<SEC-DOCUMENT>0001140361-20-015795.txt : 20200710
<SEC-HEADER>0001140361-20-015795.hdr.sgml : 20200710
<ACCEPTANCE-DATETIME>20200710150658
ACCESSION NUMBER:		0001140361-20-015795
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200710
DATE AS OF CHANGE:		20200710
EFFECTIVENESS DATE:		20200710

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALGONQUIN POWER & UTILITIES CORP.
		CENTRAL INDEX KEY:			0001174169
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-236975
		FILM NUMBER:		201022975

	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>SUPPL
<SEQUENCE>1
<FILENAME>brhc10013418_suppl.htm
<DESCRIPTION>SUPPL
<TEXT>
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    <div>
      <div style="margin: 0px; color: rgb(255, 0, 0); font-weight: bold; text-align: right;"> <font style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Filed
          pursuant to General<br>
          Instruction II.L. of Form F-10<br>
          File No. 333-236975</font><br>
        <br>
      </div>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">This prospectus supplement (this &#8220;<font style="font-weight: bold;">Prospectus Supplement</font>&#8221;), together with the short form base shelf prospectus dated April 3, 2020 to which it relates, as
      amended or supplemented (the &#8220;<font style="font-weight: bold;">Base Shelf Prospectus</font>&#8221;), and each document incorporated or deemed to be incorporated by reference in the Base Shelf Prospectus or this Prospectus Supplement (collectively, this &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221;) constitutes a public offering of these securities only in those jurisdictions where they may lawfully be offered for sale and therein only by persons permitted to sell such securities.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-size: 8pt; font-style: italic;"><font style="font-weight: bold; font-size: 10pt;">Information has been incorporated by reference in this Prospectus Supplement from documents filed with securities commissions or
        similar authorities in Canada.</font><font style="font-size: 10pt;"> Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of the Corporation (as defined herein) at Suite
        100, 354 Davis Road, Oakville, Ontario, L6J 2X1, telephone (905) 465-4500, and are also available electronically at <u>www.sedar.com</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">To a Short Form Base Shelf Prospectus dated April 3, 2020</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0f02e617b56a4ca5af5ca35fa575a47a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;"><u>New Issue</u></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: right;">July 10, 2020</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">ALGONQUIN POWER &amp; UTILITIES CORP.</div>
    <div>&#160;</div>
    <div style="text-align: center;"><img width="346" height="95" src="image01.jpg">
      <div style="font-size: 12pt; font-weight: bold;">32,170,000 Common Shares</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <div>Algonquin Power &amp; Utilities Corp. (the &#8220;<font style="font-weight: bold;">Corporation</font>&#8221; or &#8220;<font style="font-weight: bold;">Algonquin</font>&#8221;) is hereby qualifying the distribution (the &#8220;<font style="font-weight: bold;">Offering</font>&#8221;)




            of 32,170,000 common shares of the Corporation (&#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;) at a price of $17.10 per Common Share (the &#8220;<font style="font-weight: bold;">Public</font>&#160;<font style="font-weight: bold;">Offering Price</font>&#8221;).




            The Public Offering Price was determined by negotiation between Algonquin and Scotia Capital Inc. and CIBC World Markets Inc. (the &#8220;<font style="font-weight: bold;">Lead Underwriters</font>&#8221;), on their own behalf and on behalf of <a name="z_Hlk45135107"></a>TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., Raymond James Ltd.,&#160; Industrial Alliance Securities Inc., J.P. Morgan Securities
            Canada Inc. and Wells Fargo Securities Canada, Ltd. (collectively, together with the Lead Underwriters, the &#8220;<font style="font-weight: bold;">Underwriters</font>&#8221;). See &#8220;<font style="font-style: italic;">Plan of Distribution.</font>&#8221; The
            closing of the Offering is expected to occur on or about July 17<font style="color: #000000;">, </font>2020, or such later date(s) as the Corporation and the Underwriters may agree (the &#8220;<font style="font-weight: bold;">Closing Date</font>&#8221;).</div>
          <div>&#160;&#160; </div>
        </div>
      </div>
      <div style="text-align: justify;">This Offering is being made concurrently in Canada under the terms of this Prospectus Supplement and in the United States (the &#8220;<font style="font-weight: bold;">U.S.</font>&#8221;) under the terms of the Corporation&#8217;s
        registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission<font style="font-weight: bold;">&#160;</font>(the &#8220;<font style="font-weight: bold;">SEC</font>&#8221;).</div>
      <br>
      <div style="text-align: justify;">
        <div>
          <div>
            <div>The Corporation&#8217;s outstanding Common Shares are listed on the Toronto Stock Exchange (&#8220;<font style="font-weight: bold;">TSX</font>&#8221;) and the New York Stock Exchange (&#8220;<font style="font-weight: bold;">NYSE</font>&#8221;) under the symbol &#8220;AQN&#8221;.
              On July 8, 2020,<font style="font-weight: bold;">&#160;</font>the last closing prices of the Common Shares prior to the announcement of the Offering were $17.52 per Common Share on the TSX and U.S.$12.97 per Common Share on the NYSE. On July 9,
              2020, the last trading day prior to the date of this Prospectus Supplement, the closing prices of the Common Shares were $17.06 per Common Share on the TSX and U.S.$12.55 per Common Share on the NYSE. The Corporation has applied to the TSX
              and the NYSE to list the Common Shares to be issued under this Prospectus Supplement. <font style="color: #000000;">The TSX has conditionally approved the listing of the Common Shares to be issued under this Prospectus Supplement</font>.
              Listing of such Common Shares on the TSX and the NYSE will be subject to the Corporation fulfilling all of the listing requirements of the TSX and the NYSE, as applicable. There can be no assurance that such Common Shares will be accepted for
              listing on the TSX or the NYSE, as the case may be.</div>
            <div>&#160;</div>
          </div>
        </div>
      </div>
      <div style="text-align: justify;">The Common Shares qualified by this Prospectus Supplement are being offered in Canada and the United States by the Underwriters either directly or through their respective Canadian or U.S. broker dealer affiliates or
        agents, as applicable.</div>
      <div>&#160;</div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <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>
    <!--PROfilePageNumberReset%LCR%2%%%-->
    <div style="text-align: justify;">The Underwriters, as principals, conditionally offer the Common Shares, subject to prior sale, if, as and when issued and sold by the Corporation and accepted by the Underwriters in accordance with the conditions
      contained in the Underwriting Agreement (as defined in this Prospectus Supplement) referred to under &#8220;<font style="font-style: italic;">Plan of Distribution</font>&#8221; and subject to the approval of certain legal matters on behalf of the Corporation by
      Blake, Cassels &amp; Graydon LLP, as to Canadian matters, and Gibson, Dunn &amp; Crutcher LLP, as to U.S. matters, and on behalf of the Underwriters by Bennett Jones LLP, as to Canadian matters, and Cravath, Swaine &amp; Moore LLP, as to U.S.
      matters.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb0f3f73bd0d54574b0453dde7c040645">

