An anonymous director reports

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

Further to the news release of Algonquin Power & Utilities Corp. dated Feb. 20, 2024, the company has declared the applicable dividend rates, determined as of March 1, 2024, for its cumulative rate reset preferred shares, Series D, and cumulative floating rate preferred shares, Series E.

With respect to any Series D preferred shares that remain outstanding after April 1, 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 March 31, 2024, to but excluding March 31, 2029, will be 6.853 per cent, being equal to the five-year government of Canada bond yield determined as of March 1, 2024, plus 3.28 per cent, in accordance with the terms of the Series D preferred shares.

With respect to any Series E preferred shares that may be issued on April 1, 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 March 31, 2024, to but excluding June 30, 2024, will be 8.261 per cent, being equal to the three-month government of Canada treasury bill yield determined as of March 1, 2024, plus 3.28 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 E preferred shares.

Beneficial owners of Series D 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 D preferred shares can meet the deadline to exercise such conversion right, which is 5 p.m. EST on March 18, 2024.

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 Power 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 Power owns, operates and/or has net interests in over four gigawatts of installed renewable energy capacity.

Algonquin Power'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 Power'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.

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