2 2 Disclosure Forward-Looking StatementsCertain written statements included herein and/or oral
statements made in connection with the presentation contained herein constitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules
under such laws and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). The words “will”, “expects”, “intends”, “should”, “would”,
“anticipates”, “projects”, “forecasts”, “plans”, “estimates”, “may”, “outlook”, “aims”, “pending” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these
identifying words. Specific forward-looking statements contained in or made in connection with this presentation include, but are not limited to statements regarding: Algonquin Power & Utilities Corp.’s (“AQN”, “Algonquin” or the “Company”)
proposed acquisition of the Acquired Entities (as defined herein), including the expected timing for the completion of the Transaction, the purchase price of the Transaction (as defined herein), expectations regarding satisfaction of closing
conditions and receipt of regulatory approvals and the expected financing of the Transaction; the anticipated benefits of the Transaction, including the impact of the Transaction on the Company’s business, operations, financial condition, cash
flows and results of operations; the expected performance and growth of the Company, including expectations regarding 2021 Adjusted Net EPS (as defined herein); expectations regarding the Company’s generation capacity, customer base, regulated
rate-base, electric rate base, distribution and transmission infrastructure and business mix following completion of the Acquisition; expectations regarding the Company’s credit rating following the completion of the Transaction; the expected
size of the concurrent bought deal offering; expectations regarding the issuance of additional common equity by the Company; the Company’s sustainability and decarbonization targets, initiatives and goals; expectations regarding the impact of the
Transaction on the business of the Acquired Entities and their stakeholders, including opportunities for regulatory enhancements; the Company’s “greening the fleet” plans with respect to the Acquired Entities, including with respect to the
Mitchell coal plant; expectations regarding the Acquired Entities’ sourcing of coal-fired generation; expectations regarding the benefits, outcomes and impacts of transitioning to renewable energy; the closing of the Company’s acquisition of New
York American Water (as defined in the Company’s Annual Information Form dated March 4, 2021 for the year ended December 31, 2020) and the Company’s sustainability and environmental, social and governance goals. These statements are based on
factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to
future events and conditions, by their nature they rely on assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results may differ
materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in this presentation or contained in AQN’s preliminary short form prospectus dated the date hereof, AQN’s
Management Discussion and Analysis for the three and six months ended June 30, 2021 (the “Interim MD&A”), AQN’s Management Discussion and Analysis for the three and twelve months ended December 31, 2020 (the “Annual MD&A”), and AQN’s
Annual Information Form for the year ended December 31, 2020, each filed with securities regulatory authorities in Canada and the United States. Given these risks, undue reliance should not be placed on these forward-looking statements, which
apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.CurrencyIn this presentation, unless otherwise
specified or the context requires otherwise, all dollar amounts are expressed in U.S. dollars.Non-GAAP Financial MeasuresThe terms “Adjusted Net Earnings” and “Adjusted Net Earnings per share” (or “Adjusted Net EPS”) may be used in this
presentation and discussion. The terms “Adjusted Net Earnings” and “Adjusted Net EPS” are not recognized measures under U.S. GAAP. There is no standardized measure of “Adjusted Net Earnings” or “Adjusted Net EPS”; consequently, AQN’s method of
calculating these measures may differ from methods used by other companies and therefore they may not be comparable to similar measures presented by other companies. An explanation, calculation and analysis of “Adjusted Net Earnings” and
“Adjusted Net EPS”, including a reconciliation to the most directly comparable U.S. GAAP measure, where applicable, can be found in the Interim MD&A and the Annual MD&A.