        <tr>
          <td style="vertical-align: top; padding-bottom: 2px; width: 51%;">&#160;</td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 15%;">
            <div style="text-align: center; font-weight: bold;">Public Offering</div>
            <div style="text-align: center; font-weight: bold;">Price</div>
          </td>
          <td style="vertical-align: top; padding-bottom: 2px; width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 15%;">
            <div style="text-align: center; font-weight: bold;">Underwriting</div>
            <div style="text-align: center; font-weight: bold;">Commission</div>
          </td>
          <td style="vertical-align: top; padding-bottom: 2px; width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 15%;">
            <div style="text-align: center; font-weight: bold;">Net Proceeds</div>
            <div style="text-align: center; font-weight: bold;">to Algonquin<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 51%;">&#160;</td>
          <td style="vertical-align: top; width: 15%;">&#160;</td>
          <td style="vertical-align: top; width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; width: 15%;">&#160;</td>
          <td style="vertical-align: top; width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; width: 15%;"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 51%;">
            <div>Per Common Share</div>
          </td>
          <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 15%;">
            <div style="text-align: center;">
              <div>$17.10</div>
            </div>
          </td>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 15%;">
            <div style="text-align: center;">
              <div>$0.684 <br>
              </div>
            </div>
          </td>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 15%;">
            <div style="text-align: center;">
              <div>$16.416 <br>
              </div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255); width: 51%;">
            <div>Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(3)</sup></div>
          </td>
          <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 15%;">
            <div style="text-align: center;">
              <div>$550,107,000</div>
            </div>
          </td>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255); width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255); width: 15%;">
            <div style="text-align: center;">
              <div>$22,004,280 <br>
              </div>
            </div>
          </td>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255); width: 2%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255); width: 15%;">
            <div style="text-align: center;">$528,102,720</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1120150e019f41c6b8ead08a3f8cccf0">

          <tr>
            <td style="width: 30.25pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>
                <div>Before deducting expenses of the Offering, which are estimated to be approximately $0.6 million and will be paid by the Corporation out of its general funds. The underwriting commission will be paid by the Corporation out of the
                  proceeds of the Offering.</div>
              </div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad5fb3622358485d9077314c009a07c1">

          <tr>
            <td style="width: 30pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Algonquin has granted to the Underwriters an over-allotment option (the &#8220;<font style="font-weight: bold;">Over-Allotment Option</font>&#8221;), exercisable in whole or in part for a period of 30 days from the Closing Date, to purchase up to an
                additional 15% of the number of Common Shares issued under the Offering, being 4,825,500 Common Shares, at a price of $17.10<font style="font-weight: bold;">&#160;</font>per Common Share on the same terms and conditions as the Offering.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z20567d7a20854af1a653dd285ea2aa6a">

          <tr>
            <td style="width: 30pt; vertical-align: top;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>If the Over-Allotment Option is exercised in full, the total &#8220;Public Offering Price&#8221;, &#8220;Underwriting Commission&#8221; and &#8220;Net Proceeds to Algonquin&#8221; (before deducting expenses of the Offering) will be $632,623,050, $25,304,922<font style="font-weight: bold;">&#160;</font>and $607,318,128, respectively. This Prospectus Supplement also qualifies for distribution the grant of the Over-Allotment Option and the issuance of the Common Shares pursuant to the exercise of the
                Over-Allotment Option. See<font style="font-weight: bold;">&#160;</font>&#8220;<font style="font-style: italic;">Plan of Distribution</font>&#8221;.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify;">The following table sets forth the maximum number of Common Shares that the Corporation may issue pursuant to the Over-Allotment Option:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb7b84b37faf547a890de9262a248b962">

