Algonquin Power & Utilities : Investor Presentation - June 2022

Investor Presentation

June 23, 2022

Investor Presentation

Forward-Looking Statements

Certain 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 and territories 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" (occasionally denoted by the letter "E"), "may", "outlook", "aims", "pending", "prospective", "target", "believes", "could", "potential" 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: the expected performance of Algonquin Power & Utilities Corp. ("AQN", "Algonquin" or the "Company"); the Company's expected future growth, earnings, cash flows, funds from operations, debt and dividends; expected future rate base; capital expenditure and investment plans; development projects (including greenfield opportunities) and the anticipated generation or storage capacity, completion, timing, cost, location, construction and delivery schedule, size, success rate, customer benefits and qualification for tax credits of such projects; the Company's pending acquisition (the "Kentucky Power Acquisition") of Kentucky Power Company ("Kentucky Power") and AEP Kentucky Transmission Company, Inc. ("Kentucky TransCo"), including the expected timing for obtaining regulatory approvals and for closing, and the purchase price and financing thereof; the impact of the Kentucky Power Acquisition on the Company, including the impact on the Company's business, operations, earnings, customer count, rate base, business mix, generation capacity, generation sources, return on equity ("ROE") and financial condition; the Company's "greening the fleet" plans, including with respect to Kentucky Power and the Mitchell coal plant; expectations regarding the transfer or retirement (for rate-making purposes in Kentucky) of the Mitchell coal plant; the expected non-renewal of the UPA (as defined herein) for the Rockport coal plant; expectations regarding the use of proceeds from financings; expectations regarding the levelized cost of energy from renewable sources; expectations regarding the benefits, outcomes and impacts of transitioning to renewable energy; the Company's financing plan and expected sources and uses of capital, including the impact thereof on the Company's balance sheet; projections about liquidity, capital sufficiency and credit ratings; the Company's corporate development and growth initiatives and the results thereof, including the expected business mix between the Company's operating segments; expectations regarding potential future asset dispositions and other asset recycling initiatives, including the anticipated benefits and structure thereof; the Company's sustainability, decarbonization, environmental, social and governance goals, targets and initiatives (including the Company's ability to achieve these goals, targets and initiatives and the Company's expectations with respect thereto); the Company's expected growth strategies; expectations regarding safety, reliability and system operating performance; and customer expectations, rates and savings. 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 Management Discussion and Analysis for the three months ended March 31, 2022 (the "Interim MD&A") or twelve months ended December 31, 2021 or AQN's Annual Information Form for the year ended December 31, 2021, 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.

Currency

In this presentation, unless otherwise specified or the context requires otherwise, all dollar amounts are expressed in U.S. dollars.

Non-GAAP Financial Measures

The terms "Adjusted Net Earnings", "Adjusted Net Earnings per share" (or "Adjusted Net EPS"), "Adjusted earnings before interest, taxes, depreciation and amortization" ("Adjusted EBITDA") and "Adjusted Funds from Operations (together, the "Non-GAAP Measures") are used in this presentation and the related discussion. The Non-GAAP Measures are not recognized measures under U.S. GAAP. There is no standardized measure of the Non-GAAP Measures; consequently, AQN's method of calculating the Non-GAAP 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 and analysis of the Non-GAAP Measures and a reconciliation to the most directly comparable U.S. GAAP measure, where applicable, can be found in the Interim MD&A under the headings "Caution Concerning Non-GAAP Measures" and "Non-GAAP Financial Measures", which sections are incorporated by reference herein. AQN's Interim MD&A is available on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar. A reconciliation of the Non-GAAP Measures appearing in this presentation to the most directly comparable U.S. GAAP measure can also be found in Appendix - Reconciliation of Non-GAAP Financial Measures beginning on page 27 of this presentation.

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Algonquin by the Numbers

All dollar amounts presented in U.S. $ unless otherwise noted.

