Mr. Colin Jackson reports

CANADIAN UTILITIES ANNOUNCES COMPLETION OF ARRANGEMENT FOR EXCHANGE OF CLASS B SHARES BY NON-CONTROLLING CLASS B SHARE OWNERS

Canadian Utilities Ltd. has completed its previously announced exchange proposal to holders of Class B common shares other than Atco Ltd. and certain of its related parties. The transaction was completed by way of a plan of arrangement under the Canada Business Corporations Act following the receipt of a final order approving the arrangement from the Court of King's Bench of Alberta and the approval by: (i) holders of Class B shares; and (ii) Class B share owners other than Atco at a special meeting of Class B share owners called to consider the arrangement.

Under the terms of the arrangement, each Class B share held by a non-controlling Class B share owner was exchanged for 1.1 Class A non-voting shares of Canadian Utilities.

The Class B shares will be delisted from the Toronto Stock Exchange within three trading days following the completion of the arrangement. The Class A shares will continue to trade on the TSX under the symbol CU. Additional information regarding the arrangement, including information regarding the procedure for exchanging Class B shares for Class A shares issued in the arrangement, is provided in the management information circular of Canadian Utilities dated Nov. 15, 2023, which has been filed under Canadian Utilities' SEDAR+ profile and is also available on Canadian Utilities' website.

Voting results

The meeting was held on Dec. 14, 2023. The total number of Class B shares represented by Class B share owners at the meeting and by proxy was 67,104,516, representing 98.16 per cent of the outstanding Class B shares. The votes by ballot on the special resolution to approve the arrangement were received as set out in the attached table.

Detailed voting results for the meeting are available under Canadian Utilities' SEDAR+ profile.

About Canadian Utilities Ltd.

Canadian Utilities, 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.