        <tr>
          <td style="vertical-align: bottom; width: 22%;">
            <div style="text-align: center;"><u>Underwriter&#8217;s Position</u></div>
          </td>
          <td style="vertical-align: bottom; width: 26%;">
            <div style="text-align: center;">Number of Securities</div>
            <div style="text-align: center;"> <u>Available</u></div>
          </td>
          <td style="vertical-align: bottom; width: 30%;">
            <div style="text-align: center;"><u>Exercise Period</u></div>
          </td>
          <td style="vertical-align: bottom; width: 22%;">
            <div style="text-align: center;"><u>Exercise Price</u></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 22%;" rowspan="1">&#160;</td>
          <td style="vertical-align: bottom; width: 26%;" rowspan="1">&#160;</td>
          <td style="vertical-align: bottom; width: 30%;" rowspan="1">&#160;</td>
          <td style="vertical-align: bottom; width: 22%;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Over-Allotment Option</div>
          </td>
          <td style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">
              <div>4,825,500<font style="font-size: 8pt;">&#160;</font>Common Shares</div>
            </div>
          </td>
          <td style="vertical-align: top; width: 30%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Up to <font style="font-weight: normal;">30</font><font style="font-weight: bold;"> </font>days from the Closing Date</div>
          </td>
          <td style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">
              <div>$17.10 per Common Share <br>
              </div>
            </div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">A purchaser who acquires Common Shares forming part of the Underwriters&#8217; Over-Allotment Option acquires those Common Shares under this Prospectus Supplement,
        regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases</font>.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Subject to applicable laws, the Underwriters may, in connection with the Offering, effect transactions intended to stabilize or maintain the market price of the Common Shares at levels other than those which might
      otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. The Underwriters propose to offer the Common Shares initially at the Public Offering Price. <font style="font-weight: bold;">After the
        Underwriters have made reasonable efforts to sell all of the Common Shares offered by this Prospectus Supplement at such price, the Underwriters may reduce the Public Offering Price to investors from time to time in order to sell any of the Common
        Shares remaining unsold. </font><font style="font-weight: bold; color: rgb(1, 1, 1);">Any such reduction in the Public Offering Price shall not affect the purchase price to be paid to the Corporation</font><font style="font-weight: bold;">. See &#8220;</font><font style="font-weight: bold; font-style: italic;">Plan of Distribution.</font><font style="font-weight: bold;">&#8221;</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div><font style="font-weight: bold;">This Offering is made by a Canadian issuer that is permitted, under the multijurisdictional disclosure system adopted by Canada and the U.S., to prepare this Prospectus Supplement in accordance with Canadian
          disclosure requirements. Purchasers of the Common Shares should be aware that such disclosure requirements are different from those of the U.S. </font>Unless otherwise indicated, all financial information included and incorporated by reference
        in this Prospectus Supplement has been prepared in accordance with generally accepted accounting principles in the U.S. (&#8220;<font style="font-weight: bold;">U.S. GAAP</font>&#8221;).</div>
      <br>
    </div>
    <div style="text-align: justify;">
      <div>
        <div>Subscriptions for Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. The Common Shares will be represented by one or more
          certificates in registered form to CDS Clearing and Depository Services Inc. (&#8220;<font style="font-weight: bold;">CDS</font>&#8221;) or its nominee under the book-based system administered by CDS. No certificates evidencing the Common Shares will be
          issued to subscribers except in certain limited circumstances, and registration will be made in the depository services of CDS. Subscribers for the Common Shares will receive only a customer confirmation from the Underwriter or other registered
          dealer who is a CDS Participant and from or through whom a beneficial interest in the Common Shares is purchased. The Corporation expects that delivery of the Common Shares will be made against payment therefor on or about the Closing Date, which
          will be the fifth business day following the date of this Prospectus Supplement. See &#8220;<font style="font-style: italic;">Plan of Distribution &#8211; Settlement</font>&#8221;. On May 7, 2020, the Corporation declared a dividend of U.S.$0.1551 per Common Share
          on its Common Shares, payable on July 15, 2020 to shareholders of record on June 30, 2020. Because the Closing Date will occur subsequent to the record date, purchasers of Common Shares pursuant to this Prospectus Supplement will not be entitled
          to receive such dividend in respect of the Common Shares purchased in the Offering.</div>
        <div>&#160;</div>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">ii</font></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;"> <font style="font-weight: bold;">Investing in the Common Shares involves risks that should be considered by prospective purchasers, certain of which are described in the &#8220;<font style="font-style: italic;">Risk
          Factors</font>&#8221; section and elsewhere in this Prospectus Supplement including in the documents incorporated by reference in this Prospectus Supplement and the Base Shelf Prospectus.</font> </div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">The purchase of Common Shares under the Offering may have tax consequences both in Canada and in the U.S. This Prospectus Supplement may not describe these tax consequences fully. See &#8220;<font style="font-style: italic;">Certain Canadian Federal Income Tax Considerations</font>&#8221; and &#8220;<font style="font-style: italic;">Certain U.S. Federal Income Tax Considerations</font>&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">The enforcement by investors of civil liabilities under U.S. federal securities laws may be affected adversely by the fact that the Corporation is incorporated under the laws of Canada, that most of
      its officers and directors are residents of Canada and that a substantial portion of the assets of the Corporation and said persons are located outside the U.S. See &#8220;<font style="font-style: italic;">Enforcement of Certain Civil Liabilities</font>&#8221;
      in this Prospectus Supplement and in the Base Shelf Prospectus.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">NEITHER THE SEC NOR ANY STATE OR CANADIAN SECURITIES REGULATOR HAS PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT OR THE BASE SHELF PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
      IS A CRIMINAL OFFENCE.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">
      <div>
        <div>
          <div style="font-weight: bold;">Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc.
            and Wells Fargo Securities Canada, Ltd. are affiliates of financial institutions which are lenders <font style="color: #000000;">to the Corporation and/or certain subsidiary entities of the Corporation. Consequently, the Corporation may be
              considered a connected issuer to the foregoing Underwriters for purposes of applicable Canadian securities laws. See &#8220;</font><font style="font-style: italic; color: #000000;">Relationship Between the Corporation and Certain Underwriters.</font><font style="color: #000000;">&#8221;</font></div>
        </div>
        <div>&#160;</div>
      </div>
      <font style="color: #000000;"></font></div>
    <div style="text-align: justify;">Melissa Stapleton Barnes, Masheed Saidi, D. Randy Laney and Dilek Samil, directors of the Corporation, all reside outside of Canada. Each of Ms. Barnes, Ms. Saidi, Mr. Laney and Ms. Samil has appointed Algonquin Power
      &amp; Utilities Corp., 354 Davis Road, Oakville, Ontario, L6J 2X1 as his or her agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or
      company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process. See &#8220;<font style="font-style: italic;">Enforcement
        of Certain Civil Liabilities</font>&#8221; and &#8220;<font style="font-style: italic;">Agent for Service of Process in Canada</font>.&#8221;</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The registered and head office of the Corporation is located at 354 Davis Road, Oakville, Ontario, L6J 2X1.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">iii</font></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>
      <div style="text-align: center; font-weight: bold;"><a name="TABLEOFCONTENTS"><!--Anchor--></a><!--Anchor-->TABLE OF CONTENTS</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Prospectus Supplement</div>
      <div>&#160;</div>
      <div style="float: left; width: 48%;" id="EFPFTCL">
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; text-align: center;" rowspan="1"><u>Page</u></td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#IMPORTANTNOTICEABOUTINFOR">IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING BASE SHELF PROSPECTUS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#CURRENCY">CURRENCY</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#CAUTIONARYSTATEMENTONFORW">CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-2</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#PRESENTATIONOFFINANCIALIN">PRESENTATION OF FINANCIAL INFORMATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#DOCUMENTSINCORPORATEDBYRE">DOCUMENTS INCORPORATED BY REFERENCE</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#MARKETINGMATERIALS">MARKETING MATERIALS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-5</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#WHEREYOUCANFINDMOREINFORM">WHERE YOU CAN FIND MORE INFORMATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-5</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#BUSINESSOFTHECORPORATION">BUSINESS OF THE CORPORATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-6</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#RECENTDEVELOPMENTS">RECENT DEVELOPMENTS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-7</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#DESCRIPTIONOFTHECOMMONSHA">DESCRIPTION OF THE COMMON SHARES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-7</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#USEOFPROCEEDS">USE OF PROCEEDS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-7</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#CONSOLIDATEDCAPITALIZATIO">CONSOLIDATED CAPITALIZATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-7</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="float: right; width: 48%;" id="EFPFTCR">
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 90%; vertical-align: top;">&#160;</td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center;"><u>Page</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top;">&#160;</td>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#PLANOFDISTRIBUTION">PLAN OF DISTRIBUTION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-8</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#RELATIONSHIPBETWEENTHECOR">RELATIONSHIP BETWEEN THE CORPORATION AND CERTAIN UNDERWRITERS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-14</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TRADINGPRICESANDVOLUMES">TRADING PRICES AND VOLUMES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-14</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#PRIORSALES">PRIOR SALES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-15</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#CERTAINCANADIANFEDERALINC">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-17</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#CERTAINU.S.FEDERALINCOMET">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-20</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#ELIGIBILITYFORINVESTMENT">ELIGIBILITY FOR INVESTMENT</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-23</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#RISKFACTORS">RISK FACTORS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-24</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#INTERESTSOFEXPERTS">INTERESTS OF EXPERTS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-24</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#INDEPENDENTAUDITORS">INDEPENDENT AUDITORS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-25</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#ENFORCEMENTOFCERTAINCIVIL">ENFORCEMENT OF CERTAIN CIVIL LIABILITIES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-25</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#AGENTFORSERVICEOFPROCESSI">AGENT FOR SERVICE OF PROCESS IN CANADA</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-25</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 90%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify;"><a href="#STATUTORY">PURCHASERS&#8217; STATUTORY RIGHTS</a></div>
                </td>
                <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">S-25</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="clear: both;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z06c8fbdac19645e1bb70b2de520dd636">

            <tr>
              <td style="width: 100.00%;"> <br>
              </td>
            </tr>

