements and financial outlook. The forward-looking statements and financial outlook within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements and financial outlook. This document is not an offer or invitation for the subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of any investor. Before making an investment in the Corporation, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

15. A APPENDIX: DEFINITIONS

16. Non-GAAP Performance MeasuresDefinitions • This presentation contains figures that are performance measures not defined by International Financial Reporting Standards (IFRS). These non-GAAP and additional GAAP performance measures do not have any standardized meaning prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. The non-GAAP and additional GAAP measures used in presentation are defined below. • Earnings before Interest Expense, Taxes, Depreciation and Amortization (EBITDA) • EBITDA is net income (loss), including that net income (loss) related to the non-controlling interest (“NCI”) and interest income and net pension interest income excluding interest expense, income taxes, depreciation and amortization. EBITDA represents Capstone’s continuing capacity to generate income from operations before taking into account management’s financing decisions and costs of consuming tangible capital assets and intangible assets, which vary according to their vintage, technological currency, and management’s estimate of their useful life. EBITDA is presented on the consolidated statement of income. • Adjusted EBITDA • Adjusted EBITDA is calculated as revenue less operating and administrative expenses plus interest income and dividends or distributions received from equity accounted investments. Amounts attributed to any non-controlling interest are deducted. Adjusted EBITDA for the investment in Bristol Water is included at Capstone’s proportionate ownership interest. For the period from October 5, 2011 to May 10, 2012, Capstone held a 70% ownership interest. This ownership interest was reduced to 50% upon the partial sale of Bristol Water on May 10, 2012. Adjusted EBITDA is reconciled to EBITDA by removing equity accounted income, other gains and losses (net), foreign exchange gains and losses, net pension interest income and removing the NCI portion of Adjusted EBITDA.

17. Non-GAAP Performance MeasuresDefinitions (continued) • Adjusted Funds from Operations (AFFO) • Capstone’s definition of AFFO measures cash generated by activities of infrastructure business investments which is available for dividends and general corporate purposes. For wholly owned businesses, AFFO is equal to Adjusted EBITDA less interest paid, repayment of principal on debt income, taxes paid, scheduled repayment of debt principal, preferred share dividends and maintenance capital expenditures. For businesses that are not wholly owned and cash generated by the business is only available to Capstone through periodic dividends, AFFO is equal to dividends received. Also deducted are corporate expenses and dividends on preferred shares. • AFFO is calculated from Adjusted EBITDA by: • Deducting: - Adjusted EBITDA generated from businesses with significant non-controlling interests • Adding: - Dividends received from businesses with significant non-controlling interests • - Scheduled repayments of principal on loans receivable from equity accounted investments • Deducting items, for businesses without significant non-controlling interests: • - Interest paid • - Income taxes paid • - Dividends paid on the preferred shares included in shareholders’ equity • - Maintenance capital expenditure payments and • - Scheduled repayments of principal on debt, net of changes to the levelization liability up to repayment on June 6, 2012. • Payout Ratio • Payout ratio measures the proportion of cash generated that is available at corporate that is paid as dividends. The payout ratio is calculated as dividends declared divided by AFFO.

18. B APPENDIX: BIOGRAPHIES

19. Biographies Michael BernsteinPresident and Chief Executive Officer • Michael Bernstein has served as President and Chief Executive Officer of Capstone Infrastructure Corporation since April 2009 and was formerly the President of Macquarie Infrastructure and Real Assets Canada Ltd. and a Senior Managing Director of the Macquarie Group. • From May 2005 to April 2009, Mr. Bernstein served as head of Infrastructure and Utilities Advisory for Macquarie Capital Markets Canada. From 1996 to 2005, Mr. Bernstein was a senior executive with CIBC World Markets’ Power & Utilities investment banking group where he provided advisory and M&A counsel to a range of corporate and government clients and played an integral role in numerous successful IPOs and capital raisings. • Mr. Bernstein has extensive experience in the Canadian infrastructure and utilities sector, having been involved in a wide range of significant projects and transactions. These include: advising on the concession for Autoroute A-25, Quebec's first public-private partnership (P3) project; working on the $4.25 billion agreement to refurbish and restart the Bruce A nuclear facility; advising Borealis Infrastructure Management on its acquisition of Teranet Income Fund; and working with the Province of Ontario on the restructuring of Ontario Hydro. • Born and raised in Montreal, Mr. Bernstein holds a BA in Economics and Philosophy from Dartmouth College, an MBA from the University of Western Ontario and the Chartered Financial Analyst designation. He is also the Vice Chairman of the Association of Power Producers of Ontario and serves as a board member of Youth-in-Motion, a charitable organization that helps youth to make meaningful life and career decisions.

