<SEC-DOCUMENT>0001140361-19-004112.txt : 20190228
<SEC-HEADER>0001140361-19-004112.hdr.sgml : 20190228
<ACCEPTANCE-DATETIME>20190228171710
ACCESSION NUMBER:		0001140361-19-004112
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190228
FILED AS OF DATE:		20190228
DATE AS OF CHANGE:		20190228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALGONQUIN POWER & UTILITIES CORP.
		CENTRAL INDEX KEY:			0001174169
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37946
		FILM NUMBER:		19644856

	BUSINESS ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1
		BUSINESS PHONE:		0000000000

	MAIL ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALGONQUIN POWER INCOME FUND
		DATE OF NAME CHANGE:	20020523
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>6-K
<TEXT>
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    <div style="text-align: center; font-family: Arial; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-size: 14pt;"><font style="font-family: Arial;"><font style="font-family: Arial; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-family: Arial; font-weight: bold;">Washington, D.C. 20549</font></div>
    <div><br>
    </div>
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        center;">
      <div> <br>
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    <div style="text-align: center; font-size: 18pt;"><font style="font-family: Arial; font-weight: bold;">FORM 6-K</font></div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align:
        center;">
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      </div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</font></font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16 of the</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Securities Exchange Act of 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Date: February 28, 2019</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Commission File Number:</font>&#160;<font style="font-size: 10pt; font-family: Arial; font-weight:
          bold;">001-37946</font></font></div>
    <div><br>
    </div>
    <div style="text-align: center;">
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align:
        center;"></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> </font><br>
      <div style="text-align: center; font-size: 24pt;"><font style="font-family: Arial; font-weight: bold;">Algonquin Power &amp; Utilities Corp.</font></div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> (Translation of registrant&#8217;s name into English)</font></div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align:
        center;"></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">354 Davis Road</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Oakville, Ontario, L6J 2X1, Canada</font></font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">(Address of principal executive offices)</font></div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align:
        center;"></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%;" id="z979b71ce07ac43959e0f33cd92b4f9cf">

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            <td style="width: 20%;">
              <div>&#160;</div>
            </td>
            <td style="width: 80%;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;">Form 20-F </font>&#9744;<font style="font-size: 10pt; font-family: Arial;">&#160; &#160; </font><font style="font-size:
                    10pt; font-family: Arial;">Form 40-F </font>&#9746;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: left; text-indent: 108pt;"><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
          Regulation S-T Rule 101(b)(1): &#9744;</font></font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> INCORPORATION BY REFERENCE<br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">
      <div style="text-align: left; font-size: 10pt;">The exhibits to this Report on Form 6-K are hereby incorporated by reference into the following Registration Statements of Algonquin Power &amp; Utilities Corp. (the &#8220;Company&#8221;):&#160; (i) Exhibits 99.1 and
        99.2 are incorporated into Forms S-8, File Nos. 333-177418, 333-213648, 333-213650 and 333-218810, and Forms F-3, File Nos. 333-220059 and 333-227246 and (ii) Exhibit 99.1 is incorporated by reference into Forms F-10, File Nos. 333-216616 and
        333-227245, and the Company&#8217;s Registration Statements on Form 8-A.</div>
      <div style="text-align: left; font-size: 10pt;"> <br>
      </div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">EXHIBIT INDEX</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">The following exhibits are filed as part of this Form 6-K:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="zc75d5c7005e648bb99971e3a83881802" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

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          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Exhibit</font></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Description</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: left;"><a href="ex99_1.htm"><font style="font-size: 10pt; font-family: Arial;">99.1</font></a></div>
          </td>
          <td style="width: 92%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">2019 AQN Advance Notice By-Law (By-Law 5)<br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: left;"><a href="ex99_2.htm"><font style="font-size: 10pt; font-family: Arial;">99.2</font></a></div>
          </td>
          <td style="width: 92%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">2019 AQN Stock Option Plan</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: left;"><a href="ex99_3.htm"><font style="font-size: 10pt; font-family: Arial;">99.3</font></a></div>
          </td>
          <td style="width: 92%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">2019 AQN Code of Business Conduct and Ethics</font></div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">SIGNATURE</font></font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
        undersigned, thereunto duly authorized.</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

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          <td rowspan="1" style="width: 49.99%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="vertical-align: bottom; width: 50%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 49.99%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="vertical-align: bottom; width: 50%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">(registrant)</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 49.99%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date: February 28, 2019</font></div>
          </td>
          <td rowspan="1" style="vertical-align: bottom; width: 50%;"><br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 49.99%; vertical-align: bottom;">&#160; <br>
          </td>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;">
            <div style="text-align: left;">
              <div style="text-align: left; font-family: Arial; font-size: 10pt;">By: <u><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;">/s/ &#8220;David Bronicheski&#8221;</font></font></u></div>
            </div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;"><br>
          </td>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;">Name: </font>David Bronicheski</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"> <font style="font-size: 10pt; font-family: Arial;">Title: </font>Chief Financial Officer</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <br>
  </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="font-weight: bold; text-align: right;">Exhibit 99.1<br>
  </div>
  <div style="font-weight: bold; text-align: right;"> <br>
  </div>
  <div style="font-weight: bold; text-align: right;">
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">ALGONQUIN POWER &amp; UTILITIES CORP.</div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">BY-LAW 5</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">A by-law relating generally to the advance notice requirements for the nomination of directors of ALGONQUIN POWER &amp; UTILITIES
        CORP.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-weight: normal;"><font style="font-size: 10pt; font-family: Arial;">BE IT ENACTED AND IT IS HEREBY ENACTED as a by-law of ALGONQUIN POWER &amp; UTILITIES CORP. (hereinafter called the
        &#8220;Corporation&#8221;) as follows:</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 1</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">DEFINITIONS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85be3692ea624e1b90d923260fdb7d41">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">In this by-law and all other by-laws of the Corporation, unless the context otherwise specifies or requires:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf139d490995b4cffaaab22ba0603bc0a">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Act&#8221; means the <font style="font-size: 10pt; font-family: Arial; font-style: italic;">Canada</font>&#160;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Business
                      Corporations Act</font>, R.S.C. 1985, c. 44, as from time to time amended, and every statute that may be substituted therefor and, in the case of such amendment or substitution, any reference in the by-laws of the Corporation shall be
                    read as referring to the amended or substituted provisions;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24a8ebcfab0d4b9bbf7f68fb79679a27">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;affiliate&#8221; has the meaning given to it in the Act;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa886a6961d8451094814bb4809e235b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Applicable Securities Laws&#8221; means the applicable securities legislation of Canada and each province and territory of Canada, as amended from time to time, the written rules,
                    regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities of
                    Canada and each province and territory of Canada;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a6cf79d00ea45b4b72d4d65c6f9c945">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;associate&#8221; has the meaning given to it in the Act;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z556df0ec1ea94d9dae24816354506526">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;beneficial ownership&#8221; has the meaning given to it in the Act, and &#8220;beneficially owns&#8221; and &#8220;beneficially owned&#8221; have corresponding meanings;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z858071c0c19648b8a06a65cea5d44efa">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;board&#8221; means the board of directors of the Corporation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f734e20dd544f1f919863ed529f2bad">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;by-laws&#8221; means this by-law and any other by-laws of the Corporation as amended and which are, from time to time, in force and effect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf50015d3e12b4ecd88b0ced6d0a93b8f">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;close of business&#8221; means 5:00 p.m. (Toronto time) on a business day in Ontario, Canada;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b821bc30e2448e79515b94addcbbec2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Director Nomination&#8221; means the nomination of one or more individuals for the election of directors to the board made (i) by or at the direction of the board in a notice of meeting or
                    any supplement thereto; (ii) before the meeting by or at the direction of the board; or (iii) by a shareholder of the Corporation in accordance with sections 2.1 and 2.2;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c64661688d441c6b5e6fa5d74033e0f">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;person&#8221; has the meaning given to it in the Act;</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(k)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;public announcement&#8221; shall mean disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile on
                    the System for Electronic Document Analysis and Retrieval at www.sedar.com;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8eef1a258466496c808e7d07d0d05cd9">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(l)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">all terms contained in the by-laws which are defined in the Act shall have the meanings given to such terms in the Act;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8553ecda08624fdf88676732a6943f3d">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(m)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">words importing the singular number only shall include the plural and vice versa; words importing the masculine gender shall include the feminine and neuter genders; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3f484943f5d4b4498d035490eb2508f">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(n)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the headings used in the by-laws are inserted for reference purposes only and are not to be considered or taken into account in construing the terms or provisions thereof or to be
                    deemed in any way to clarify, modify or explain the effect of any such terms or provisions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 2</font></div>
    <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ADVANCE NOTICE OF NOMINATIONS OF DIRECTORS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f750e0eaa1f457f857e518f8b70c468">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Nomination procedures</u></font>.&#160; Subject only to the Act, Applicable Securities Law and the articles of the Corporation, only
                    persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation.&#160; Nominations of persons for election to the board may be made at any annual meeting of shareholders of
                    the Corporation, or at any special meeting of shareholders of the Corporation if the election of directors is a matter specified in the notice of meeting,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97d204719f3e42c7ac07ab3d6317ddc5">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">by or at the direction of the board, including pursuant to a notice of meeting and related management proxy circular of the Corporation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d2908d355a345d09e6a194c4ad5530e">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">by or at the direction or request of one or more shareholders of the Corporation pursuant to a proposal made in accordance with the provisions of the Act, or a requisition of a
                    shareholders&#8217; meeting by one or more of the shareholders made in accordance with the provisions of the Act; or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3df07bd5fd3c44d2b7c52be4addf76d8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">by any person (a &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Nominating Shareholder</u></font>&#8221;) who (i) at the close of business on the date of the giving of the notice
                    provided for below in this by-law and on the record date for notice of such meeting of shareholders of the Corporation, is entered in the securities register of the Corporation as a holder of one or more shares carrying the right to
                    vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting and provides evidence of such beneficial ownership to the Corporation, and (ii) complies with the notice procedures set forth below in
                    this by-law<font style="font-size: 10pt; font-family: Arial;">.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d5a5c676b7744a0874d5373166ec581">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Timely notice</u></font>.&#160; In addition to any other applicable requirements, for a nomination to be made by a Nominating
                    Shareholder, the Nominating Shareholder must have given timely notice thereof in proper written form to the Corporate Secretary of the Corporation in accordance with this by-law<font style="font-size: 10pt; font-family: Arial;"> even if
                      such matter is already the subject of a notice to the shareholders or a public announcement.</font></font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">-2-</font></div>
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    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88d14ef23a9241e8a72219a9c67ae0b6">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Manner of timely notice</u></font>.&#160; To be timely, a Nominating Shareholder&#8217;s notice must be <font style="font-size: 10pt;
                      font-family: Arial;">received by the Corporation</font>:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65e318e3cfe442e7bee71772e6e6967b">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">in the case of an annual meeting of shareholders of the Corporation, not less than 30 days prior to the date of the meeting; provided, however, that in the event that the meeting is to
                    be held on a date that is less than 50 days after the date on which the first public announcement of the date of the meeting was made (the &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Notice Date</u></font>&#8221;), notice by the
                    Nominating Shareholder shall be made not later than the close of business on the 10th day following the Notice Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8ac5fcb4b72245fdb7cf4839550a088a">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">in the case of a special meeting of shareholders of the Corporation that is not also an annual meeting but is called for the purpose of electing directors (whether or not also called
                    for other purposes), not later than the close of business on the 15th day following the Notice Date; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb39b94b3342d4e60bf4ce243d4650f61">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">notwithstanding the foregoing, in the case of an annual meeting of shareholders of the Corporation or a special meeting of shareholders of the Corporation that is not also an annual
                    meeting but is called for the purpose of electing directors (whether or not also called for other purposes) where &#8220;notice-and-access&#8221; (as defined in National Instrument 54-101 &#8211; <font style="font-size: 10pt; font-family: Arial;
                      font-style: italic;">Communication with Beneficial Owners of Securities of a Reporting Issuer</font>) is used for delivery of proxy-related materials and the Notice Date is not less than 50 days before the date of the meeting, not
                    less than 40 days prior to the date of the meeting<font style="font-size: 10pt; font-family: Arial;">.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z44aeadd444b34d379b6f9b5bad5a6a6f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Proper form of notice</u></font>.&#160; To be in proper written form, a Nominating Shareholder&#8217;s notice must set forth:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05aa416e255540b8b2dfbe227849e82e">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">as to each person whom the Nominating Shareholder proposes to nominate for election as a director,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4fb4ee504c44f5e8dddf8b0999bd372">

