CPN Calpine Corp.

Calpine Extends Initial Purchaser's Option to Purchase Additional 4 3/4% Senior Unsecured Convertible Notes Due 2023 SAN JOSE, Calif., Dec. 15 /PRNewswire-FirstCall/ -- Calpine Corporation , in connection with its offering of $650 million of 4 3/4% Senior Unsecured Convertible Notes Due 2023, has agreed to a one-time extension of the initial purchaser's option to purchase up to $250 million of additional notes. Such option, to the extent not previously exercised, will expire on January 23, 2004. The 4 3/4% Senior Unsecured Convertible Notes Due 2023 were offered in a private placement under Rule 144A, have not been and will not be registered under the Securities Act of 1933, and may not be offered in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy. Securities laws applicable to private placements under Rule 144A limit the extent of information that can be provided at this time. DATASOURCE: Calpine Corporation CONTACT: media, Katherine Potter, +1-408-995-5115, ext. 1168, or investors, Rick Barraza, +1-408-995-5115, ext. 1125, both for Calpine Corporation Web site: http://www.calpine.com/

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