~$9.8 B	~$17.7 B
Market Cap1	Total Assets2
~101%	~350%
Cumulative 5-Year Total	Cumulative 10-Year Total
Shareholder Return3	Shareholder Return4
BBB	$12.4 B
Credit Rating	CapEx Plan from 2022
	through end of 2026
1988	3,400+
Company Founded	Employees
~4.2 GW	~3.8 GW
Renewables	Prospective Greenfield
(owned, operated	Development Pipeline
and/or net interest in)

1. Market capitalization on the New York Stock Exchange (NYSE), as of May 31, 2022.

2.	Total Assets as of March 31, 2022.	3
3.	5-year TSR calculation on Toronto Stock Exchange (TSX), as of December 31, 2021.
4.	10-year TSR calculation on Toronto Stock Exchange (TSX), as of December 31, 2021.

Algonquin: Investment Theses

Outstanding Returns

Exceptional Growth

Resilient Business with Strong Balance Sheet

Leaders in ESG

• Total Shareholder Returns ("TSR")1: 3-Year TSR of ~52%; 5-year TSR of ~101%; 10-year TSR of ~350%
• Historical dividend per share Compound Annual Growth Rate ("CAGR") of 10% - 2010 to 2021
• Adjusted Net Earnings2,3 per share CAGR of 11.1% from 2017 to the end of 2021 (4.4% CAGR in net earnings attributable to shareholders (on a per share basis) over the same period)
• Confident in executing $12.4 billion 5-year capital plan through 2026
• Prospective 3.8 GW greenfield development pipeline through 2026
• ~70% of business: water, electric and gas regulated utilities across 16 jurisdictions
• ~30% of business: developers, owners and operators of primarily North American renewables
• BBB credit rating by S&P, DBRS and Fitch
• Diversified asset and geographical base provides resiliency against climate change
• ~4 GW renewables (owned, operated and/or net interest in)
• Board 33% female; executive team 44% female; compensation tied in part to ESG progress
• Leader among representative peer group for 2020 CO2 emissions intensity per dollar of revenue4
• Established a net-zero by 2050 target for scope 1 & scope 2 emissions across AQN's business operations
• 1. TSR calculations for 3, 5 and 10 year on Toronto Stock Exchange (TSX), as of December 31, 2021.
  2. Please see "Non-GAAP Financial Measures" on page 2 of this presentation, and Appendix - Reconciliation of Non-GAAP Financial Measures beginning on page 27 of this presentation.
  3. The Company's financial statements for the years ended December 31, 2017 were originally reported in Canadian dollars. Following a change to the Company's reporting currency to U.S. dollars in 2018, the Company re-issued audited financial statements for the years ended December 31, 2017 in U.S. dollars. Adjusted Net Earnings per share for 2017 are derived from such re-issued financial statements and the related management discussion and analysis.
  4. Peer group was identified from research by a global financial services firm and consists of AES CORPORATION, AMEREN CORPORATION, AMERICAN ELECTRIC POWER, AVANGRID, INC, DOMINION ENERGY, INC, DTE ENERGY, DUKE ENERGY CORPORATION, ENTERGY CORPORATION, EXELON CORPORATION, NRG ENERGY, INC, PINNACLE WEST

CAPITAL CORPORATION, PPL CORPORATION, SOUTHERN COMPANY., VISTRA CORP, XCEL ENERGY INC, NEXTERA ENERGY, INC.

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Overview - Algonquin Power & Utilities Corp.

Regulated

Renewable Energy

• Operates a diversified portfolio of regulated water, natural gas and electric utility systems

• Developer and operator of renewable and clean power generation facilities

						Other	Hydro
						1%	3%
Water					Solar
				21%
13%			➢ Entrepreneurial Culture
	Mid-2022E			4.2 GW
		➢ Greening the Fleet
	Utilities -	Electric	➢ Tax Equity Experience		Enterprise
	Modality	➢ Technology Expertise		Renewable
Gas	72%	➢	Balance Sheet		Generating
Mix1
15%		➢ Green Financings		Capacity2	Wind
					Regulated	Net	Non-	75%
					interest in	Regulated
					0.7 GW	1.3 GW	2.2 GW

Multiple avenues for growth within projected 5-year, $12.4 B capital program with over 70% expected

for regulated opportunities

1.	Pro forma estimate, assuming closing of Kentucky Power Acquisition.
2.	Includes renewable generating capacity in both the Regulated Services Group and Renewable Energy Group as well as a proportionate	5
	amount of the renewable energy generating capacity of Atlantica Sustainable Infrastructure plc (based on AQN's ~43% ownership interest in

Atlantica Sustainable Infrastructure plc).