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"Insiders might sell their shares for any number of reasons, but they buy them for only one:
they think the price will rise" - Peter Lynch ==>> What is insider trading>> |

| Transaction & Date | Reported Date |
Company | Symbol | Insider Relationship |
Shares Traded | Average Price | Total Amount |
Shares Ownership |
Filing |
| 2005-03-08 Option Award |
2005-03-10 8:57 pm | CALPINE CORP | CPN | KELLY ROBERT DOUGLAS (Exec VP and CFO) | 301,205 | $0 | $0 | 782,554 (Direct) | View |
| 2004-08-12 Exercise |
2004-08-13 6:13 pm | CALPINE CORP | CPN | KELLY ROBERT DOUGLAS (Evp, CFO, President-Calpine Fi) | 178,672 | $0.615 | $109,883 | 478,949 (Direct) |
View |
| 2004-05-14 Exercise |
2004-05-17 5:20 pm |
CALPINE CORP | CPN | KELLY ROBERT DOUGLAS (Executive Vice President) | 23,096 | $0.57 | $13,165 | 297,877 (Direct) |
View |
| Transaction & Date | Reported Date | Exercisable Expiration |
Company | Symbol | Insider Relationship | Shares Traded |
Conversion Price | Shares Ownership | Filing |
| 2005-03-08 Option Award | 2005-03-10 8:57 pm | 2006-03-08 2012-03-08 | CALPINE CORP | CPN | KELLY ROBERT DOUGLAS (Exec VP and CFO) | 500,000 | $3.32 | 500,000 (Direct) |
View |
| 2004-08-12 Exercise |
2004-08-13 6:13 pm | 1996-01-01 2005-12-31 |
CALPINE CORP | CPN | KELLY ROBERT DOUGLAS (Evp, CFO, President-Calpine Fi) | 178,672 | $0.615 | 0 (Direct) | View |
| 2004-05-14 Exercise | 2004-05-17 5:20 pm |
1994-10-01 2004-09-30 | CALPINE CORP | CPN | KELLY ROBERT DOUGLAS (Executive Vice President) | 23,096 | $0.57 | 0 (Direct) | View |
| 2004-02-25 Option Award | 2004-02-27 1:51 pm | 2005-02-25 2014-02-25 | CALPINE CORP | CPN | KELLY ROBERT DOUGLAS (Executive Vice President) | 288,000 | $5.56 | 288,000 (Direct) | View |
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