20. Biographies Michael SmerdonExecutive Vice President and Chief Financial Officer • Michael Smerdon serves as Executive Vice President and Chief Financial Officer of Capstone Infrastructure Corporation, a role he has held since August 2009. He was formerly a Managing Director of Macquarie Infrastructure and Real Assets Canada Ltd. • Mr. Smerdon joined the Macquarie group in 1998, where he managed and oversaw the acquisition and operation of diverse infrastructure assets in Canada and the United States. From 1998 to 2002, Mr. Smerdon served with Macquarie’s infrastructure advisory group where he advised governments and the private sector on a number of transportation and electricity projects including toll roads, electricity distribution, aviation services, parking facilities and rail infrastructure. • More recently, Mr. Smerdon served as a key member of the senior management team of New York-based Macquarie Infrastructure Partners Inc. (MIP), which manages two infrastructure funds totalling US$5.5 billion of investor capital. His responsibilities included managing Macquarie’s North American port investments as well as capital raisings for Macquarie Infrastructure Partners II. Prior to his role with MIP, Mr. Smerdon was responsible for managing a number of Macquarie’s infrastructure businesses, including the Detroit-Windsor Tunnel, Atlantic Aviation, Leisureworld and Parking Company of America Airports, among others, where he directed business planning, financial and operational reporting, capital structure management, and risk management and governance, including serving on each business’ board of directors. • Mr. Smerdon holds a Bachelor of Commerce degree from the University of British Columbia and a Master of Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario. He also holds the Chartered Financial Analyst designation.

21. Biographies • Stu Miller serves as Executive Vice President, General Counsel and Corporate Secretary of Capstone Infrastructure and was formerly the Managing Director and General Counsel of the Macquarie Group’s private equity and infrastructure and specialized funds division in Canada. • Prior to joining Macquarie, Mr. Miller was the Executive Director, Corporate Services and Compliance of Fairmont Hotels & Resorts Inc. and was a Partner in the corporate finance and M&A group of McCarthy Tétrault LLP, a leading Canadian law firm. • Mr. Miller holds a combined MBA/JD degree from Osgoode Hall Law School and the Schulich School of Business and has extensive experience in corporate finance, M&A, corporate governance and securities law.  He is also a past recipient of the “Tomorrow’s Leader” Award at the National Post’s Canadian General Counsel Awards. Stu MillerExecutive Vice President, General Counsel & Secretary

22. Biographies • Mr. Bittan is responsible for Capstone Infrastructure Corporation’s (TSX: CSE) business development initiatives. Mr. Bittan was formerly a Managing Director of Macquarie Canadian Infrastructure Management Limited and Chief Financial Officer of Macquarie Essential Assets Partnership (MEAP), an unlisted infrastructure fund, where he directed day-to-day operations, strategic planning, transactions and reporting. As a Senior Vice President of Macquarie Infrastructure and Real Assets Canada Ltd., he was responsible for the evaluation and management of infrastructure investments in North America.   • In his seven years with Macquarie, Mr. Bittan played an integral role in the acquisition and operation of diverse infrastructure businesses in Canada and the U.S., including regulated utilities, renewable energy, transportation and social infrastructure. He also led Capstone Infrastructure Corporation’s acquisitions of Clean Power Income Fund, Amherstburg Solar Park, Värmevärden (Swedish district heating portfolio) and Bristol Water. Mr. Bittan has served on the board of directors of several infrastructure and utility businesses including AltaLink, Access Roads Edmonton and Sea to Sky Highway and is currently a director of Bristol Water and Värmevärden. • Mr. Bittan holds an Honours Bachelor of Science degree and a Master of Management degree from the University of Toronto. He is also designated as a Chartered Accountant (Ontario) and Certified Public Accountant (Colorado). Jack BittanSenior Vice President, Business Development