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              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the name, age, province or state and country of residence of the person;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcee1068888d64e948f247ec6c315568e">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the principal occupation or employment of the person for the past five years;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a0d3b0184714437b2889a98712a15e4">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">whether the person is a resident Canadian;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6e6bf53f725e4d2b8f258f4d37d2c480">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the class or series and number of shares and any related financial instruments which are controlled or which are owned beneficially or of record by the person as of the record date for
                    the meeting of shareholders of the Corporation (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z479cd58b71864237a1fc4575dcd17a4d">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">full particulars regarding any contract, agreement, arrangement, understanding or relationship (collectively, &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Arrangements</u></font>&#8221;),




                    including without limitation financial, compensation and indemnity related Arrangements, between the proposed nominee or any associate or affiliate of the proposed nominee and (A) any Nominating Shareholder or any of its representatives
                    or (B) any other person or company relating to the proposed nominee&#8217;s nomination for election, or potential service, as a director of the Corporation;</font></div>
              </td>
            </tr>

        </table>
        <div> &#160;&#160; <br>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">-3-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z197425bea77845ceb1a91715bfd6286b">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">any other information relating to the person that would be required to be disclosed in a dissident&#8217;s proxy circular in connection with solicitations of proxies for election of
                    directors pursuant to the Act or any Applicable Securities Laws; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za355c64a1f014f0883cc33f6432fd213">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">as to the Nominating Shareholder,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z12f92cc981304f5a9d479fb969ef80db">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the number of securities of each class of voting securities of the Corporation or any of its subsidiaries beneficially owned, or controlled or directed, directly or indirectly, by such
                    person or any other person with whom such person is acting jointly or in concert with respect to the Corporation or any of its securities, as of the record date for the meeting (if such date shall then have been made publicly available
                    and shall have occurred) and as of the date of such notice;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0e2ae7c57f0d4fcdaa572a9df0f0d628">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">full particulars regarding any proxy or Arrangement pursuant to which such Nominating Shareholder has a right to vote or to direct or to control the voting of any shares of the
                    Corporation; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0d3dad7f46147e18da98bddb688a2b2">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">any other information relating to such Nominating Shareholder that would be required to be made in a dissident&#8217;s proxy circular in connection with solicitations of proxies for election
                    of directors pursuant to the Act or any Applicable Securities Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt; font-weight: normal;"><font style="font-size: 10pt; font-family: Arial;">References to &#8220;Nominating Shareholder&#8221; in this section 2.4 shall be deemed to refer to each shareholder of the Corporation that
        nominates a person for election as a director in the case of a nomination proposal where more than one shareholder of the Corporation is involved in making such nomination proposal.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe964241d1274974a0798a0f473b4c96">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Status as Independent Director</u></font>.&#160; A Nominating Shareholder&#8217;s notice must also state whether (a) in the opinion of the
                    Nominating Shareholder and the proposed nominee, the proposed nominee would qualify to be an independent director of the Corporation under Sections 1.4 and 1.5 of National Instrument 52-110 of the Canadian Securities Administrators (&#8220;NI
                    52-110&#8221;); and (b) with respect to the Corporation the proposed nominee has one or more of the relationships described in sections 1.4(3), 1.4(8) and 1.5 of National NI 52-110 and, if so, which such relationships.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab0830c2fc5f4080bf74e25b84c98cae">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Notice to be updated</u></font>.&#160; In addition, to be considered timely and in proper written form, a Nominating Shareholder&#8217;s
                    notice shall be promptly updated and supplemented, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbba9853e6698440f9d5ccdf8f2291e57">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Power of the chair</u></font>.&#160; The chair of the meeting shall have the power and duty to determine whether a nomination was made
                    in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded.</font></div>
              </td>
            </tr>

        </table>
        <div> &#160; <br>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">-4-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z249853be5250439bada4a331668fd2fb">

            <tr>
              <td style="width: 40.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Delivery of notice</u></font>.&#160; Notwithstanding any other provision of this by-law, notice given to the Corporate Secretary of the
                    Corporation pursuant to this by-law may only be given by personal delivery, facsimile transmission or e-mail (provided that the Corporate Secretary has stipulated an e-mail address for purposes of this notice), and shall be deemed to
                    have been given and received only at the time it is served by personal delivery, e-mail (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of the confirmation of such transmission has been received)
                    to the Corporate Secretary at the address of the principal executive offices of the Corporation; provided that if such delivery or electronic communication is made on a day which is not a business day or later than 5:00 p.m. (Toronto
                    time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been received on the subsequent day that is a business day.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b8ddac4d1734ff79f036fe40f66b7f5">

            <tr>
              <td style="width: 40.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Application</u></font><font style="font-size: 10pt; font-family: Arial;">.</font> The requirements of this by-law shall apply to
                    any Director Nominations to be brought before a meeting by a shareholder whether such Director Nominations are to be included in the Corporation&#8217;s management information circular or presented to shareholders by means of an independently
                    financed proxy solicitation. The requirements of this by-law are intended to provide the Corporation notice of a shareholder&#8217;s intention to bring one or more Director Nominations before a meeting and shall in no event be construed as
                    imposing upon any shareholder the requirement to seek approval from the Corporation as a condition precedent to make such Director Nominations before a meeting.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c900c3c5b5a430ab37635995e225600">

            <tr>
              <td style="width: 40.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Increase in number of directors to be elected</u></font>.&#160; Notwithstanding any provisions in this by-law to the contrary, in the
                    event that the number of directors to be elected at a meeting is increased effective after the time period for which the Nominating Shareholder&#8217;s notice would otherwise be due under this by-law, a notice with respect to nominees for the
                    additional directorships required by this by-law shall be considered timely if it shall be given not later than the close of business on the 10th day following the day on which the first public announcement of such increase was made by
                    the Corporation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdff174cdb0ff48cab6e1fefe10506173">

            <tr>
              <td style="width: 40.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Waiver</u></font>.&#160; Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this by-law<font style="font-size: 10pt; font-family: Arial;">.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160; <br>
    </div>
    <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: Arial;">The foregoing by-law was made by the directors of the Corporation on the 28th day of February, 2019.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zd78d69dbea6c47589690de581ebfdfd9">

