Mr. Colin Jackson reports

CANADIAN UTILITIES LIMITED ANNOUNCES PREFERRED SHARE ISSUE

Canadian Utilities Ltd. has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets and including TD Securities Inc., Scotiabank, CIBC Capital Markets, National Bank Financial Inc. and ATB Capital Markets. The underwriters have agreed to buy seven million 5.60 per cent cumulative redeemable second preferred shares, Series JJ, at a price of $25 per share, for aggregate gross proceeds of $175-million. The proceeds will be used for capital expenditures and for other general corporate purposes.

Canadian Utilities has granted the underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the offering, to purchase, at the offering price, an additional 1.05 million Series JJ preferred shares, to cover overallotments, if any. Should the overallotment option be fully exercised, the total gross proceeds of the Series JJ preferred share offering will be $201.25-million.

The Series JJ preferred shares will be issued to the public at a price of $25 per share, and holders will be entitled to receive fixed cumulative preferential cash dividends, payable quarterly, as and when declared by the board of directors of the corporation, at an annual rate of $1.40 per share, to yield 5.60 per cent annually. On or after March 1, 2031, the corporation may redeem the Series JJ preferred shares in whole or in part from time to time at $26 per share if redeemed during the 12 months commencing March 1, 2031, at $25.75 per share if redeemed during the 12 months commencing March 1, 2032, at $25.50 per share if redeemed during the 12 months commencing March 1, 2033, at $25.25 per share if redeemed during the 12 months commencing March 1, 2034, and at $25 per share if redeemed on or after March 1, 2035, in each case together with all accrued and unpaid dividends up to, but excluding, the date fixed for redemption.

The offering is being made in all of the provinces of Canada by means of a short form prospectus. The closing date of the offering is expected to be on or about Nov. 27, 2025.

Canadian Utilities and its subsidiary and affiliate companies have approximately 9,100 employees and assets of $24-billion. Canadian Utilities, an Atco company, is a diversified global energy infrastructure corporation delivering essential services and innovative business solutions. Atco Energy Systems delivers energy for an evolving world through its electricity and natural gas transmission and distribution, and international electricity operations segments. Atco EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. Atco Australia develops, builds, owns and operates energy and infrastructure assets.

We seek Safe Harbor.