        </table>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">iv</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div style="text-align: center; font-weight: bold;">TABLE OF CONTENTS</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">Base Shelf Prospectus</div>
      </div>
      <br>
      <div style="float: left; width: 48%;" id="EFPFTCL">
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 90%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; text-align: center;" rowspan="1"><u>Page</u></td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-CURRENCY">CURRENCY</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div><a href="#TOC2-CAUTIONARYSTATEMENTONFORW">CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-WHEREYOUCANFINDMOREINFORM">WHERE YOU CAN FIND MORE INFORMATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">3</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PRESENTATIONOFFINANCIALIN">PRESENTATION OF FINANCIAL INFORMATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">3</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DOCUMENTSINCORPORATEDBYRE">DOCUMENTS INCORPORATED BY REFERENCE</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">3</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFTHEBUSINESS">DESCRIPTION OF THE BUSINESS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">5</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFDEBTSECURITI">DESCRIPTION OF DEBT SECURITIES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">6</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFSUBSCRIPTION">DESCRIPTION OF SUBSCRIPTION RECEIPTS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">8</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFEQUITYSECURI">DESCRIPTION OF EQUITY SECURITIES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">9</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFTHEWARRANTS">DESCRIPTION OF THE WARRANTS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">10</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFSHAREPURCHAS">DESCRIPTION OF SHARE PURCHASE CONTRACTS AND SHARE PURCHASE OR EQUITY UNITS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">11</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 10%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFTHEUNITS">DESCRIPTION OF THE UNITS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">11</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-BOOK-ENTRYONLYSECURITIES">BOOK-ENTRY ONLY SECURITIES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">12</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-CONSOLIDATEDCAPITALIZATIO">CONSOLIDATED CAPITALIZATION</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">13</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-TRADINGPRICESANDVOLUMES">TRADING PRICES AND VOLUMES</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">13</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-EARNINGS-COVERAGERATIOS">EARNINGS-COVERAGE RATIOS</a></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: right;">13</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="float: right; width: 48%;" id="EFPFTCR">
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; text-align: center;"><u>Page</u></td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PRIORSALES">PRIOR SALES</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">13</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-USEOFPROCEEDS">USE OF PROCEEDS</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">13</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PLANOFDISTRIBUTION">PLAN OF DISTRIBUTION</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">13</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-RISKFACTORS">RISK FACTORS</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">14</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-INTERESTSOFEXPERTS">INTERESTS OF EXPERTS</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">15</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-AUDITORTRANSFERAGENTANDRE">AUDITOR, TRANSFER AGENT AND REGISTRAR</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">15</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PURCHASERSSTATUTORYRIGHTS">PURCHASERS&#8217; STATUTORY RIGHTS</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">15</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify;">
                      <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-ENFORCEMENTOFCERTAINCIVIL">ENFORCEMENT OF CERTAIN CIVIL LIABILITIES</a></div>
                    </div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">16</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DOCUMENTSFILEDASPARTOFTHE">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</a></div>
                  </td>
                  <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">16</div>
                  </td>
                </tr>

            </table>
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        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zad42f991d5334d84b201d094152f648a">

            <tr>
              <td style="width: 100.00%;">
                <div>&#160;</div>
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        </table>
      </div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">v</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <!--PROfilePageNumberReset%Num%1%S-%%-->
    <div style="text-align: center; font-weight: bold;"><a name="IMPORTANTNOTICEABOUTINFOR"><!--Anchor--></a>IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING BASE SHELF PROSPECTUS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This document consists of two parts. The first part is this Prospectus Supplement, which describes certain terms of the Common Shares and also adds to and updates certain information contained in the
      Base Shelf Prospectus and the documents incorporated by reference therein. The second part, the Base Shelf Prospectus, gives more general information, some of which may not apply to the Common Shares offered hereunder. Defined terms or abbreviations
      used in this Prospectus Supplement that are not defined herein have the meanings ascribed thereto in the Base Shelf Prospectus.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">If the description of the Common Shares varies between this Prospectus Supplement and the Base Shelf Prospectus, you should rely on the information in this Prospectus Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Investors should rely only on the information contained in or incorporated by reference in this Prospectus Supplement and the Base Shelf Prospectus. The Corporation is not, and the
      Underwriters are not, making an offer to sell the Common Shares in any jurisdiction where the offer or sale is not permitted. Investors should not assume that the information appearing in this Prospectus Supplement, the Base Shelf Prospectus or any
      documents incorporated by reference in this Prospectus is accurate as of any date other than the date on the front of those documents, as the Corporation&#8217;s business, operating results, financial condition and prospects may have changed since that
      date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Unless the context otherwise requires, all references in the Base Shelf Prospectus and this Prospectus Supplement to &#8220;the Corporation&#8221;, &#8220;Algonquin&#8221;, &#8220;we&#8221; and &#8220;us&#8221; refer to Algonquin Power &amp;
      Utilities Corp., the direct or indirect subsidiary entities of Algonquin Power &amp; Utilities Corp. and partnership and trust interests held by Algonquin Power &amp; Utilities Corp. and its direct or indirect subsidiary entities.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><a name="CURRENCY"><!--Anchor--></a>CURRENCY</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In this Prospectus Supplement, unless otherwise specified or the context requires otherwise, all dollar amounts are expressed in Canadian dollars. References to &#8220;U.S. dollars&#8221; or &#8220;U.S.$&#8221; are to
      lawful currency of the United States of America. References to &#8220;dollars&#8221;, &#8220;Canadian dollars&#8221; or &#8220;$&#8221; are to lawful currency of Canada.
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following table sets forth, for each of the periods indicated, the period end exchange rate, the average exchange rate and the high and low exchange rates of one Canadian dollar in exchange for
      U.S. dollars, based on the daily exchange rate for the years ended December 31, 2017, 2018 and 2019 and for the three months ended March 31, 2020 and 2019, in each case as reported by the Bank of Canada.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="2" border="0" id="zcdaf812545f9489d9890379a31ce7a3a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;"><u>Three months ended</u></div>
            <div style="text-align: center; font-weight: bold;"><u>March 31,</u></div>
          </td>
          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="3">
            <div style="text-align: center; font-weight: bold;"><u>Year ended</u></div>
            <div style="text-align: center; font-weight: bold;"><u>December 31,</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"><u>2020</u></div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"><u>2019</u></div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"><u>2019</u></div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"><u>2018</u></div>
          </td>
          <td style="width: 9.78%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"><u>2017</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">High<br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7710</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7637</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7699</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.8138</div>
          </td>
          <td style="width: 9.78%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.8245</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;">Low<br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.6898</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7353</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7353</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7330</div>
          </td>
          <td style="width: 9.78%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7276</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Average<br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7443</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7522</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7537</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7721</div>
          </td>
          <td style="width: 9.78%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.7708</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;">Period End<br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7049</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7483</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7699</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7330</div>
          </td>
          <td style="width: 9.78%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.7971</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">
      <div style="text-indent: 36pt;">
        <div style="text-indent: 36pt;">
          <div style="text-indent: 36pt;">The daily exchange rate on July<font style="font-weight: bold;">&#160;</font>9, 2020, as reported by the Bank of Canada for the conversion of Canadian dollars into U.S. dollars, was $1.00 = U.S.$0.7377.</div>
          <div>&#160;</div>
        </div>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-1</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="CAUTIONARYSTATEMENTONFORW"><!--Anchor--></a>CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION</div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This Prospectus, including the documents incorporated by reference, may contain statements that constitute &#8220;forward-looking information&#8221; within the meaning of applicable securities laws in each of
        the provinces of Canada and the respective policies, regulations and rules under such laws, or &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, &#8220;<font style="font-weight: bold;">forward-looking information</font>&#8221;). The words &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;budget,&#8221; &#8220;could,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;forecasts,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;schedule,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; and similar
        expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained or incorporated by reference in this Prospectus
        Supplement includes, but is not limited to statements relating to: expected future growth and results of operations; liquidity, capital resources and operational requirements; rate reviews, including resulting decisions and rates and expected
        impacts and timing; sources of funding, including adequacy and availability of credit facilities, debt maturation and future borrowings; expectations regarding the impact of the 2019 novel coronavirus (&#8220;<font style="font-weight: bold;">COVID-19</font>&#8221;)