        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ George Trisic<br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial;">Corporate Secretary</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><br>
    </div>
    <div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;"> <br>
        </font></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">-5-</font> <br>
      </div>
    </div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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  <head>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
  </div>
  <div style="text-align: left;"><font style="font-weight: bold;"> </font><br>
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">ALGONQUIN POWER &amp; UTILITIES CORP.</div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">STOCK OPTION PLAN</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">(Amended and Restated Effective February 28, 2019)</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 1</font></div>
    <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">PURPOSE OF THE PLAN</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">The purpose of the Plan is to attract, retain and motivate persons as key service providers to the Corporation and its Affiliates and to advance the interests of the Corporation by
                    providing such persons with the opportunity, through Options, to acquire a proprietary interest in the Corporation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 2</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">DEFINED TERMS AND RELATED PROVISIONS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Where used herein, the following terms shall have the following meanings, respectively:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8f8c531bdd14fcfa7ebd0f80071cd2c">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Affiliate</font>&#8221; means, in respect of the Corporation, any corporation that is an affiliate (as such term is
                    defined in Section 2(2) of the <font style="font-size: 10pt; font-family: Arial; font-style: italic;">Canada Business Corporations Act</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z292cd61e366f409b8254036e99f32f1c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Applicable Law</font>&#8221; means any applicable provision of law, domestic or foreign, including, without limitation,
                    applicable securities and tax legislation, together with all regulations, rules, policy statements, rulings, notices, orders or other instruments promulgated thereunder.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb695624bde604a938641064dbea78443">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Blackout Expiry Term</font>&#8221; has the meaning ascribed thereto in Section 5.10;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z241227603ab34db4a303b82443acb11f">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Blackout Period</font>&#8221; means a period of time during which an Optionee cannot trade in securities of the
                    Corporation, including Shares, due to applicable policies of the Corporation in respect of insider trading;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8881957d5c864ddaa69579cf71074363">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Board</font>&#8221; means the board of directors of the Corporation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z699cb1e0400f4871a6fa44684aca353e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Cause</font>&#8221; means &#8220;just cause&#8221; &#8220;or &#8220;cause&#8221; for termination of the employment of an Eligible Person with the
                    Corporation or an Affiliate as determined under Applicable Law, or where &#8220;cause&#8221; or &#8220; just cause&#8221; is defined under the Eligible Person&#8217;s employment agreement with the Corporation or an Affiliate, &#8220;cause&#8221; or &#8220;just cause&#8221; as so defined;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e577271f9da41f38f94ba6d53663868">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Change in Control</font>&#8221; shall be deemed to have occurred for purposes of this Plan if:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 2 -</font></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%- % -%-->
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcad741587e084e6abbd633bdacbd46fe">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">there is any change in the holding, directly or indirectly, of securities of the Corporation (or the participating Affiliate by which the applicable Optionee is employed) or of any
                    voting rights attached to any securities of the Corporation (or the participating Affiliate by which the applicable Optionee is employed), as a result of which any corporation or other person, or a group of corporations or persons
                    acting in concert, or corporations or persons associated with or affiliated with any such corporation, person or group within the meaning of the <font style="font-size: 10pt; font-family: Arial; font-style: italic;">Securities Act</font>
                    (Ontario), would be entitled to cast 50% or more of the votes attached to all shares of the Corporation (or the participating Affiliate by which the applicable Optionee is employed) that may be cast to elect directors of the Corporation
                    (or the participating Affiliate by which the applicable Optionee is employed), other than a transaction in which holders of the voting shares of the Corporation, or of an Affiliate, as applicable, prior to such transaction continue to
                    control more than fifty percent (50%) of the Corporation&#8217;s or Affiliate&#8217;s voting power through a new ownership structure on completion of the transaction and provided that, for greater certainty, a Change in Control shall not include
                    any transaction to which the parties consist only of the Corporation and its Affiliates;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23053f76e28847239834852cafa3f81a">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Incumbent Directors cease to constitute a majority of the Board of the Corporation (for the purposes of this paragraph, an &#8220;<font style="font-size: 10pt; font-family: Arial;
                      font-weight: bold;">Incumbent Director</font>&#8221; shall mean any member of the Board who is a member of the Board immediately prior to the occurrence of a contested election of directors of the Corporation); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b8a11069cac4671b9773cc214d1f6b4">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the Board adopts a resolution to the effect that, for the purposes of this Plan, a Change in Control of the Corporation (or the participating Affiliate by which the applicable Optionee
                    is employed) has occurred, or that such a Change in Control is imminent, in which case, the date of the Change in Control shall be deemed to be the date specified in such resolution, provided that the Change in Control actually occurs.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f94af6234254ab1aee291cc44e196f3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Committee</font>&#8221; means the Compensation Committee of the Board, or such other the committee of the Board as is
                    designated by the Board to administer the Plan from time to time;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc57b190b914e4fcea67311f24fd3c5c4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Corporation</font>&#8221; means Algonquin Power &amp; Utilities Corp. and includes any successor corporation thereof;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z40a3be669dfa452595420981d67b4853">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Eligible Consulting Entity</font>&#8221; means, (A) with respect to a Service Provider that is not an individual, an
                    employee, executive officer, or director of the Service Provider, provided that the individual employee, executive officer, or director spends or will spend a significant amount of time and attention on the affairs and business of the
                    Corporation or an Affiliate; and (B) with respect to a Service Provider who is an individual,<font style="font-size: 10pt; font-family: Arial;">&#160;</font>a company of which the individual Service Provider is an employee or shareholder,
                    and a partnership of which the individual Service Provider is an employee or partner;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e32ee7b38e647afaba717a8923db596">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(k)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Eligible Person</font>&#8221; means:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zba81145e071747348dc143004f4df121">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">any director, officer or employee of the Corporation or any Affiliate (an &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Eligible Individual</font>&#8221;); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde5a8e79ff1340fdafd09653192e474f">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">any Service Provider;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z208fab8b97f541b39a3e1eefaebd8fc0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(l)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">In-the-Money Amount</font>&#8221; means the excess, if any, of the Market Price of a Share at such time over the Option
                    Price, in each case such In-the-Money Amount being payable by the Corporation in cash (or its equivalent) or Shares at the election of the Corporation in accordance with the provisions hereof;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 3 -</font></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd891dbdbb4948bfbf460806a705e6ef">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(m)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Insider</font>&#8221; has the meaning ascribed to this term for the purposes of the TSX rules relating to
                    Securities-Based Compensation Arrangements;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d4a6ae0342842a4be12db4536cd3522">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(n)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Market Price</font>&#8221; at any date in respect of the Shares means the volume weighted average trading price of such
                    Shares on the TSX (or, if such Shares are not then listed and posted for trading on the TSX, on such stock exchange in Canada on which such Shares are listed and posted for trading as may be selected for such purpose by the Committee)
                    for the five (5) consecutive trading days immediately preceding such date, provided that in the event that such Shares did not trade on any of such trading days, the Market Price shall be the average of the bid and ask prices in respect
                    of such Shares at the close of trading on all of such trading days and provided that in the event that such Shares are not listed and posted for trading on any stock exchange, the Market Price shall be the fair market value of such
                    Shares as determined by the Committee in its sole discretion;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2db181a0b3da47d3b43f9db6b93e231e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(o)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Option</font>&#8221; means an option to purchase Shares granted to an Eligible Person under the Plan and &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Option Agreement</font>&#8221; means an agreement between the Corporation and an Optionee respecting such Option;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d4e06704c0246839b6c6d957d8f6e41">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(p)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Option Price</font>&#8221; means the price per Share at which Shares may be purchased under an Option, as the same may
                    be adjusted from time to time in accordance with Article 8 hereof;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f240736c2b44ef798d9563656e8f293">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(q)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Optioned Shares</font>&#8221; means the Shares issuable pursuant to an exercise of Options;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8771ab8458ec42ca95aefc5a7429a778">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(r)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Optionee</font>&#8221; means an Eligible Person to whom an Option has been granted and who continues to hold such
                    Option;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0515b18c0fef4fd08c76ee94a81a9fe9">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(s)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Permitted Assign</font>&#8221; means, with respect to an Optionee, (A) a trustee, custodian, or administrator acting on
                    behalf of, or for the benefit of the Optionee; (B) a corporation controlled by the Optionee; or (C) a registered retirement savings plan, registered retirement income fund or tax-free savings account of the Optionee;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84563b7b6a6a48689c2bb22f1019f4d8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(t)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Plan</font>&#8221; means this Stock Option Plan, as the same may be amended, restated or varied from time to time;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1905dc99044e42dba8a082f1b90d3d7b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(u)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Policy</font>&#8221; has the meaning ascribed thereto in Section 9.1;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8733cf0c5531431c9aa8019ad9ef581a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Securities-Based Compensation Arrangement</font>&#8221; means a stock option, stock option plan, employee stock
                    purchase or ownership plan or any other compensation or incentive mechanism of the Corporation involving the issuance or potential issuance, from treasury, of Shares or other securities of the Corporation to one or more Eligible
                    Persons, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcdad1eaa3f2e47aeb88cc963667486a6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(w)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Service Provider</font>&#8221; means a person, including a company to the extent provided below, other than an Eligible
                    Individual, that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 4 -</font></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z206f3aa158ff41a590953aadbfe6ea77">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">is engaged to provide services to the Corporation or an Affiliate, other than services provided in relation to a distribution (as defined in Section 1(5) of the <font style="font-size: 10pt; font-family: Arial; font-style: italic;">Securities Act</font> (Ontario));</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b58dd6e37de46c881349824e81e5052">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">provides services under a written contract with the Corporation or an Affiliate;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde77a2b027d749e79999d52235d89c63">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">spends or will spend a significant amount of time and attention on the affairs and business of the Corporation or an Affiliate, and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4984a2a1de934916a07eb4f7892cd9e9">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">includes an Eligible Consulting Entity.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z196f00ccddd34e79a6793e662e8021fe">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(x)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Shares</font>&#8221; means the common shares of the Corporation or, in the event of an adjustment contemplated by
                    Article 8 hereof, such other shares or securities to which an Optionee may be entitled upon the exercise of an Option as a result of such adjustment; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd7c682f488b43d89d15f5c86f14f43d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(y)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">&#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">TSX</font>&#8221; means the Toronto Stock Exchange.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 3</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ADMINISTRATION OF THE PLAN</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeabd72a076a446fbbb650cb79f3a3ba8">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Unless otherwise determined by the Board, the Plan shall be administered by the Committee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z76b3a22ab86243b69e9832ecfc7899f9">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">The Committee shall have the power, where consistent with the general purpose and intent of the Plan:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb33e5645ff44611804425325f6ed12c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to establish policies and to adopt rules and regulations for carrying out the purposes, provisions and administration of the Plan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbdab9f8b2bcc47fcb1e4d460761ea830">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to interpret and construe the Plan and to determine all questions arising out of the Plan or any Option, and any such interpretation, construction or determination made shall be final,
                    binding and conclusive for all purposes;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f2bd4d3c75c4ff6ab49ad6aeaf356f6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to determine the number of Shares underlying each Option;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaf989753a02649b79f8b6f948fd03852">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to determine the Option Price of each Option;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z371d43ebe6734401bb8819653a14fe64">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to determine the time or times when Options will be granted and exercisable;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ff6f643b0bc496984082daf4393f4e6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to determine if the Shares which are issuable on the exercise of an Option will be subject to any restrictions upon the exercise of such Option;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdcca72f67d644c58a2b124d5420d0340">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to determine vesting periods for the Options; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5c1f00c3cc24a4d96d1850c3a816f69">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">to prescribe the form of the instruments relating to the grant, exercise and other terms of Options.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 5 -</font></div>
    </div>
    <div></div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb367a5bd1a3446d5b6c1aaaedf426094">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Any Option granted under the Plan shall be subject to the requirement that, if at any time the Corporation shall determine that the listing, registration or qualification of the Shares
                    subject to such Option upon any securities exchange or under any law or regulation of any jurisdiction, or the consent or approval of any securities exchange or any governmental or regulatory body, is necessary as a condition of, or in
                    connection with, the grant or exercise of such Option or the issuance or purchase of Shares thereunder, such Option may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or
                    approval shall have been effected or obtained on conditions acceptable to the Committee.&#160; Nothing herein shall be deemed to require the Corporation to apply for or to obtain such listing, registration, qualification, consent or
                    approval.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 4</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">SHARES SUBJECT TO THE PLAN</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6e48295780140eaa47b5cc804ceb85f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Options may be granted in respect of authorized and unissued Shares, provided that the aggregate number of Shares reserved for issuance upon the exercise of all Options granted under
                    the Plan (subject to any adjustment of such number pursuant to the provisions of Article 8 hereof) together with the Shares issuable under grants under all other Securities-Based Compensation Arrangements,&#160; shall not exceed 8% of the
                    issued and outstanding Shares on the date such Option is granted.&#160; If any Option is terminated, cancelled or has expired without being fully exercised, or is surrendered in exchange for the In-the-Money Amount, any unissued Shares which
                    have been reserved to be issued upon the exercise of the Option shall become available to be issued upon the exercise of Options subsequently granted under the Plan. In addition, if any Option&#160; is exercised, an equivalent number of
                    Shares may be reserved for issuance pursuant to the grant of additional Options in replacement for such exercised Options. No fractional Shares may be purchased or issued under the Plan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 5</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">TERMS AND CONDITIONS OF OPTIONS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48419ea53f77402f8bd8736954b82e3b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">The Committee may grant Options to any Eligible Person as the Committee determines from time to time.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fb617a66c36488f90a8a776ce432da0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject as herein and otherwise specifically provided in this Article 5, the number of Shares subject to each Option, the Option Price of each Option, the expiration date of each
                    Option, the extent to which each Option vests and is exercisable from time to time during the term of the Option (including upon a Change-in-Control) and other terms and conditions relating to each Option shall be determined by the
                    Committee from time to time.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ace13b871704c79b946010e0f7e2d1c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject to any prior approval, if required, by any stock exchange or other securities regulatory authority, the Committee may, in its sole discretion, subsequent to the time of
                    granting Options hereunder, permit an Optionee to exercise any or all of the unvested options then outstanding and granted to the Optionee under this Plan, in which event all such unvested options then outstanding and granted to the
                    Optionee shall be deemed to be immediately exercisable during such period of time as may be specified by the Committee, provided that such periods of time shall not be less than the periods of time for the circumstances provided for in
                    Article 6 (Termination of Options) hereof.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24749f7675ba41ca9f1c97a2896a0b75">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding Section 5.3, subject to the rules of any stock exchange upon which the Shares may be listed or other securities regulatory authority, the Committee may, by resolution,
                    accelerate the date on which any unvested Option may be exercised or extend the expiration date of any Option, provided that the Committee shall not, in the event of any such acceleration or extension, be under any obligation to
                    accelerate or extend the date on or by which any other Options may be exercised by any other Optionee(s), and provided further that the expiration date may not be extended beyond ten (10) years from the date of grant of the Option.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 6 -</font></div>
    </div>
    <div></div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0fabbd431cff426e9592dd6fc4687cdf">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject to any adjustments pursuant to the provisions of Article 8 hereof, the Option Price of any Option shall in no circumstances be lower than the Market Price on the date on which
                    the Committee approves the grant of the Option.&#160; If, as and when any Shares have been duly purchased and paid for under the terms of an Option, such Shares shall be conclusively deemed allotted and issued as fully paid and
                    non-assessable Shares at the price paid therefor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd75c26e7b3a74495ba4054c95140fe7d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject to Section 5.10, and except to the extent required by the provisions set out in Sections 6.2 to 6.8, the term of an Option shall not exceed ten (10) years from the date of the
                    grant of the Option.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c633b82f9d44f9b8bf0112561ab9a6a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">An Option is personal to the Optionee and non-assignable (whether by operation of law or otherwise), except as provided for herein.&#160; Upon any attempt to transfer, assign, pledge,
                    hypothecate or otherwise dispose of an Option contrary to the provisions of the Plan, or upon the levy of any attachment or similar process upon an Option, the Option shall, at the election of the Corporation, by notice in writing to
                    the Optionee, cease and terminate and be of no further force or effect whatsoever.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f619d9231d4427e9ec4ad96c3b18b9f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">No Options shall be granted to any Optionee if at the time of such grant such grant could result, at any time, in:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zebc51f62dbf54585a96bb30c93ac7d55">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the number of Shares reserved for issuance to Insiders pursuant to Options granted under the Plan, together with Shares reserved for issuance to Insiders under all other
                    Securities-Based Compensation Arrangements exceeding 10% of the issued and outstanding Shares; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze96359b26b4a40f6900a035c895cbcf7">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the issuance to Insiders, within a one (1) year period, of a number of Shares under the Plan, together with Shares that may be issued to Insiders under all other Securities-Based
                    Compensation Arrangements exceeding 10% of the issued and outstanding Shares.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb195516d2c634993b8eb411c41e441bd">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Participation in the Plan by non-employee directors shall be limited to the lesser of (i) a reserve of 1% of the outstanding Shares from time to time for non-employee directors as a
                    group and (ii) an annual equity award value under the Plan of $100,000 per non-employee director.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd151c903f5814e77b3277e5795c8055f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding anything else contained herein, if the expiration date for an Option occurs during a Blackout Period applicable to the relevant Optionee, or within ten (10) business
                    days after the expiry of a Blackout Period applicable to the relevant Optionee, then the expiration date for that Option shall be the date that is the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) business day after the expiry date of the Blackout Period
                    (the &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Blackout Expiry Term</font>&#8221;). This Section 5.10 applies to all Options outstanding under this Plan.&#160; The Blackout Expiry Term for an Option may not be amended
                    by the Committee without the approval of the holders of Shares in accordance with Section 10.1(a) of the Plan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z322c077b9e0a4a2481d168a5ae0e2aa0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Unless otherwise determined by the Committee or otherwise provided in a written agreement between the Corporation and a Optionee, the occurrence of a Change in Control will not result
                    in the vesting of Options that have not previously vested, provided that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 7 -</font></div>
    </div>
    <div></div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd3bccdc77ca54187a8570e9b71553927">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">such Options that have not previously vested will continue to vest in accordance with the Plan and the Option Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1a2ba7af06d43658662d720cc38c823">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">an entity that directly or indirectly acquires control of the Corporation (or the Affiliate that employs the Optionee, as applicable) or otherwise becomes a successor to Algonquin
                    Power &amp; Utilities Corp. (or the Affiliate that employs the Optionee, as applicable) (a &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Successor Entity</font>&#8221;) agrees to assume the obligations of the
                    Corporation in respect of the Optionee&#8217;s unvested Options.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27a5acdefc974574b6c0d1f7ac1582ea">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject to the provisions of Section 5.13 or as otherwise provided in the Option Agreement, in the event of a Change in Control, the Committee shall have the discretion to unilaterally
                    determine, upon written notice thereof to each Optionee holding Options under the Plan, to permit the exercise of all such Options, whether or not vested, within the twenty (20) day period next following the date of such notice and to
                    determine that upon the expiration of such twenty (20) day period, all rights of the Optionee to such Options or to exercise same (to the extent not theretofore exercised) shall automatically terminate and cease to have further force or
                    effect whatsoever.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab28c3980bf74e23badc6b8fa04ebd33">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">5.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject to Section 5.11, no cancellation, acceleration of vesting, lapsing of restrictions, issuance of Shares, cash settlement or other payment shall occur with respect to any Option
                    if the Committee reasonably determines in good faith prior to the occurrence of a Change in Control that such Option shall be honored or assumed, or new rights substituted therefor (with such honored, assumed or substituted Option
                    hereinafter referred to as an &#8220;Alternative Award&#8221;) by any Successor Entity; provided, however, that any such Alternative Award must:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a4d9abaf7804a74beb1a7539f3728d3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">be based on stock which is traded on the Toronto Stock Exchange and/or an established U.S. securities market;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf3f600ce0dd4b9f80400550e27fbae8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">provide such Optionee with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Option, including, but not limited
                    to, identical or better vesting conditions (including vesting upon termination of employment) and identical or better timing and methods of payment;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d3e3989aad843beb8c1fde43f65a4cd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">recognize, for the purpose of vesting provisions, the time that the Option was held prior to the Change in Control; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b9ed865b9f24b17afebb76f96e6b259">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">have substantially equivalent economic value to such Option (determined immediately prior to the time of the Change in Control).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 6</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">TERMINATION OF OPTIONS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z67550a341fee4fb1b5bd4f47f0ba6818">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject to Sections 6.2 to 6.7 hereof, any resolution passed at any time by the Committee and the terms of any Option Agreement or employment agreement with respect to any Option or
                    any Optionee, an Option and all rights to purchase Shares pursuant thereto shall expire and terminate immediately upon the Optionee who holds such Option ceasing to be an Eligible Person.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 8 -</font></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z764c450719a244bd85b89e5b58e0ed2f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">If an Optionee, other than a Service Provider, (i) voluntarily resigns from the Corporation or (ii) ceases to serve the Corporation or any Affiliate, as the case may be, as an
                    employee, officer or director as a consequence of the termination of the employment of the Optionee by the Corporation for Cause, then in either case all unvested Options held by such Optionee on the date of resignation or termination
                    are immediately forfeited. All vested Options held by such Optionee may be exercised within thirty (30) days after the date of resignation or termination. Any vested Options which have not been so exercised shall expire and terminate on
                    the date which is thirty (30) days after the date of resignation or termination.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd93a0ac69544157ba7db1ca99ebd0a5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">If an Optionee, other than a Service Provider, (i) shall retire, or terminate his employment or directorship with the consent of the Committee, in each case in accordance with the
                    prevailing retirement plan or policy of the Corporation for its directors, officers and employees or (ii) ceases to serve the Corporation or any Affiliate as an employee, officer or director for any reason other than as a consequence of
                    a termination of the Optionee&#8217;s employment for reasons described in Section 6.2 or Section 6.6 then in either case, all vested Options then held by the Optionee may be exercised within ninety (90) days after such retirement or
                    termination. The Committee may in such circumstances accelerate the vesting of unvested Options then held by the Optionee at the Committee&#8217;s discretion. Any Options which have not been exercised shall expire and terminate on the date
                    which is ninety (90) days after the date of retirement or termination.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce07f57b01fa41eb9e765f2d03928d49">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">An Optionee shall have no right to any compensation or damages in consequence of the Optionee&#8217;s termination of employment (whether lawfully or unlawfully) or otherwise for any reason
                    whatsoever insofar as any such right arises or may arise from the Optionee ceasing to have rights or be entitled to receive any Shares or cash payment in respect of Options under the Plan pursuant to this Article 6.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f156219aa354b828c36adcd632bfd0a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">In the event that an Optionee, other than a Service Provider, has suffered a permanent disability, Options previously granted to such Optionee shall continue to vest and be exercisable
                    in accordance with the terms of the grant and the provisions of this Plan, but no additional grants of Options may be made to the Optionee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf10e4ad966a649eca6adf4f426fcb987">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">If an Optionee, other than a Service Provider, shall die, all unexercised Options held by such Optionee at the time of death shall immediately vest, and such Optionee&#8217;s personal
                    representatives, heirs or legatees may, at any time within one (1) year after the date of such death exercise all such Options. Any Options which have not been exercised shall expire and terminate one (1) year after the date of such
                    death.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze24ccd5211584e8db21f271c0e664950">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">For greater certainty:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7c2aeee2a064021aad402f778016837">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">if the Optionee is an Eligible Consulting Entity, the references to the Optionee in this Article 6 shall be deemed to refer to the individual associated with the Eligible Consulting
                    Entity who actually provides services to the Corporation or an Affiliate in accordance with clauses (ii) and (iii) of Section 2.1(v);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a3ce32cd5054f60ae3f94f50d938870">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Options shall not be affected by any change in the terms of employment of any Eligible Individual or by any Eligible Individual ceasing to be a director of the Corporation, provided
                    that the related Optionee continues to be an Eligible Person; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 9 -</font></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a7ad041921840fba542388dde4543a5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the Committee may, by resolution or under the terms of an Option Agreement or employment agreement, but subject to applicable regulatory requirements, decide that any of the provisions
                    hereof concerning the effect of termination of the Optionee&#8217;s employment shall not apply to any Optionee for any reason acceptable to the Committee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95a259b2da654fc2ae3ce39726a20768">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">6.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding any other provision herein, all Options granted to Service Providers shall terminate in accordance with the terms, conditions and provisions of the associated Option
                    Agreement between the Corporation and such Service Providers, provided that such termination shall occur no later than the earlier of the original expiry date of the term of the Option or the day which is one (1) year following the date
                    of termination of the engagement of the Service Provider.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 7</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">EXERCISE OF OPTION</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3afa2685c0147d7a9b614b9bce4470e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Subject to the provisions of the Plan, an Option may be exercised from time to time by delivery to the Corporation at its registered office of a written notice of exercise addressed to
                    the Secretary of the Corporation, with a copy to the Vice-Chair of the Corporation (or such other senior officer of the Corporation as may be specified to the Optionee from time to time) specifying (i) the number of Shares with respect
                    to which the Option is being exercised; (ii) the number of Shares, if any, with respect to which the Optionee is surrendering such Option and electing to receive the In-the-Money Amount; and (iii) otherwise in accordance with the
                    exercise procedures respecting Options determined by the Committee from time to time accompanied by payment in full of the Option Price of the Shares to be purchased, if any, on the exercise of the Option as specified in Section 7.1(i)
                    above.&#160; Subject to any provisions of the Plan to the contrary, such Shares shall be issued to the Optionee within a reasonable time following the receipt of such notice and compliance with such procedures.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c96bef1419b447b9b24f945bca0fd7e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">If the Optionee elects to surrender any Options in exchange for the In-the-Money Amount, the Corporation will determine whether to pay such amount in cash or in Shares representing the
                    equivalent of the In-the-Money Amount (less any applicable withholding of taxes) based on the Market Price of the Shares at the date of exercise, and:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8eb3d52b8e01484bae191f2f7fa1060d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">if the Corporation elects to pay the In-the-Money Amount in cash, the Corporation shall deliver a cheque or similar means of payment for the In-the-Money Amount (subject to applicable
                    withholding of taxes) to the Optionee within a reasonable period of time following the receipt of the notice set out in Section 7.1(i); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63694fae5c254027911285d4df5c9061">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">if the Corporation elects to pay the In-the-Money Amount in Shares, subject to Section 7.3, the Corporation shall issue the number of Shares with a value equivalent to the In-the-Money
                    Amount (less any applicable withholding of taxes) to the Optionee within a reasonable period of time following the receipt of the notice set out in Section 7.1(ii).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 10 -</font></div>
    </div>
    <div></div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34a9e4a5fe944aedadf89c32224c84a4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">7.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">For greater clarity, the number of Shares issued in respect of payment of the In-the-Money Amount in accordance with Section 7.2(b) hereof shall be rounded down to the next whole
                    Share.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08a4221e738545d7bbd5442c7aa65de3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">7.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding any of the provisions contained in the Plan or in any Option Agreement, the Corporation&#8217;s obligation to issue Shares to an Optionee pursuant to the exercise of any
                    Option shall be subject to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf17cbaa313884f20b87a13a3a01277a1">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">completion of such registration or other qualification of such Shares or obtaining approval of such governmental or regulatory authority as the Corporation shall determine to be
                    necessary or advisable in connection with the authorization, issuance or sale thereof;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79e3cdb9f99c4ca99c4e6626e88c26bd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the listing of such Shares on any stock exchange on which the Shares may then be listed; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3724f1d366e2488f862462de56a94e3c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the satisfaction of any conditions on exercise prescribed pursuant to Article 3 hereof.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z039756e180a04ea0a01d6ad65e340c92">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">7.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Options shall be evidenced by an agreement in such form not inconsistent with this Plan as the Committee may from time to time determine.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z56574361ff494569859dc7bc76cf252f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">7.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding any of the provisions contained in the Plan, in any Option Agreement or otherwise, the Corporation may withhold from any amount payable, either under the Plan, any
                    Option Agreement or otherwise, such amount as may be necessary to enable the Corporation to comply with the applicable requirements of any federal or provincial tax law or authority relating to the withholding of tax or any other
                    required deductions with respect to the Options, any Shares issuable upon the exercise thereof or any In-the-Money Amount payable in connection therewith.&#160; The Corporation may also satisfy any liability for any such withholding
                    obligations, on such terms and conditions as the Corporation may determine in its discretion, by (a) selling on behalf of any Optionee, or causing any Optionee to sell, any Shares issued hereunder, or retaining any amount payable,
                    including any In-the-Money Amount, which would otherwise be provided or paid to the Optionee hereunder or (b) requiring an Optionee, as a condition to the exercise of any Options, to make such arrangements as the Corporation may require
                    so that the Corporation can satisfy such withholding obligations, including, without limitation, requiring the Optionee to remit to the Corporation in advance, or reimburse the Corporation for, any such withholding obligations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 8</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CERTAIN ADJUSTMENTS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5ef99d2dc3140ea938ec8630109a72f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">8.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">In the event that the Shares are at any time changed or affected as a result of the declaration of a stock dividend thereon or their subdivision or consolidation, the number of Shares
                    reserved for Option shall be adjusted accordingly by the Committee to such extent as they deem proper in their discretion.&#160; In such event, the number of, and the price payable for, such Shares shall be adjusted as determined by the
                    Committee as it deems proper in its discretion.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 11 -</font></div>
    </div>
    <div></div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4b2686e09ec4fbfba335a2243876aa2">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">8.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">If at any time after the grant of an Option to any Optionee and prior to the expiration of the term of such Option, the Shares shall be reclassified, reorganized or otherwise changed,
                    otherwise than as specified in Section 8.1 or the Corporation shall consolidate, merge or amalgamate with or into another corporation (the corporation resulting or continuing from such consolidation, merger or amalgamation being herein
                    called the &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Successor Corporation</font>&#8221;), subject to Section 5.12 and Section 5.13, the Optionee shall be entitled to receive upon the subsequent exercise of his or
                    her Option in accordance with the terms hereof and shall accept in lieu of the number of Shares which he or she was theretofore entitled upon such exercise but for the same aggregate consideration payable therefor, the aggregate number
                    of shares of the appropriate class and/or other securities of the Corporation or the Successor Corporation (as the case may be) and/or other consideration from the Corporation or the Successor Corporation (as the case may be) that the
                    Optionee would have been entitled to receive as a result of such reclassification, reorganization or other change or as a result of such consolidation, merger or amalgamation, if on the record date of such reclassification,
                    reorganization or other change or the effective date of such consolidation, merger or amalgamation, as the case may be, he or she had been the registered holder of the number of Shares to which he or she was theretofore entitled upon
                    such exercise.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 9</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RESTATEMENT OF FINANCIAL RESULTS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6460366f7f2d4e518ca8f24285b3ae80">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">9.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">In the event of the restatement by the Corporation of its financial results, any unpaid or unexercised Options held by an Optionee may be cancelled immediately, at the discretion of
                    the Committee in accordance with the terms of the Corporation&#8217;s clawback policy (the &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Policy</font>&#8221;). Further, in such circumstances, the Corporation may set-off the
                    amounts so payable to it against any amounts that may be owing from time to time by the Corporation or an Affiliate to the Optionee, whether as salary, annual incentive, long-term incentive, severance or any other payment or benefit.&#160;
                    This Section 9.1 shall apply notwithstanding any provision to the contrary in the Plan or any Option Agreement and is meant to provide the Corporation with rights in addition to any other remedy which may exist in law or in equity.&#160; By
                    participating in the Plan, the Optionee acknowledges and agrees that any Options granted pursuant to the Plan remain subject to application, implementation and enforcement of the Policy as it may be amended from time to time, including
                    via the issuance of any guidelines in respect of the implementation of the Policy.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 10</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">AMENDMENT OR DISCONTINUANCE OF THE PLAN</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9670846eac6b43d8a17e646b63067f98">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">10.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">The Committee may amend, suspend or discontinue the Plan or amend Options granted under the Plan at any time without shareholder approval; provided, however, that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4f6f72545c0485993cbcb123f836540">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">approval by a majority of the votes cast by shareholders present and voting in person or by proxy at a meeting of shareholders of the Corporation shall be obtained for any:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9ba1d2f41c854185aaecd22cf12ddd33">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">amendment for which, under the requirements of the TSX or any applicable law, shareholder approval is required;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5dd71d52e9d4fcbb562beeb25b95727">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">increase to the maximum number or percentage of securities issuable under the Plan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 12 -</font></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5562889ced44bfea746e926835cda0d">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">reduction of the Option Price, or cancellation and reissuance of Options or other entitlements, of Options granted under the Plan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d7b13424a854025a2b5f3a072fa542e">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">extension of the term of Options beyond the original expiry date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ba22458be7949c686828d1425373815">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">change in Eligible Persons that may permit the introduction or reintroduction of non-employee directors on a discretionary basis;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71e84c82a47c4507b15508cdc1ff4c71">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">increase to the limit imposed on non-employee director participation set out in Section 5.9 or;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1166c424878480ba83ee45b4f066a2b">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(vii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">allowance of Options granted under the Plan to be transferable or assignable other than for estate settlement purposes; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9ee2c6d512b42059a7591c8dee5d02c">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(viii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">amendment to the Plan&#8217;s amendment provisions; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfef2e3929d7d48279d68c79d713499c3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the consent of the Optionee is obtained for any amendment which alters or impairs any Option previously granted to an Optionee under the Plan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3a1c76e943f431da34e28604ca64c67">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">10.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">No amendment, suspension or discontinuance of the Plan may contravene the requirements of the TSX or any securities commission or regulatory body to which the Plan or the Corporation
                    is now or may hereafter be subject.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63e5ae23c05b4a0aad8e7b6eb1bb54dd">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">10.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding the provisions of this Article 10, should changes be required to the Plan by any securities commission, stock exchange or other governmental or regulatory body of any
                    jurisdiction to which the Plan or the Corporation now is or hereafter becomes subject, such changes shall be made to the Plan as are necessary to conform with such requirements and, if such changes are approved by the Committee, the
                    Plan, as amended, shall be filed with the records of the Corporation and shall remain in full force and effect in its amended form as of and from the date of its adoption by the Committee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7e173c3d05b4dc48d0ac42ee36b9ce6">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">10.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding any other provision of this Plan, the Committee may at any time by resolution terminate this Plan.&#160; In such event, all Options then outstanding and granted to an
                    Optionee, whether or not vested, may be exercised by such Optionee for a period of thirty (30) days after the date on which the Corporation shall have notified all Optionees of the termination of this Plan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 11</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">MISCELLANEOUS PROVISIONS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb5b1ca7217a494f805e658f63a22ea5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">11.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">An Optionee shall not have any rights as a shareholder of the Corporation with respect to any of the Shares underlying any Option until the date of issuance of&#160; such Shares upon the
                    exercise of such Option, in full or in part, and then only with respect to the Shares so issued.&#160; Without in any way limiting the generality of the foregoing, no adjustment shall be made for dividends or other rights in respect of a
                    Share for which the record date is prior to the date such Share is issued.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 13 -</font></div>
    </div>
    <div></div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54d91129af2840069b23ecbcfb95da5b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">11.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Nothing in this Plan or any Option shall confer upon an Optionee any right to continue or be re-elected as a director of the Corporation or any right to continue in the employ of the
                    Corporation or any Affiliate, or affect in any way the right of the Corporation or any Affiliate to terminate his or her employment at any time; nor shall anything in the Plan or any Option be deemed or construed to constitute an
                    agreement, or an expression of intent, on the part of the Corporation or any Affiliate, to extend the employment of any Optionee beyond the time which he or she would normally be retired pursuant to the provisions of any present or
                    future retirement plan or policy of the Corporation or any Affiliate, or beyond the time at which he or she would otherwise be retired pursuant to the provisions of any contract of employment with the Corporation or any Affiliate. <font style="font-size: 10pt; font-family: Arial;">&#160;</font>For greater certainty, except as expressly required by applicable employment standards legislation, a period of notice, if any, or payment in lieu thereof, upon termination of
                    employment, wrongful or otherwise, shall not be considered as extending the period of employment for the purposes of the Plan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26e9c33414194c1ab31ccb3efc209655">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">11.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">Notwithstanding Section 5.7 hereof and subject to Section 11.4 hereof, any vested Options may be transferred or assigned between an individual who is a Service Provider and his or her
                    related Eligible Consulting Entity, or between an Optionee and a Permitted Assign of such Optionee, provided the assignor delivers notice in writing of the same to the Corporation prior to the assignment and the Committee, in its sole
                    and absolute discretion, approves such assignment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaccdaca8319d449184926258ce417387">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">11.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">In the event an Eligible Consulting Entity shall cease at any time to be an Eligible Consulting Entity (as defined in Section 2.1(j) hereof), then it shall immediately by notice in
                    writing to the Corporation retransfer or reassign all of the Options held by it to the related individual Service Provider.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc92a67ebd4e64bacb7c2320c67fa8431">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">11.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">In the Plan, references to the masculine include the feminine; and references to the singular shall include the plural and vice versa, as the context shall require. If any provision or
                    part of the Plan is determined to be void or unenforceable in whole or in part, such determination shall not affect the validity or enforcement of any other provision or part thereof. Headings wherever used herein are for reference
                    purposes only and do not limit or extend the meaning of the provisions herein contained.&#160; A reference to a section or schedule shall, except where expressly stated otherwise, mean a section or schedule of the Plan, as applicable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze05d98e406f7446ab4243ffe1ad8ac55">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">11.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada
                    applicable therein.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ARTICLE 12</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">DATE OF PLAN</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7632c138c89e4a9eaaa6e76d5e0c7814">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">12.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">This Plan originally dated and effective the 23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of June, 2010, as amended and restated the 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of June 2011, and as further amended and restated the 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
                    of June, 2016 and the 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of February, 2019, shall be dated and effective the 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of February, 2019.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
  </div>
  <div><br>
  </div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex99_3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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  <div style="font-weight: bold; text-align: right;">Exhibit 99.3<br>
  </div>
  <div style="font-weight: bold; text-align: right;"> <br>
  </div>
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    <div>
      <div>
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                <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
              </td>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
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                <div>&#160;</div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
              </td>
              <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
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              <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
              </td>
              <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
              </td>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"><font id="DSPFPageNumber">1</font> of 14</font></div>
              </td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
              </td>
              <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
              </td>
              <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
              </td>
              <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1fa44316f5d3462490bc37f3d50a95dd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-family: Arial; font-size: 10pt; font-weight: bold;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INTRODUCTION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">This code of business conduct and ethics (the &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Code</font>&#8221;) has been approved by the board of
        directors (the &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Board</font>&#8221;) of Algonquin Power &amp; Utilities Corp. (the &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Corporation</font>&#8221;) to assist
        all directors, trustees, officers, employees, agents and contractors (collectively, the &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Algonquin Representatives</font>&#8221;) of the Corporation and each of its subsidiary entities
        (collectively, &#8220;<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Algonquin</font>&#8221;) to maintain high standards of ethical conduct in affairs of Algonquin, including the affairs of any Algonquin joint venture or similar type of
        business arrangement.&#160; This Code is intended to comply with certain legal requirements, including without limitation applicable securities law requirements.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The Board is ultimately responsible for implementation and administration of this Code.&#160; The Board has designated an Ethics Officer for the day-to-day implementation
        and administration of this Code.&#160; From time to time, the Board may change this designation and may also designate one or more Assistant Ethics Officers to fill in at times when the Ethics Officer may be unavailable, such as during his or her
        vacation.&#160; The Board&#8217;s current designations, together with contact information, are set out in Schedule A.&#160; Algonquin Representatives should direct questions concerning this Code to the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">While this Code is designed to provide helpful guidelines, it is not intended to address every situation.&#160; Dishonest or unethical conduct or conduct that is illegal
        will constitute a violation of this Code, regardless of whether such conduct is specifically referenced in this Code.&#160; Algonquin Representatives should conduct their business affairs in such a manner that Algonquin&#8217;s reputation will not be impugned
        if the details of their dealings should become public.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">It is not intended that there be any waivers granted under this Code.&#160; In the unlikely event that a waiver is considered and granted, it must receive prior approval by
        the Board.&#160; Waivers or amendments will be disclosed promptly in accordance with applicable securities laws and the Corporation&#8217;s Disclosure Policy.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin also maintains other policy statements, handbooks, principles and guidelines which discuss more fully many of the issues discussed in this Code. Copies of
        these materials may be obtained from the Ethics Officer, and many of these are posted on Algonquin&#8217;s intranet.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">If laws or other policies and codes of conduct differ from this Code, or if there is a question as to whether this Code applies to a particular situation, Algonquin
        Representatives should check with the Ethics Officer before acting.&#160; If there are any questions about any situation, Algonquin Representatives should ask the Ethics Officer how to handle the situation.&#160; However, every supervisor and manager is
        responsible for helping employees to understand and comply with this Code.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin will take disciplinary, preventive or other action as it deems appropriate to address any existing or potential violation of this Code brought to its
        attention.&#160; Any Algonquin Representative in a situation that he or she believes may violate or lead to a violation of this Code should follow the compliance procedures described in the section entitled &#8220;Reporting of Violations Procedure&#8221; below.</font></div>
    <div>&#160;</div>
    <div> </div>
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              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

