Calpine CEO exercises option to cash in shares

SAN JOSE, Calif., Feb. 28, 2002 — Calpine Corp. announced that Chairman and CEO Peter Cartwright is exercising his Calpine options, which otherwise would have expired on December 31, 2002.

Cartwright intends to sell the shares acquired by the exercise of these options pursuant to a pre-arranged structured sales plan that is in accordance with both the Securities and Exchange Commission’s Rule 10b5-1 and Calpine’s insider trading policy.

As of December 31, 2001, Cartwright held 10,135,958 vested options, 2,460,200 of which will expire on December 31, 2002. As of that date, he owned 172,255 shares of Calpine stock.

Pre-arranged trading plans created under Rule 10b5-1 allow company employees to sell and purchase a company’s stock pursuant to a predetermined trading program established by the employee at a time the employee is not aware of material non-public information. Cartwright entered into the arrangements to exercise his expiring options during an open trading window under Calpine’s insider trading policy. A third-party broker administers Cartwright’s structured trading plan.

Earlier this month, under his pre-arranged trading plan, Cartwright exercised 57,000 options that would have expired on December 31, 2002, and subsequently sold those shares.

Calpine has approximately 307 million shares outstanding as of December 31, 2001.

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