        on the Corporation&#8217;s business, operations, financial condition, cash flows and results of operations; expectations regarding the use of proceeds from equity financing; statements relating to renewable energy credits expected to be generated and
        sold; tax credits expected to be available and/or received; the expected timeline for regulatory approvals and permits; the expected approval timing and cost of various transactions; expectations and plans with respect to current and planned
        capital projects; expectations with respect to revenues pursuant to energy production hedges; ongoing and planned acquisitions, projects and initiatives, including expectations regarding costs, financing, results and completion dates; expectations
        regarding the anticipated closing of the Corporation&#8217;s acquisitions of Ascendant Group Limited and American Water Works Company Inc.&#8217;s regulated operations in the State of New York; expectations regarding the Corporation&#8217;s corporate development
        activities and the results thereof, including the expected business mix between the Regulated Services Group and Renewable Energy Group; expectations regarding regulatory hearings, motions and approvals; expectations regarding the cost of
        operations, capital spending and maintenance and the variability of those costs; the resolution of legal and regulatory proceedings; expected demand for renewable sources of power; government procurement opportunities; expected capacity of and
        energy sales from new energy projects; business plans for the Corporation&#8217;s subsidiaries and joint ventures; expected future capital investments, including expected timing, investment plans, sources of funds and impacts; expectations regarding
        generation availability, capacity and production; expectations regarding the outcome of existing or potential legal and contractual claims and disputes; expectations regarding the ability to access the capital market on reasonable terms; strategy
        and goals; expected future base rates; expectations regarding succession planning; contractual obligations and other commercial commitments; environmental liabilities; dividends to shareholders; expectations regarding the maturity and redemption of
        the Corporation&#8217;s outstanding subordinated notes; expectations regarding the impact of tax reforms; credit ratings; anticipated growth and emerging opportunities in the Corporation&#8217;s target markets; accounting estimates; interest rates; currency
        exchange rates; commodity prices; this Offering, including the closing date thereof, the expected use of proceeds, the anticipated listing of the Common Shares offered hereunder on the TSX and NYSE and the anticipated tax treatment of the Common
        Shares; and the expectation that the Concurrent Offering (as defined below) will be completed, the aggregate amount of the gross proceeds of the Concurrent Offering and the expected uses of such proceeds. All forward-looking information is given
        pursuant to the &#8220;safe harbour&#8221; provisions of applicable securities legislation.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The forecasts and projections that make up the forward-looking information contained in this Prospectus Supplement, including the documents incorporated by reference, are based on certain factors
        or assumptions which include, but are not limited to: the receipt of applicable regulatory approvals and requested rate decisions; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the
        absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Corporation and its subsidiaries; the absence of unexpected material liabilities or
        uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of sustained interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational,
        financial or supply chain disruptions or liability due to natural disasters, diseases or other force majeure events; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and
        prolonged downturn in general economic, credit, social and market conditions; the successful and timely development and construction of new projects; the closing of pending acquisitions substantially in accordance with the expected timing for such
        acquisitions; the absence of material capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of observed weather patterns and trends; the absence of significant counterparty defaults; the continued
        competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Corporation&#8217;s acquisitions and joint ventures; the absence of a change in applicable laws, or political
        conditions, public policies or directions by governments, materially negatively affecting the Corporation; the ability to obtain and maintain licenses and permits; the absence of a material decrease in market energy prices; the absence of material
        disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; favourable relations with external stakeholders; and
        favourable labour relations. Given the uncertainty and rapidly evolving circumstances surrounding the COVID-19 pandemic and related response from governments, regulatory authorities, businesses and customers, there is more uncertainty associated
        with the Corporation&#8217;s assumptions and expectations as compared to prior periods. For a discussion of certain additional assumptions related to the COVID-19 pandemic, see &#8220;<font style="font-style: italic;">The COVID-19 Pandemic</font>&#8221; and &#8220;<font style="font-style: italic;">Outlook</font>&#8221; in the Corporation&#8217;s Management Discussion and Analysis (&#8220;<font style="font-weight: bold;">MD&amp;A</font>&#8221;) for the three months ended March 31, 2020.</div>
      &#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-2</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The forward-looking information in this Prospectus Supplement, including the documents incorporated by reference, is subject to risks, uncertainties and other factors that could cause actual results
      to differ materially from historical results or results anticipated by the forward-looking information. Factors which could cause results or events to differ materially from current expectations include, but are not limited to: changes in general
      economic, credit, social and market conditions; changes in customer energy usage patterns and energy demand; global climate change; the incurrence of environmental liabilities; natural disasters, diseases and other force majeure events; the failure
      of information technology infrastructure and cybersecurity; the loss of key personnel and/or labour disruptions; seasonal fluctuations and variability in weather conditions and natural resource availability; reductions in demand for electricity, gas
      and water due to developments in technology; reliance on transmission systems owned and operated by third parties; issues arising with respect to land use rights and access to the Corporation&#8217;s facilities; critical equipment breakdown or failure;
      terrorist attacks; fluctuations in commodity prices; capital expenditures; reliance on subsidiaries; the incurrence of an uninsured loss; a credit rating downgrade; an increase in financing costs or limits on access to credit and capital markets;
      sustained increases in interest rates; currency exchange rate fluctuations; restricted financial flexibility due to covenants in existing credit agreements; an inability to refinance maturing debt on commercially reasonable terms; disputes with
      taxation authorities or changes to applicable tax laws; failure to identify, acquire, develop or timely place in service projects to maximize the value of production tax credit qualified equipment; requirement for greater than expected contributions
      to post-employment benefit plans; default by a counterparty; inaccurate assumptions, judgments and/or estimates with respect to asset retirement obligations; failure to maintain required regulatory authorizations; changes to health and safety laws,
      regulations or permit requirements; failure to comply with and/or changes to environmental laws, regulations and other standards; compliance with new foreign laws or regulations; failure to identify attractive acquisition or development candidates
      necessary to pursue the Corporation&#8217;s growth strategy; delays and cost overruns in the design and construction of projects, including as a result of COVID-19; loss of key customers; failure to realize the anticipated benefits of acquisitions or joint
      ventures, including Atlantica <font lang="EN-CA">Sustainable Infrastructure </font>plc (&#8220;<font style="font-weight: bold;">Atlantica</font>&#8221;) or the Corporation&#8217;s joint venture with Abengoa S.A.; Abengoa-Algonquin Global Energy Solutions acting in a
      manner contrary to the Corporation&#8217;s interests; a drop in the market value of Atlantica&#8217;s ordinary shares; facilities being condemned or otherwise taken by governmental entities; increased external-stakeholder activism adverse to the Corporation&#8217;s
      interests; fluctuations in the price and liquidity of the Common Shares; and the severity and duration of the COVID-19 pandemic and its collateral consequences, including the disruption of economic activity, volatility in capital and credit markets
      and legislative and regulatory responses. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be
      other factors that cause actions, events or results not to be as anticipated, estimated or intended. Some of these and other factors are discussed in more detail in the section of this Prospectus Supplement entitled &#8220;<font style="font-style: italic;">Risk