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              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
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            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">2 of 14<br>
                </font></div>
            </td>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb4bdfe4e30844dfd96a0d936deb0352d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">COMPLIANCE WITH LAWS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">A variety of laws apply to Algonquin and its operations.&#160; It is Algonquin&#8217;s policy to comply with all applicable laws, including employment, discrimination, health,
        safety, antitrust, securities, banking and environmental laws.&#160; No Algonquin Representative has authority to violate any law or to direct another Algonquin Representative or other person to violate any law on behalf of Algonquin.&#160; Each Algonquin
        Representative is expected to comply with all such laws, as well as rules and regulations adopted under such laws.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Violations of laws may subject an Algonquin Representative to individual criminal or civil liability, as well as to discipline by Algonquin.&#160; Such individual
        violations may also subject Algonquin to civil or criminal liability or the loss of reputation or business.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Many of the laws applicable to Algonquin and Algonquin Representatives are complex and fact specific.&#160; If any Algonquin Representative has questions concerning a
        specific situation, he or she should contact the Ethics Officer before taking any action.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z07b300ef8cd24955a5012e24841cbf26" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CONFLICTS OF INTEREST</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="ze3334ab613fe4a2ca4fdbfaacfd7fad8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">General</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives are expected to make or participate in business decisions and actions in the course of their relationship with Algonquin
        based on the best interests of Algonquin and not based on personal relationships or benefits.&#160; A conflict of interest, which can occur or appear to occur in a wide variety of situations, may compromise an Algonquin Representative&#8217;s business ethics.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Generally speaking, a conflict of interest occurs when the personal interest of an Algonquin Representative, an immediate family member of an
        Algonquin Representative or a person with whom an Algonquin Representative has a close personal relationship interferes with, or has the potential to interfere with, the interests or business of Algonquin.&#160; For example, a conflict of interest may
        occur where an Algonquin Representative, his or her family member or person with whom he or she has a close personal relationship receives a gift, a unique advantage or an improper personal benefit as a result of the Algonquin Representative&#8217;s
        position at Algonquin.&#160; A conflict of interest could make it difficult for an Algonquin Representative to perform his or her duties objectively and effectively because he or she has a competing interest.</font></div>
    <div>&#160;</div>
    <div>
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Common Areas in which Conflicts Arise</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">The following is a discussion of certain common areas that raise conflict of interest issues.&#160; However, a conflict of interest can occur in a
        variety of situations.&#160; Algonquin Representatives must be alert to recognize any situation that may raise conflict of interest issues and must disclose to the Ethics <br>
      </font></div>
    <div>&#160;</div>
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                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