23. Biographies • Rob Roberti is responsible for overseeing Capstone Infrastructure Corporation’s gas cogeneration, wind, hydro, biomass and solar power generation businesses, including strategic planning, operational initiatives and enhancements, and finance. From 2007 to 2011, Mr. Roberti served as a Senior Vice President of Macquarie Infrastructure and Real Assets Canada Ltd. Mr. Roberti’s responsibilities also include identifying and assessing new investment opportunities for the Corporation in the power infrastructure sector, including renewable energy.   • Mr. Roberti was previously the Chief Financial Officer of Clean Power Income Fund, which was acquired by Capstone Infrastructure in 2007. He has extensive finance and project development experience in the power sector, particularly in renewable energy. As Principal of VERDE Finance Inc. (2005- 2007), an independent consulting firm offering financing solutions in the field of green energy, his clients included Clean Power Income Fund, The Ontario Power Authority, The Quantum Leap Company and Boreas Wind Partners. During this time, Mr. Roberti also served as the financial sector representative on the Independent Electricity System Operator (IESO) Technical Panel. • Prior to establishing VERDE Finance, Mr. Roberti served as Manager, Financing and Development with Regional Power, an operator and developer of hydroelectric projects across Canada. From 2000 to 2003, Mr. Roberti was Director, Project Finance at Probyn & Company and Treasurer of Clean Power Income Fund, playing a pivotal role in the establishment and initial public offering of the fund.   • Mr. Roberti holds a Bachelor of Commerce from the University of Toronto. He is a member of the Canadian Institute of Chartered Accountants and the CFA Institute. He has been a volunteer member of the Toronto Atmospheric Fund Investment Committee since 2006. Rob RobertiSenior Vice President, Power Generation

24. Biographies • Jens Ehlers is a Senior Vice President with Capstone Infrastructure Corporation (TSX: CSE) where he is responsible for financial reporting and treasury management. He was previously a Senior Vice President with Macquarie Infrastructure and Real Assets Limited.   • Mr. Ehlers is a seasoned professional with 20 years of experience in financial analysis and management, reporting, strategic planning and risk management for both private and public entities in the financial services sector. He previously served as Vice President, Planning and Performance Measurement with Home Trust Company, a TSX 300 company with more than $10 billion in mortgage assets under administration, where he was responsible for financial planning and reporting. From 1993 to 2006, he held increasingly senior roles with Assuris, which administers an insolvency protection plan for life insurance policyholders, including five years as Vice President, where he directed all investment activities, oversaw technology-based productivity improvements and served as a key industry liaison. • Mr. Ehlers holds a Bachelor of Commerce degree in Finance and Computer Science from the University of Toronto. He also holds the Chartered Accountant and Chartered Financial Analyst designations. Jens EhlersSenior Vice President, Finance

25. Biographies • Ms. Borg-Olivier is Senior Vice President, Communications for Capstone Infrastructure Corporation (TSX: CSE) where she leads the company’s strategic investor relations, public and employee communications initiatives. She was formerly a Vice President of Macquarie Infrastructure and Real Assets Canada Ltd. • Prior to joining Macquarie in 2006, Ms. Borg-Olivier was Director, Communications for a dual-listed biotechnology company, where she increased the company’s U.S. investor base and executed a corporate rebranding. From 1999 to 2003, Ms. Borg-Olivier was Executive Vice President at The Barnes Organization, where she was responsible for providing strategic investor relations counsel to a diverse client base spanning the retail, high technology, real estate, energy and manufacturing sectors. • Among her volunteer activities, Ms. Borg-Olivier has led numerous corporate fundraising and volunteering initiatives with a range of organizations, including Habitat for Humanity and United Way. Ms. Borg-Olivier holds an Honours Bachelor of Arts in International Relations from the University of Toronto and has been a member of the Canadian Investor Relations Institute (CIRI) since 2002. She currently serves on the CIRI Ontario Chapter Board of Directorsand holds the Certified Practitioner of Investor Relations (CPIR) designation. Sarah Borg-OlivierSenior Vice President, Communications