        Factors</font>,&#8221; in the Corporation&#8217;s Annual Information Form dated February 27, 2020 for the year ended December 31, 2019 (the &#8220;<font style="font-weight: bold;">AIF</font>&#8221;) <font style="color: #000000;">under the heading &#8220;</font><font style="font-style: italic; color: #000000;">Enterprise Risk Factors</font><font style="color: #000000;">&#8221; and in the Corporation&#8217;s most recent annual and interim </font>MD&amp;A <font style="color: #000000;">under the heading &#8220;</font><font style="font-style: italic; color: #000000;">Enterprise Risk Management.</font><font style="color: #000000;">&#8221;</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Forward-looking information contained in this Prospectus Supplement, including the documents incorporated by reference, is made as of the date of this Prospectus Supplement, the accompanying Base
      Shelf Prospectus or the documents incorporated by reference, as applicable, and based on the plans, beliefs, estimates, projections, expectations, opinions and assumptions of management on such date. There can be no assurance that forward-looking
      information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. While
      subsequent events and developments may cause the Corporation&#8217;s views to change, the Corporation disclaims any obligation to update any forward-looking information or to explain any material difference between subsequent actual events and such
      forward-looking information, except to the extent required by law. All forward-looking information contained or incorporated by reference in this Prospectus Supplement is qualified by these cautionary statements.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-3</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="PRESENTATIONOFFINANCIALIN"><!--Anchor--></a>PRESENTATION OF FINANCIAL INFORMATION</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The financial statements of the Corporation incorporated herein by reference and in the accompanying Base Shelf Prospectus are reported in U.S. dollars. Unless otherwise indicated, all financial
      information included and incorporated by reference in this Prospectus Supplement has been prepared in accordance with U.S. GAAP.
      <div>&#160;</div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="DOCUMENTSINCORPORATEDBYRE"><!--Anchor--></a>DOCUMENTS INCORPORATED BY REFERENCE</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Prospectus Supplement is deemed to be incorporated by reference in the Base Shelf Prospectus solely for the purposes of the Offering. Other documents are also incorporated or deemed to be
      incorporated by reference in the Base Shelf Prospectus and reference should be made to the Base Shelf Prospectus for full particulars. Copies of the documents incorporated by reference herein and in the Base Shelf Prospectus may be obtained on
      request without charge from the Corporate Secretary of the Corporation at Suite 100, 354 Davis Road, Oakville, Ontario, L6J 2X1, telephone (905) 465-4500, and are also available electronically on the System for Electronic Document Analysis and
      Retrieval (&#8220;<font style="font-weight: bold;">SEDAR</font>&#8221;) at <u>www.sedar.com</u>.
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">See &#8220;<font style="font-style: italic;">Documents Incorporated by Reference</font>&#8221; in the accompanying Base Shelf Prospectus. As of the date hereof, the following documents filed with the securities
      commissions or similar authorities in each of the provinces of Canada and filed with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">U.S. Exchange Act</font>&#8221;) are specifically incorporated by
      reference in and form an integral part of this Prospectus:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb25b72b11ad34a628474cf5c39fb0a5b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1174169/000117416920000018/a2019q4-exhibit991xaif.htm">the AIF</a>;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za52c14bc995b44689452f6b03a06aaf6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the audited comparative consolidated financial statements of the Corporation as at and for the years ended December 31, 2019 and December 31, 2018, together with the auditors&#8217; report thereon, as filed on SEDAR on <a href="http://www.sec.gov/Archives/edgar/data/1174169/000117416920000018/a2019q4-exhibit992xfin.htm">February 27, 2020</a>;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z110b5cbc4baa43d7b30608da226810c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the MD&amp;A of the Corporation for the year ended December 31, 2019, as filed on SEDAR on <a href="http://www.sec.gov/Archives/edgar/data/1174169/000117416920000018/a2019q4-exhibit993xmda.htm">February 27, 2020</a>;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb704f26cedb74c65ae66d7c88ae4d396" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Management Information Circular of the Corporation filed on SEDAR on May 5, 2020 in respect of the Corporation&#8217;s annual meeting of shareholders held on <a href="http://www.sec.gov/Archives/edgar/data/1174169/000114036120010736/ex99_4.htm">June 4, 2020</a>;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z81ce643c0ea542449003d8cc8be2c733" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the interim unaudited consolidated financial statements of the Corporation as at and for the three months ended March 31, 2020, as filed on SEDAR on <a href="http://www.sec.gov/Archives/edgar/data/1174169/000117416920000032/a2020q1-exhibit992xfinanci.htm">May 7, 2020</a>;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze170bdba1c07471dbd92713cb77527fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the MD&amp;A of the Corporation for the three months ended March 31, 2020, as filed on SEDAR on <a href="http://www.sec.gov/Archives/edgar/data/1174169/000117416920000032/a2020q1-exhibit992xmda.htm">May 7, 2020</a>;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z3f072f88af394c48975375f02a9e3b24" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the material change report of the Corporation dated <a href="http://www.sec.gov/Archives/edgar/data/1174169/000117416920000006/materialchangereportfinal.htm">February 18, 2020</a> in respect of certain succession planning matters<font style="font-weight: normal;">; and</font></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="font-family: Arial; font-size: 9pt;">
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf22ea6c089d5496799d0ecc970d5752d" style="width: 100%; font-family: Arial; font-size: 9pt;">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
                    </div>
                  </td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt;">(h)</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt;">the template version (as such term is defined in National Instrument 41-101 &#8211; General Prospectus Requirements (&#8220;NI 41-101&#8221;)) of the term sheet for the Offering dated <a href="http://www.sec.gov/Archives/edgar/data/1174169/000114036120015666/formfwp.htm">July 8, 2020</a> (the &#8220;marketing materials&#8221;).</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Any documents of the Corporation of the type referred to above, including all annual information forms, all information circulars, all annual and interim financial statements and MD&amp;A relating
      thereto, all material change reports (excluding confidential material change reports), news releases containing financial information for financial periods more recent than the most recent annual or interim financial statements, and any business
      acquisition reports, as well as all prospectus supplements disclosing additional or updated information relating to the Offering subsequently filed by the Corporation with a securities commission or similar authority in Canada after the date of this
      Prospectus Supplement and prior to the termination of the Offering hereunder shall be deemed to be incorporated by reference in this Prospectus. These documents will be available through the internet on SEDAR, which can be accessed at <u>www.sedar.com</u>.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Documents or information in an annual report on Form 40-F filed by the Corporation with the SEC under the U.S. Exchange Act, from the date of this Prospectus
        Supplement and prior to the termination or completion of the Offering shall be deemed to be incorporated by reference into this Prospectus Supplement and be deemed exhibits to the registration statement of which this Prospectus Supplement forms a