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              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
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            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: left;">
              <div>&#160;</div>
              <div><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">3 of 14<br>
                </font></div>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
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    </div>
    <div> <br>
    </div>
    <div style="margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Officer any material transaction or relationship that reasonably could be expected to give rise to actual, potential or apparent conflicts of interest with Algonquin.</font></div>
    <div><font style="font-size: 10pt; font-family: Arial;"></font>&#160;
      <div>
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            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 72pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Outside Activities/Employment</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">Any outside activity must not significantly encroach on the time and attention Algonquin Representatives devote to their duties for Algonquin and
        should not adversely affect the quality or quantity of their work.&#160; In addition, Algonquin Representatives may not imply Algonquin&#8217;s sponsorship or support of any outside activity that is not official Algonquin business, and under no circumstances
        are Algonquin Representatives permitted to take for themselves or their family members business opportunities that are discovered or made available by virtue of their positions at Algonquin.&#160; Moreover, except as permitted by the following paragraph
        or by the Board, no Algonquin employee may perform services for or have a financial interest in any entity that is, or to such employee&#8217;s knowledge may become, a vendor, client or competitor of Algonquin.&#160; Algonquin employees are prohibited from
        taking part in any outside employment or directorships without the prior written approval of the Ethics Officer, except for minor and unrelated employment and for directorships on charitable boards that in each case do not interfere with the
        employee&#8217;s duties to Algonquin.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">No Algonquin employee may acquire securities of a customer, supplier or other party if ownership of the securities would be likely to affect
        adversely either the employee&#8217;s ability to exercise independent professional judgment on behalf of Algonquin or the quality of such employee&#8217;s work.&#160; Algonquin Representatives must always follow Algonquin&#8217;s other policies concerning the trading of
        securities, including the Corporation&#8217;s Disclosure Policy and Insider Trading Policy.</font></div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z4bfc4b6b219848e1939efecce27cc47a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 72pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Civic/Political Activities</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives are at liberty to participate in civic, charitable or political activities so long as such participation does not encroach
        on the time and attention they are expected to devote to their Algonquin-related duties.&#160; Such activities are to be conducted in a manner that does not create an appearance of Algonquin&#8217;s involvement or endorsement.</font></div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z3bda54abf69641ef8fc531410bf41b04" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Exceptions</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Transactions as defined in applicable securities regulations between related parties will not be conflicts of interest under this Code if they are
        reviewed and approved in accordance with the requirements of those regulations.&#160; Transactions or other activities by directors, officers or employees of Algonquin will not be conflicts of interest under this Code if they have been approved by the
        Board or disclosed in accordance with this Policy.</font></div>
    <div>&#160;</div>
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="2" border="0" id="z12673f8cf3cd404f8738bd7d2b2a3695" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">4 of 14<br>
                </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z59587106e1aa4424a32bdc2941290b0a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">BRIBERY AND OTHER IMPROPER PAYMENTS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z006b0645984d494294f53ba5624fc2ce" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">General</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin strictly prohibits both commercial and public sector bribery and requires all Algonquin Representatives to comply with all applicable
        anti-bribery laws.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">No Algonquin Representative may, directly or indirectly, give, offer, demand, solicit or accept a bribe, including facilitation or &#8220;grease&#8221;
        payments, to or from anyone in the course of conducting business on behalf of Algonquin, including in order to obtain, retain, or direct business, or for any other advantage. No Algonquin Representative may, directly or indirectly, give, offer,
        demand, solicit or accept any improper payment to or from anyone in the course of conducting business on behalf of Algonquin, including in order to obtain or retain business, or for any other advantage.&#160; Improper payments include, without
        limitation, any gift, gratuity, reward, kickback, advantage or benefit of any kind (monetary or non-monetary).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Similarly, a third party intermediary, such as an agent or family member, cannot be used to further any bribe or improper payment or otherwise
        violate the spirit of this Code. All third party intermediaries engaged to interact with public officials on Algonquin&#8217;s behalf must undergo such pre-engagement due diligence as the Ethics Officer may implement from time to time. If you have
        questions about what is considered a bribe or improper payment, please direct those questions to the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z40413672af4746b59d36f2e41203e08e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Dealings with Government and Public Officials</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin strictly prohibits directly or indirectly providing anything of value (monetary or non-monetary) to any public official that violates the
        laws of any jurisdiction in which Algonquin operates.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin strictly prohibits any Algonquin Representative from giving, offering or promising directly or indirectly, any bribe, improper payment, or
        anything of value (monetary or non-monetary), using corporate or personal funds or property, to public officials of any government or governmental agency for the purpose of obtaining or retaining business, to influence any act or omission or for
        any other improper reason.&#160; Any offer of or request for any bribe or improper payment must be reported to the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin strictly prohibits any person from making or offering any payment or anything of value if such person knows or reasonably believes that
        all or a portion of it will be offered, given or promised, directly or indirectly, to any public official for the purposes of assisting Algonquin in obtaining or retaining business, to influence an act or omission or for any other improper reason.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <table cellspacing="0" cellpadding="2" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z58c580e8c6b448bdad4506918ee5d18a">

