An anonymous director reports

ALGONQUIN POWER & UTILITIES CORP. ANNOUNCES RESULTS OF EXERCISE OF CONVERSION RIGHTS OF CUMULATIVE RATE RESET PREFERRED SHARES, SERIES A

Further to the press releases of Algonquin Power & Utilities Corp. dated Nov. 22, 2023, and Dec. 4, 2023, none of its outstanding 4.8 million cumulative rate reset preferred shares, Series A, will be converted on Jan. 2, 2024, into cumulative floating-rate preferred shares, Series B, of the company.

During the conversion notice period, which ran from Dec. 4, 2023, to Dec. 18, 2023, fewer than one million Series A preferred shares were tendered for conversion into Series B preferred shares. As a result and consistent with the terms and conditions of the Series A preferred shares, no Series B preferred shares will be issued, and holders of Series A preferred shares who tendered their Series A preferred shares for conversion will not be entitled to convert their Series A preferred shares into Series B preferred shares.

About Algonquin Power & Utilities Corp.

Algonquin, 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 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 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNB and AQNU, respectively.