An anonymous director reports

ALGONQUIN POWER & UTILITIES CORP. ANNOUNCES DIVIDEND RATES ON CUMULATIVE RATE RESET PREFERRED SHARES, SERIES A, AND CUMULATIVE FLOATING RATE PREFERRED SHARES, SERIES B

Further to the news release of Algonquin Power & Utilities Corp. dated Nov. 22, 2023, the company released today the applicable dividend rates for its cumulative rate reset preferred shares, Series A, and cumulative floating rate preferred shares, Series B.

With respect to any Series A preferred shares that remain outstanding after Jan. 2, 2024, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the company. The dividend rate for the five-year period from and including Dec. 31, 2023, to but excluding Dec. 31, 2028, will be 6.469 per cent, being equal to the five-year government of Canada bond yield determined as of today plus 2.94 per cent, in accordance with the terms of the Series A preferred shares.

With respect to any Series B preferred shares that may be issued on Jan. 2, 2024, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the board. The dividend rate for the three-month floating rate period from and including Dec. 31, 2023, to but excluding March 31, 2024, will be 7.982 per cent, being equal to the three-month government of Canada treasury bill yield determined as of today plus 2.94 per cent, calculated on the basis of the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series B preferred shares.

Beneficial owners of Series A preferred shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of the Series A preferred shares can meet the deadline to exercise such conversion right, which is 5 p.m. ET on Dec. 18, 2023.

About Algonquin Power & Utilities Corp.

Algonquin Power & Utilities, parent company of Liberty, is a diversified international generation, transmission and distribution utility with approximately $18-billion of total assets. Algonquin is committed to providing safe, secure, reliable, cost-effective and sustainable energy and water solutions through its portfolio of electric generation, transmission and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, Algonquin owns, operates and/or has net interests in over four gigawatts of installed renewable energy capacity.

Algonquin's common shares, preferred shares, Series A, and preferred shares, Series D, are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D, respectively. Algonquin's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNB and AQNU, respectively.

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