            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
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      <table cellspacing="0" cellpadding="2" border="0" id="z7ef504ba06f64e3f9728c297c174e7d0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">5 of 14<br>
                </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Nothing in this Code prohibits the making of monetary or non-monetary payments to a public official when life, safety, or health is at risk. Under
        such circumstances you must immediately report the payment to the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Public officials include, without limitation:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5eb2d34c8016436084487a5eef672184" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">political parties or officials thereof, political candidates and elected or appointed representatives of any government or governmental agency holding a legislative, administrative or
                    judicial position at any level;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z459256b9542b499e95ffdd7158d2513c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">a person who performs public duties or functions, including a person employed by a board, commission, corporation or other body or authority that is established to perform a duty or
                    function on behalf of the government, or is performing such a duty or function; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3706c6ddadb54e8898921904f6abf42d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">an official or agent of a public international organization that is formed by two or more states or governments, or by two or more such public international organizations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">If you have questions about whether a particular person is considered a public official, please direct those questions to the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z9aa72ffe530148fb9f773ef7d0d0fc20" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Political and Charitable Contributions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin may make contributions to political parties or committees or to individual politicians only in accordance with applicable law.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Specific questions respecting political and charitable contributions should be directed to the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives may make personal political and charitable contributions in accordance with section 3(b)(ii) of this Code.</font></div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z333db57f14ea4cc5ba1a1a543ca25439" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Gifts and Business Courtesies</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin strictly prohibits any payment to any person that violates the laws of any jurisdiction in which Algonquin operates. Except to the extent
        specifically permitted below, Algonquin strictly prohibits any person from giving, offering, promising, demanding, soliciting or receiving, directly or indirectly, anything of value, including a gift or other business courtesy, using corporate or
        personal funds, that could influence or reasonably give the appearance of influencing Algonquin&#8217;s business relationship with another person, including public officials.&#160; Any offer of or request for such a gift or other business courtesy must be
        reported to the Ethics Officer. Business courtesies include, without limitation: gifts; meals; entertainment; travel; business opportunities; discounted or free products or services; employment opportunities; loans; and per diems. Specific
        questions <br>
      </font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">6 of 14<br>
                </font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;"> <font style="font-size: 10pt; font-family: Arial;">respecting what constitutes appropriate gifts or other business courtesies should be directed to the Ethics Officer.</font></div>
    <div> <br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z4d9c2bce0b2b49c1a7bdd8a681486b0e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Exceptions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin does not prohibit:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc7b18ae5a8db44a6b3e782ad2b0ce42e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">the giving or receiving of gifts of nominal or token value to or from non-government suppliers and customers, provided that they are not for the express purpose of obtaining or
                    retaining business or some other advantage for Algonquin and provided that they are otherwise lawful.&#160; Gifts include, without limitation, material goods, as well as services, promotional premiums and discounts.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8b2f6c4132474e00b25e8aa8bea234ed" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">expenditures of amounts for meals, entertainment and travel expenses for non-government suppliers and customers that are ordinary and customary business expenses, if they are otherwise
                    lawful.&#160; These expenditures should be included on expense reports and approved pursuant to Algonquin&#8217;s standard procedures.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7f78b89baea944d193daebd2869d04cc" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: Arial;">payments made that are otherwise lawful in respect of reasonable expenses incurred in good faith by or on behalf of the public official that are directly related to the promotion,
                    demonstration or explanation of Algonquin&#8217;s business, or the execution or performance of a contract between Algonquin and the government for which the official performs duties or functions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 54pt;"><font style="font-size: 10pt; font-family: Arial;">Caution should be exercised with respect to these exceptions.&#160; If there is any doubt as to the legitimacy or legality of a payment under this policy
        or under any law, advice should be sought in advance from the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z699f7cb1950e4b1da81d42445c86c5de" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INSIDER TRADING AND TIPPING</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The purchase and sale of the Corporation&#8217;s securities may only be done in accordance with the Corporation&#8217;s Insider Trading Policy and Disclosure Policy.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">A violation of the Insider Trading Policy or the Disclosure Policy is also a violation under this Code. Any violation of insider trading, tipping, recommending, market
        manipulation, fraud or insider reporting laws by any Algonquin Representative may subject the Algonquin Representative to disciplinary action by Algonquin, up to and including termination of the Algonquin Representative&#8217;s relationship with
        Algonquin.&#160; The employee may also be accountable to the Corporation for any benefit or advantage received as a result of insider trading. Engaging in prohibited insider trading, tipping, recommending, market manipulation or fraud, or violating
        insider reporting requirements, may also have severe consequences, including fines, imprisonment and civil liability.</font></div>
    <div>&#160;</div>
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      <div style="width: 100%;" id="DSPFPageFooter">
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
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    </div>
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      <table cellspacing="0" cellpadding="2" border="0" id="z659aabd7e46447209a82607f9b228ca7" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

