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| Cautionary Note Regarding Forward-looking Statements To the extent any statements made in presentation contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended and under Canadian securities law (collectively “forward-looking statements”). These forward-looking statements relate to, among other things: (i) Atlantic Power Corporation’s (“ATP”, “Atlantic Power” or the “Company”) expectation to commit approximately $300 million of equity on an annual basis; and (ii) ATP’s expected payout ratio of 2012. Forward-looking statements can generally be identified by the use of words such as “should,” “intend,” “may,” “expect,” “believe,” “anticipate,” “estimate,” “continue,” “plan,” “project,” “will,” “could,” “would,” “target,” “potential” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Although ATP believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, including, but not limited to, factors and assumptions set out below. Actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: (i) the availability to ATP of investment and acquisition opportunities; (ii) Atlantic Power’s access to capital and the state of the capital markets; (iii) the amount of distributions expected to be received from the company’s projects and the company’s estimated net cash tax refunds; (iv) the amount of dividends expected to be paid by ATP in 2012; and (v) the other risk factors relating to the company and the power industry, as detailed from time to time in the company’s filings with the SEC and Canadian securities regulators. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in the Company’s 10-K for the year ended December 31, 2011 under the section entitled “Risk Factors”. These forward-looking statements are made as of the date of this communication and, except as expressly required by applicable law, ATP assumes no obligation to update or revise them to reflect new events or circumstances. Disclaimer –Pro Forma Financial Information Atlantic Power completed its acquisition of Capital Power Income L.P., (the “Partnership”) on November 5, 2011. For the purposes of this presentation, 2011 Project Adjusted EBITDA is presented on a pro forma basis assuming the acquisition was effected on January1, 2011 and that Atlantic Power received a full year of Project Adjusted EBITDA from the 18 Partnership projects. The pro forma information has been presented for informational purposes only and is not necessarily indicative of what the combined company’s results of operations and financial position would have been for the period presented. The pro forma information does not purport to project the future results of operations or financial position of the combined company. All amounts in this presentation are in US$ unless otherwise stated. 2 |