        part. In addition, any other report on Form 6-K and the exhibits thereto filed or furnished by the Corporation with the SEC under the U.S. Exchange Act from the date of this Prospectus Supplement and prior to the termination or completion of the
        Offering shall be deemed to be incorporated by reference into this Prospectus Supplement or as exhibits to the registration statement, as applicable, but only if and to the extent expressly so provided in such reports. Further, prior to the
        termination or completion of the Offering the Corporation may incorporate by reference into this Prospectus Supplement information from documents that it files with or furnishes to the SEC pursuant to Section 13(a) or 15(d) of the U.S. Exchange
        Act, if and to the extent expressly provided therein. The Corporation&#8217;s current reports on Form 6-K and annual reports on Form 40-F are available from the SEC&#8217;s Electronic Data Gathering, Analysis and Retrieval (&#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">EDGAR</font><font style="color: rgb(0, 0, 0);">&#8221;) system at </font><u>www.sec.gov</u><font style="color: #000000;">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Any statement contained in this Prospectus Supplement or in any other document (or part thereof) incorporated or deemed to be incorporated by reference in this
        Prospectus Supplement shall be deemed to be modified or superseded for the purposes of this Prospectus Supplement to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be,
        incorporated by reference in this Prospectus Supplement modifies or supersedes such statement. </font>The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set
      forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an
      untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or
      superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><a name="MARKETINGMATERIALS"><!--Anchor--></a>MARKETING MATERIALS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: normal;">The template versions of the marketing materials (as defined in NI 41-101) with respect to the Offering are not part of this
          Prospectus Supplement to the extent that the contents thereof have been modified or superseded by a statement contained in this Prospectus Supplement.</font> </font>Any template version of any marketing materials (as defined in NI 41-101) with
      respect to the Offering that is filed after the date of this Prospectus Supplement and prior to the termination of the Offering shall be deemed to be incorporated by reference in this Prospectus Supplement and in the Base Shelf Prospectus.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><a name="WHEREYOUCANFINDMOREINFORM"><!--Anchor--></a>WHERE YOU CAN FIND MORE INFORMATION</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Corporation has filed with the SEC, under the U.S. Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;), a registration statement on Form F-10 with
      respect to the Common Shares to be issued under the Offering. This Prospectus Supplement, which forms part of the registration statement, does not contain all of the information set forth in the registration statement, certain items of which are
      contained in the exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to the Corporation and the Offering, reference is made to the registration statement and to the
      schedules and exhibits filed therewith. Statements included in this Prospectus Supplement or the documents incorporated by reference herein about the contents of any contract, agreement or other document referred to are not necessarily complete, and
      in each instance, prospective investors should refer to the copy of the document filed as an exhibit to the registration statement for a complete description of the matter involved. Each such statement is qualified in its entirety by such reference.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Corporation will provide to each person to whom this Prospectus Supplement is delivered, without charge, upon request to the Corporate Secretary of the Corporation at Suite 100, 354 Davis Road,
      Oakville, Ontario, L6J 2X1, Telephone: (905) 465-4500, copies of the documents incorporated by reference in this Prospectus Supplement and the Base Shelf Prospectus. The Corporation does not incorporate by reference in this Prospectus Supplement or
      the Base Shelf Prospectus any of the information on, or accessible through, its website.
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">The Corporation files certain reports with, and furnishes other information to, each of the SEC and certain securities commissions or similar regulatory authorities
        of Canada. Under the multijurisdictional disclosure system adopted by Canada and the U.S., such reports and other information may be prepared in accordance with the disclosure requirements of the </font>securities regulatory authorities in the
      applicable provinces of Canada<font style="color: #000000;">, which requirements are different from those of the U.S. As a foreign private issuer, the Corporation is exempt from the rules under the U.S. Exchange Act prescribing the furnishing and
        content of proxy statements, and the Corporation&#8217;s officers and directors are exempt from the reporting and short swing profit recovery provisions contained in Section 16 of the U.S. Exchange Act. The Corporation&#8217;s reports and other information
        filed or furnished with or to the SEC are available from the SEC&#8217;s EDGAR system at </font><u>www.sec.gov</u><font style="color: #000000;"> as well as from commercial document retrieval services</font>. The Corporation&#8217;s Canadian filings are
      available on SEDAR at <u>www.sedar.com</u>. Unless specifically incorporated by reference herein or in the Base Shelf Prospectus, documents filed or furnished by the Corporation on SEDAR or EDGAR are neither incorporated in nor part of this
      Prospectus Supplement or the Base Shelf Prospectus.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-5</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="BUSINESSOFTHECORPORATION"><!--Anchor--></a>BUSINESS OF THE CORPORATION</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">General</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Algonquin Power &amp; Utilities Corp. was originally incorporated under the <font style="font-style: italic;">Canada Business Corporations Act</font> on August 1, 1988 as Traduction Militech
      Translation Inc. Pursuant to articles of amendment dated August 20, 1990 and January 24, 2007, the Corporation amended its articles to change its name to Soci&#233;t&#233; Hydrogenique Incorpor&#233;e &#8211; Hydrogenics Corporation and Hydrogenics Corporation &#8211;
      Corporation Hydrogenique, respectively. Pursuant to a certificate and articles of arrangement dated October 27, 2009, the Corporation, among other things, created the Common Shares, transferred its existing operations to a newly formed independent
      corporation, exchanged new Common Shares for all of the trust units of Algonquin Power Co. and changed its name to Algonquin Power &amp; Utilities Corp. The head and registered office of the Corporation is located at Suite 100, 354 Davis Road,
      Oakville, Ontario, L6J 2X1.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Corporation&#8217;s operations are organized across two primary business units consisting of: the Regulated Services Group, which primarily owns and operates a portfolio of regulated utility assets in
      the United States and Canada; and the Renewable Energy Group, which primarily owns and operates a diversified portfolio of renewable generation assets. The Corporation also undertakes development activities for both business units, working with a
      global reach to identify, develop, acquire, or invest in renewable power generating facilities, regulated utilities and other complementary infrastructure projects.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="ze684d65835a54dd4990cf45e1526196a" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 38%; vertical-align: middle; background-color: rgb(0, 0, 0); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="2">
            <div style="text-align: center; color: rgb(255, 255, 255);">Renewable Energy Group</div>
          </td>
          <td style="width: 3.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 38%; vertical-align: middle; background-color: rgb(0, 0, 0); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="2">