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            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">7 of 14 </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Copies of the Insider Trading Policy and the Disclosure Policy are available from the Ethics Officer and are available on Algonquin&#8217;s intranet. Questions
              concerning the Insider Trading Policy, the Disclosure Policy or the legal restrictions on insider trading should be directed to the Ethics Officer or any member of the Corporation&#8217;s Disclosure Committee.</font></div>
        </div>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z75ff6f33787342f8b3ca1e4009c65906" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">PUBLIC DISCLOSURE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The Corporation has an obligation under applicable laws to make full, fair, accurate, timely and understandable disclosure in its financial records and statements, in
        reports and documents that it files with or submits to securities regulatory authorities and in its other public communications.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">In furtherance of this obligation, each Algonquin Representative in performing his or her duties shall act in good faith, responsibly, with due care, competence and
        diligence, without misrepresenting material facts or allowing one&#8217;s independent judgment to be subordinated, in order to ensure that to the best of his or her knowledge Algonquin&#8217;s books, records, accounts and financial statements are maintained
        accurately and in reasonable detail, appropriately reflect Algonquin&#8217;s transactions, are honestly and accurately reflected in its publicly available reports and communications and conform to applicable legal requirements and Algonquin&#8217;s system of
        internal controls, including the Corporation&#8217;s Disclosure Policy.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">All media relations are to be co-ordinated through the Corporation&#8217;s Disclosure Committee<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#160;</font>and



        in accordance with its Disclosure Policy.&#160; Algonquin employees should not comment on any inquiry from the media, no matter how innocuous the inquiry may appear. Any employee who is asked for a statement by the media should explain this policy and
        refer the matter to any member of the Disclosure Committee.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z97f2f6931baf467087c8f4e7fb4ed800" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">HANDLING OF CONFIDENTIAL INFORMATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">At all times, directors, officers and employees must take appropriate steps to protect confidential information. In addition to the restrictions regarding material
        non-public information set forth in the Disclosure Policy, Algonquin Representatives should observe the confidentiality of information that they acquire by virtue of their relationship with Algonquin, including information concerning Algonquin and
        its customers, suppliers and competitors and other Algonquin Representatives, except where disclosure is approved by an executive officer of the Corporation or otherwise legally mandated.&#160; In addition, Algonquin Representatives must safeguard
        proprietary information, which includes information that is not generally known to the public and has commercial value in Algonquin&#8217;s business.&#160; Proprietary information includes, among other things, business methods, analytical tools, software
        programs, trade secrets, ideas, techniques, inventions and other information relating to economic analysis, designs, algorithms and research.&#160; It also includes information relating to finances, facilities, markets and terms of compensation for
        Algonquin Representatives.&#160; The obligation to preserve proprietary information continues even after employment ends. In addition to violating this Code and Algonquin policy, unauthorized use or distribution of proprietary information could also be
        illegal and result in civil or even criminal penalties.&#160; Algonquin considers its confidential and proprietary information important assets and may bring suit against Algonquin Representatives or former Algonquin Representatives to defend its rights
        vigorously.</font></div>
    <div>&#160;</div>
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
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            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
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            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">8 of 14<br>
                </font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdf220b8b9a8441e2bba76d2e036d397d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">USE OF ALGONQUIN ASSETS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin assets, including facilities, funds, materials, supplies, time, information, intellectual property, computers, mobile devices, information technology
        hardware and software, facilities and other assets owned or leased by Algonquin, or that are otherwise in Algonquin&#8217;s possession, may be used only for legitimate business purposes of Algonquin.&#160; Algonquin assets are not to be misappropriated,
        loaned to others, donated, sold or used for personal use, except for any activities that have been approved in writing by the Board or the Ethics Officer in advance, or for personal usage that is minor in amount and reasonable.&#160; Algonquin
        Representatives are to report any theft or suspected theft to the Ethics Officer.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2f5be2c7d7ee4e8ebc90a3bd3899b069" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">FAIR DEALING</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Each Algonquin Representative should deal fairly and in good faith with other Algonquin Representatives, security holders, customers, suppliers, regulators, business
        partners and competitors.&#160; No Algonquin Representative may take unfair advantage of anyone through manipulation, concealment, misrepresentation, inappropriate threats, fraud, abuse of confidential information or any other intentional unfair-dealing
        practice.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4e966f5e07e846c29060a51c7838e3f0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">EMPLOYEE PRIVACY AND PERSONAL INFORMATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The collection of personal information is to be limited to that which is necessary for business, legal, security or contractual purposes and is to be conducted by fair
        and lawful means with the knowledge and consent of the individual from whom the information is being collected. Access to employee personnel and medical records and the information contained therein shall be limited to those with a need to know for
        a legitimate business purpose. All employees have the right to see their own personnel record. Personal information shall not be used or disclosed for purposes other than those for which it was collected, except with the knowledge and consent of
        the individual or as required by law. Personal information shall be retained only as long as necessary for the fulfilment of those purposes and shall be kept sufficiently accurate, complete and up-to-date to minimize the possibility that
        inappropriate information may be used or disclosed.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin and the Algonquin Representatives will observe obligations of confidentiality and non-disclosure of personal information, including information of
        Algonquin&#8217;s employees and customers, with the same degree of diligence that employees are expected to use in protecting confidential information relating to Algonquin.&#160; Algonquin is responsible for all personal information in its possession or
        custody, including information that has been transferred to a third party for processing, and all Algonquin Representatives shall adhere to all of Algonquin&#8217;s policies and procedures in place to protect personal information against loss or theft,
        as well as unauthorized access, disclosure, copying, use or modification.&#160; Algonquin and all Algonquin Representatives shall also comply with all applicable laws regulating the disclosure of personal information.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
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      <table cellspacing="0" cellpadding="2" border="0" id="zf9c711b4b07d4348bc57f047294937d3" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">9 of 14<br>
                </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

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      <div><br>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3882ef817c624295850fa8cbbad43b40" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RECORDING OF TRANSACTIONS AND REPORTING OF FINANCIAL INFORMATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The Corporation&#8217;s books and records must fully and fairly disclose, in an accurate, timely and understandable manner, all transactions and dispositions of the assets
        of the Corporation.&#160; The integrity of the Corporation&#8217;s record-keeping and reporting systems shall be maintained at all times.&#160; Algonquin Representatives must document and record all transactions in accordance with the Corporation&#8217;s internal
        control procedures and in compliance with all applicable accounting principles, laws, rules and regulations.&#160; Algonquin Representatives are forbidden to use, authorize, or condone the use of &#8220;off-the-books&#8221; record-keeping or any other device that
        could be utilized to distort records or reports of the Corporation&#8217;s true operating results and financial conditions. Maintenance of falsified, inaccurate or incomplete records can subject the offending individual and the Corporation to civil and
        criminal penalties.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">All funds and assets are to be recorded and disclosed. The use of Algonquin&#8217;s funds or assets for any unlawful or improper purpose is strictly prohibited, and those
        responsible for the accounting and record-keeping functions are expected to be vigilant in ensuring enforcement of this prohibition. Algonquin Representatives with responsibility for reporting financial information shall provide information that is
        accurate, complete, objective, timely and understandable and complies with all applicable laws relating to the recording and disclosure of financial information.&#160; Complaints and concerns regarding accounting, internal accounting controls or
        auditing matters may be made through the whistleblower hotline in accordance with the Corporation&#8217;s Whistleblower policy, or through one of the other procedures described in the section entitled &#8220;Reporting of Violations Procedure&#8221; below.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z576960dfbd0e4df2961775cac21b27e5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">IMPROPER INFLUENCE ON CONDUCT OF AUDITS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives will not improperly influence, manipulate or mislead any auditor engaged in the performance of an audit of the Corporation&#8217;s financial
        information or financial statements.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The honesty and integrity of those who represent the Corporation must underlie all of Algonquin&#8217;s relationships, including those with shareholders, customers,
        suppliers, governments, regulators, professional service providers and others. The integrity of the Corporation&#8217;s financial reporting is of particular importance as shareholders rely on the Corporation to provide complete and accurate information.
        The dissemination of financial statements that contain materially misleading information can cause serious legal difficulties for both the Corporation and the Algonquin Representative.&#160; As mentioned above, complaints and concerns regarding
        accounting, internal accounting controls or auditing matters may be made through the whistleblower hotline in accordance with the Corporation&#8217;s Whistleblower Policy, or through one of the other procedures described in the section entitled
        &#8220;Reporting of Violations Procedure&#8221; below.</font></div>
    <div>&#160;</div>
    <div>
      <div style="text-align: left;">
        <div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">13.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RECORDS RETENTION</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Certain records received or generated at Algonquin must be retained for specified periods of time; other records should be purged on a regular basis. Legal and
          regulatory practice requires the retention of certain </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"> <br>
        </font></div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify;">
      <table cellspacing="0" cellpadding="2" border="0" id="z3dc7211c62234c09a830cec1da8d74c9" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">10 of 14<br>
                </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <font style="font-size: 10pt; font-family: Arial;">records for various periods of time, particularly in the tax, personnel, health and safety, environmental and financial areas. Failure to retain documents for such minimum periods may subject
        Algonquin to penalties and fines or place Algonquin at a serious disadvantage in litigation.&#160; In addition, when litigation or a governmental investigation or audit is pending or imminent, relevant records must not be altered or destroyed until the
        matter is closed. Destruction of records to avoid disclosure in a legal or governmental proceeding may constitute a criminal offence.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z711b122c6ad342c8b405ca8eb1e53b4f" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">14.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">HEALTH AND SAFETY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin strives to provide each Algonquin Representative with a safe and healthy work environment.&#160; Each Algonquin Representative has responsibility for maintaining
        a safe and healthy workplace for all Algonquin Representatives by following safety and health rules and practices and promptly reporting accidents, injuries and unsafe equipment, practices or conditions.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Violence and threatening behaviour will not be tolerated.&#160; Algonquin Representatives should report to work in condition to perform their duties, free from the
        influence of illegal drugs or excessive alcohol.&#160; The use of illegal drugs in the workplace will not be tolerated.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6f60229407bc4848aa80d7d6e414ada2" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">15.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">DISCRIMINATION AND HARASSMENT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The diversity of Algonquin Representatives is a tremendous asset.&#160; Algonquin is firmly committed to providing equal opportunity in all aspects of employment and will
        not tolerate any illegal discrimination or harassment of any kind.&#160; Examples of conduct that will not be tolerated include derogatory comments based on racial, ethnic or religious characteristics and unwelcome sexual advances.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8ed071b4bf714140b2d84540cad48983" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">16.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">COMPUTING TECHNOLOGY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Employees with access to Algonquin computing and communication devices must use them in a responsible manner for the benefit of Algonquin and Algonquin Representatives
        should ensure that they are used appropriately and with care.&#160; While incidental personal use may occasionally occur and is acceptable, these resources are intended for Algonquin&#8217;s benefit and use, and employees shall not create or transmit any
        unsolicited commercial, advertising or recreational material, or use any system resources for political activities, or to advance the interests of any party other than Algonquin.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Information transmitted through Algonquin resources implies affiliation with the Corporation and should therefore reflect positively upon the Corporation. Algonquin
        Representatives shall not create, access or transmit any material, data, text, audio or images, or material, which is offensive, obscene, indecent, libellous, slanderous, harassing or defamatory. Algonquin Representatives are expected to discourage
        others from transmitting such information to their internet address. Algonquin Representatives must also comply with all laws including those in respect to all forms of intellectual property rights, trademarks, copyrights and harassment.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="width: 100%;" id="DSPFPageFooter">
        <table cellspacing="0" cellpadding="2" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z58c580e8c6b448bdad4506918ee5d18a">

