Mr. Colin Jackson reports

CANADIAN UTILITIES LIMITED NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted, from Canadian Utilities Ltd., a notice of intention to make a normal course issuer bid pursuant to which the company intends to make a normal course issuer bid (NCIB) for certain of its outstanding Class A non-voting shares on the terms set forth in the notice. The company believes that, from time to time, the market price of its Class A shares may not fully reflect the value of its business, and that purchasing its own Class A shares represents an attractive investment opportunity.

On Aug. 24, 2023, 201,843,495 Class A shares were issued and outstanding. Under the terms of the notice and the rules of the exchange, the company may acquire up to 10,092,175 Class A shares (being one per cent of the Class A shares issued and outstanding, respectively, as at Aug. 24, 2023), excluding any Class A shares held by or on behalf of the company on such date, during the period commencing on Sept. 7, 2023, and ending on Sept. 6, 2024, or such earlier date on which the company completes its purchases of Class A shares under the NCIB or terminates the NCIB at its option.

The aggregate number of Class A shares that the company may purchase under the NCIB during any trading day is subject to a maximum daily purchase limit of 170,173 Class A shares (being 25 per cent of the average daily trading volume for the six calendar months preceding the date of the acceptance of the notice, which was equal to 680,692 Class A shares). Exceptions may be made to this daily purchase limit in accordance with the block purchase exemptions of the exchange policy.

Any Class A shares purchased pursuant to the notice will be cancelled. Class A shares will be purchased at the market price of the Class A shares, as appropriate, at the time of purchase and will be purchased on behalf of the company by a registered investment dealer. Purchases will be made on the open market through the facilities of exchange, other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by the applicable securities regulator. Any purchase of Class A shares pursuant to the NCIB will be financed out of cash and working capital of the company.

In connection with the NCIB, the company will also enter into an automatic securities purchase plan (ASPP) with a designated broker on or about the commencement date of the NCIB. The ASPP will facilitate the company's repurchase of Class A shares under the NCIB through the facilities of the exchange, subject to certain trading parameters. At its own discretion, the broker may repurchase Class A shares, without the control or influence of the company. During the term of the ASPP, the company will not communicate any material undisclosed or non-public information to the trading staff of the broker; accordingly, the broker may make purchases under the ASPP at any time, including during self-imposed trading blackouts and regardless of whether there is material undisclosed or non-public information about the company at the time of purchase. The company may otherwise vary, suspend or terminate the ASPP only if it does not have material undisclosed or non-public information, the decision to vary, suspend or terminate the ASPP is not taken during a self-imposed trading blackout and any variation, suspension or termination is made in accordance with the terms of the ASPP.

Outside of these periods, the Class A shares will be repurchased by the company at its discretion under the NCIB.

About Canadian Utilities Ltd.

Canadian Utilities and its subsidiary and affiliate companies have approximately 8,000 employees and assets of $23-billion. Canadian Utilities, an Atco company, is a diversified global energy infrastructure corporation delivering essential services and innovative business solutions in utilities (electricity and natural gas transmission and distribution, and international operations), energy infrastructure (energy storage, energy generation, industrial water solutions and clean fuels) and retail energy (electricity and natural gas retail sales, and whole-home solutions).

We seek Safe Harbor.