            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="2" border="0" id="z4d7ba5701f87474c9c278c01ed09dbe6" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">11 of 14 </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives must use facilities efficiently, minimize unnecessary messages to others, and refrain from activities that will jeopardize the normal
        business operation of the system. Computer system passwords and/or user identifications must not be disclosed to anyone except in accordance with Algonquin&#8217;s policy. Normal standards of professionalism should govern when deciding whether to make
        information available on Algonquin&#8217;s computing and, communication devices. All internet use by Algonquin Representatives is subject to periodic audit by authorized personnel.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb2a20cf7969148b68ff118970da0ac78" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">17.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">REPORTING OF VIOLATIONS PROCEDURE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z32c1e4834fe64b4388d2c0e3840eceb5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">General Policy Regarding Violations Reports</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives who observe, learn of, or, in good faith, suspect a violation of this Code must immediately report the violation to the
        Ethics Officer, Assistant Ethics Officer or to the Chair of the Audit Committee of the Board. Complaints or concerns may also be made anonymously through the whistleblower hotline, in accordance with the Corporation&#8217;s Whistleblower Policy.&#160;
        Algonquin Representatives who report violations or suspected violations in good faith will not be subject to retaliation of any kind.&#160; Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent
        possible.&#160; A violation of this Code may result in disciplinary action, which may include termination of an Algonquin Representative&#8217;s relationship with Algonquin.</font></div>
    <div>&#160;<br>
      <div>
        <table cellspacing="0" cellpadding="0" id="zf7525b39c1664002add56bc063a78ed4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Complaint Procedure</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z00fd738e321e48eda1d01aa4c17af57b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 72pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Notification of Complaint</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives who observe, learn of or, in good faith, suspect a violation of this Code must report the violation immediately to the
        Ethics Officer, or if for some reason the Algonquin Representative is uncomfortable reporting the violation to the Ethics Officer (such as if the violation may involve the Ethics Officer) or the Ethics Officer is unavailable, to the Assistant
        Ethics Officer or Chair of the Audit Committee of the Board.&#160; Whenever practical, the complaint should be made in writing. It is unacceptable to submit a complaint knowing it is false.&#160; Complaints may also be reported through the whistleblower
        hotline, in accordance with the Corporation&#8217;s Whistleblower Policy.</font></div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za823c528f726413f84fd617cf5215b7e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 72pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Investigation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">Reports of violations having merit will be investigated under the supervision of the Ethics Officer.&#160; Relevant corporate records will be reviewed
        and pertinent Algonquin Representatives and others may be interviewed in order to determine the existence and extent of any violation.&#160; Algonquin Representatives are expected to cooperate in the investigation of reported violations.&#160; The Ethics
        Officer shall report on the fact of the commencement of an investigation and the conclusions of the investigation to the Chair of the Board.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

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              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">12 of 14<br>
                </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfe6beea6369d4e46b9e3a090519ad662" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">(</font><font style="font-weight: bold;">iii</font><font style="font-size: 10pt; font-family: Arial;
                  font-weight: bold;">)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-weight: bold;">
                <div style="text-align: left; font-family: Arial; font-size: 10pt;">Confidentiality</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">Except as may be required by law or the requirements of the resulting investigation, the Ethics Officer and others conducting the investigation
        shall not disclose the identity of anyone who reports a suspected violation if anonymity is requested.&#160; Except as may be required by law or the requirements of the resulting investigation, all reports of violations and related consultations will be
        kept confidential to the extent possible under the circumstances.</font></div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z09c66dcc56d24cbd82158976402ce764" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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              <td style="width: 108pt; vertical-align: top; font-weight: bold;">
                <div style="text-align: left; margin-left: 72pt; font-family: Arial; font-size: 10pt;">
                  <div style="text-align: left; font-family: Arial; font-size: 10pt;">(iv)</div>
                </div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Protection Against Retaliation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">Retaliation in any form against an individual who reports an alleged violation of this Code, even if the report is mistaken, or who participates in
        the investigation of a report, may itself be a violation of law and is a serious violation of this Code.&#160; Any alleged act of retaliation must be reported immediately to the Ethics Officer.&#160; If determined to have in fact occurred, any act of
        retaliation will result in appropriate disciplinary action, which may include termination of the Algonquin Representative.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z852836f928ae4f0abe3816b92ab7d6e3" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">18.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">COMPLIANCE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z8b61206121d74445af6909f87a1c8361" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: Arial; font-size: 10pt; font-weight: bold;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Adherence to Code; Disciplinary Action</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">All Algonquin Representatives have a responsibility to understand and follow this Code. In addition, all Algonquin Representatives are expected to
        perform their work with honesty and integrity in all areas not specifically addressed in this Policy.&#160; Algonquin will discipline any Algonquin Representative who violates this Code or related practices. Such discipline may include, among other
        things, written notice to the Algonquin Representative that Algonquin has determined that there has been a violation, censure by Algonquin, demotion or re-assignment, suspension with or without pay or benefits, or termination of the Algonquin
        Representative&#8217;s relationship with Algonquin.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Records of all violations of this Code and the disciplinary action taken will be maintained by the Ethics Officer and will be placed in the
        Algonquin Representative&#8217;s personnel file.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin will notify and cooperate with the police or other governmental authorities regarding acts of Algonquin Representatives involving
        violations of law.&#160; In addition, some violations may result in Algonquin bringing suit against employees or former employees to defend its rights vigorously.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <tr>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
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      <table cellspacing="0" cellpadding="2" border="0" id="zb5527cc0dc254bb78d690668f14d7000" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

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            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><img src="image001.jpg"></div>
            </td>
            <td style="width: 33.73%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.27%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
            </td>
            <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
            </td>
            <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"><font id="DSPFPageNumber">13</font> of 14<br>
                </font></div>
            </td>
          </tr>
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            <td style="width: 12.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
            </td>
            <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
            </td>
            <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
            </td>
            <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2264256a8c0b4163a5376ae87f22cca1" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: Arial; font-size: 10pt; font-weight: bold;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Communications</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin strongly encourages dialogue among Algonquin Representatives and their supervisors to make everyone aware of situations that give rise to
        ethical questions and to articulate acceptable ways of handling those situations.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">The Ethics Officer or his or her designee shall provide a report to the Audit Committee at least quarterly on investigations and other significant
        matters arising under this Code.</font></div>
    <div>&#160;</div>
    <div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5b0d1923ceab45fba20485277cd9c208" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: Arial; font-size: 10pt; font-weight: bold;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Responsibility of Senior Employees</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Representatives who are officers or other managerial employees are expected to promote honest and ethical conduct, including the ethical
        handling of actual or apparent conflicts of interest between personal and professional relationships. Algonquin Representatives who are managerial employees may be disciplined if they condone misconduct, do not report misconduct, do not take
        reasonable measures to detect misconduct or do not demonstrate the appropriate leadership to promote compliance.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z18867519c7ae4f45819b874bc89580e8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">19.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RELATED ALGONQUIN POLICIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">This Code should be read in conjunction with Algonquin&#8217;s other related policy documents, including the Corporation&#8217;s Disclosure Policy, Insider Trading Policy and
        Whistleblower Policy.&#160; This Code supplements, but does not supersede, any contractual obligation any person may have under the terms of any agreements with Algonquin.&#160; This Code is not intended to create any contract (express or implied) with any
        person, including, without limitation, any employment or consulting contract, or to constitute any promise that a person&#8217;s employment or consulting arrangement will not be terminated except for cause.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0db3d6601f1040838762d92ebf3a7ec3" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">20.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">APPROVAL; AMENDMENT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">This Code last approved and adopted by the Board of Directors of Algonquin Power &amp; Utilities Corp. on February 28, 2019. Any amendment to this Code will be
        disclosed promptly to Algonquin Representatives and will be disclosed in accordance with applicable securities laws.</font></div>
    <div>&#160;</div>
    <div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">*&#160; *&#160; *&#160; *&#160; *</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> <br>
        </font></div>
    </div>
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            <tr>
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                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
              <td style="width: 50%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
              </td>
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            <div style="text-align: center; font-family: Arial; font-size: 10pt;">354 Davis Road,</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">OAKVILLE, ONTARIO L6J 2X1</font></div>
          </td>
        </tr>
        <tr>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">CODE OF BUSINESS CONDUCT AND ETHICS</font></div>
          </td>
          <td style="width: 11.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Proc. #:</font></div>
          </td>
          <td style="width: 21.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Description:</font></div>
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          <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Policy to maintain high standard of business conduct</font></div>
          </td>
          <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Revision #:</font></div>
          </td>
          <td style="width: 4.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.15%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Pages:</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">14</font></div>
          </td>
          <td style="width: 8.47%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"><font id="DSPFPageNumber">14</font> of 14<br>
              </font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Written by:</font></div>
          </td>
          <td style="width: 53.56%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
          </td>
          <td style="width: 11.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Date:</font></div>
          </td>
          <td style="width: 21.86%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">February 28, 2019</font></div>
          </td>
        </tr>

    </table>
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    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Schedule A</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The Board has made the following designations:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">As Ethics Officer:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Mary Ellen Paravalos</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Chief Compliance and Risk Officer</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Power &amp; Utilities Corp.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">354 Davis Road</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Oakville, Ontario</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">L6J 2X1</font></div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Telephone:</font></div>
          </td>
          <td style="width: 90%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">905-465-4853</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Email:</font></div>
          </td>
          <td style="width: 90%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">maryellen.paravalos@libertyutilities.com</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">As an Assistant Ethics Officer:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Jennifer Tindale</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Chief Legal Officer</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Power &amp; Utilities Corp.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">354 Davis Road</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Oakville, Ontario</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">L6J 2X1</font></div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Telephone:</font></div>
          </td>
          <td style="width: 90%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">905-465-6123</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Email:</font></div>
          </td>
          <td style="width: 90%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">jennifer.tindale@libertyutilities.com</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Christopher J. Ball</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Director and Chair of the Audit Committee</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Algonquin Power &amp; Utilities Corp.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z50334c6272184a09b76147fdece1c6d9" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Email:</font></div>
          </td>
          <td style="width: 90%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">apuc.auditchair@integritycounts.ca</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Complaints or concerns may also be made anonymously through the whistleblower hotline, in accordance with the Corporation&#8217;s Whistleblower Policy.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
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      <div style="width: 100%;" id="DSPFPageFooter">
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                <div style="text-align: left; font-size: 10pt;">Code of Business Conduct and Ethics</div>
              </td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