            <div style="text-align: center; color: rgb(255, 255, 255);">Regulated Services Group</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Wind Power Generation</div>
            <div style="text-align: center;">Solar Generation</div>
            <div style="text-align: center;">Hydro Electric Generation</div>
            <div style="text-align: center;">Thermal Co-Generation</div>
          </td>
          <td style="width: 3.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 38%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Electric Utilities</div>
            <div style="text-align: center;">Natural Gas Utilities</div>
            <div style="text-align: center;">Water &amp; Wastewater Utilities</div>
            <div style="text-align: center;">Natural Gas and Electric Transmission</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Renewable Energy Group</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Renewable Energy Group generates and sells electrical energy produced by its diverse portfolio of renewable power generation and clean power generation facilities primarily located across the
      United States and Canada. The Renewable Energy Group seeks to deliver continuing growth through development of new greenfield power generation projects and accretive acquisitions of additional electrical energy generation facilities.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In addition to directly owned and operated assets, the Corporation also holds an approximate 44.2% indirect beneficial interest in Atlantica, a NASDAQ-listed company that acquires, owns and manages a
      diversified international portfolio of contracted renewable energy, power generation, electric transmission and water assets. The Corporation reports its investment in Atlantica under the Renewable Energy Group.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Regulated Services Group</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Regulated Services Group operates a diversified portfolio of regulated utility systems throughout the United States and Canada serving approximately 805,000 connections. The Regulated Services
      Group seeks to provide safe, high quality and reliable services to its customers and to deliver stable and predictable earnings to the Corporation. In addition to encouraging and supporting organic growth within its service territories, the Regulated
      Services Group seeks to deliver continued growth in earnings through accretive acquisitions of additional utility systems.</div>
    <div style="text-align: justify; text-indent: 36pt;">
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div>See &#8220;<font style="font-style: italic;">Description of the Business</font>&#8221; in the AIF. <br>
      </div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-6</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <font style="font-weight: bold;"> </font>
    <div style="text-align: center; font-weight: bold;"><font style="font-weight: bold;"><a name="RECENTDEVELOPMENTS"><!--Anchor--></a></font></div>
    <div style="text-align: center; font-weight: bold;">RECENT DEVELOPMENTS</div>
    <div>
      <div>&#160;</div>
      <font style="font-weight: normal;"> </font>
      <div style="font-weight: bold;">Concurrent Offering</div>
      <font style="font-weight: normal;"> </font>
      <div style="font-weight: normal;">&#160;
        <div style="text-align: justify; text-indent: 36pt;">Concurrently with the announcement of the Offering, the Corporation entered into an agreement with an institutional investor providing for the issue and sale by the Corporation to the
          institutional investor of 20,470,000 Common Shares at a price of $17.10 per Common Share, for total gross proceeds of $350,037,000 (the &#8220;<font style="font-weight: bold;">Concurrent Offering</font>&#8221;). The purchasers in the Concurrent Offering will
          receive a commitment fee from the Corporation equal to approximately 2.0% of the gross proceeds of the Concurrent Offering on closing of the Concurrent Offering. The purchasers in the Concurrent Offering have agreed not to dispose of the Common
          Shares purchased in the Concurrent Offering for a period of 45 days from the date of closing of the Concurrent Offering. No underwriter or agent is acting on behalf of the Corporation in the Concurrent Offering. The Concurrent Offering will be
          completed pursuant to a prospectus supplement filed under the Base Shelf Prospectus and, while subject to certain terms and conditions, is not conditional upon the completion of the Offering. Completion of the Offering is not conditional on the
          completion of the Concurrent Offering, and closing of the Offering may occur in circumstances where the Concurrent Offering is not completed. The Concurrent Offering is expected to close on or about July 17, 2020, the same date as the Offering.</div>
        <div>&#160;</div>
      </div>
      <div style="text-align: center; font-weight: bold;">DESCRIPTION OF THE COMMON SHARES<a name="DESCRIPTIONOFTHECOMMONSHA"><!--Anchor--></a></div>
      <div>&#160;
        <div style="text-align: justify; text-indent: 36pt;">
          <div style="text-indent: 36pt;"><font style="color: #000000;">The Corporation is </font>authorized to issue an unlimited number of Common Shares. See &#8220;<font style="font-style: italic;">Description of Equity Securities &#8211; Common Shares</font>&#8221; in
            the Base Shelf Prospectus for a description of the material attributes and characteristics of the Common Shares. As of July 9, 2020, 536,150,341<font style="font-weight: bold;">&#160;</font>Common <font style="color: #000000;">Shares were issued
              and outstanding.</font></div>
          <div>&#160;</div>
        </div>
      </div>
      <div style="text-align: center; font-weight: bold;">USE OF PROCEEDS<a name="USEOFPROCEEDS"><!--Anchor--></a></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">
        <div style="text-indent: 36pt;"><font style="color: #000000;">The net proceeds to the Corporation from the Offering will be approximately $</font>528.1 <font style="color: #000000;">million after payment of the underwriting commission of
            approximately $</font>22.0<font style="font-weight: bold;">&#160;</font><font style="color: #000000;">million but before deducting expenses of the Offering (and assuming that the Over-Allotment Option is not exercised). The expenses of the Offering
            are estimated to be approximately $0.6 million and will be paid from the general funds of the Corporation.</font></div>
        <div>&#160;</div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">
        <div style="text-indent: 36pt;"><font style="color: #000000;">The net proceeds to the Corporation from the Concurrent Offering will be approximately $342.9</font>&#160;<font style="color: #000000;">million after payment of the commitment fee of
            approximately $7.2 million but before deducting expenses of the Concurrent Offering. The expenses of the Concurrent Offering are estimated to be approximately $0.1 million and will be paid from the general funds of the Corporation.</font></div>
        <div>&#160;</div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Corporation expects to use the net proceeds of the Offering and the Concurrent Offering<font style="font-weight: bold;">&#160;</font>to partially finance the Corporation&#8217;s previously announced
        renewable development growth projects and for general corporate purposes. </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">CONSOLIDATED CAPITALIZATION<a name="CONSOLIDATEDCAPITALIZATIO"><!--Anchor--></a></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">
        <div style="text-align: justify; text-indent: 36pt;">
          <div style="text-indent: 36pt;">Upon completion of the Offering and the Concurrent Offering, the Corporation will have an aggregate of approximately 588,790,341<font style="font-weight: bold;">&#160;</font>Common Shares outstanding (assuming no
            exercise of outstanding stock options and excluding any Common Shares issuable pursuant to the Corporation's employee share purchase plan and other similar purchase plans (as amended from time to time) and the exercise of the Over-Allotment
            Option),<font style="font-weight: bold;">&#160;</font>or, assuming exercise of the Over-Allotment Option in full (and no exercise of outstanding stock options and excluding any Common Shares issuable pursuant to the Corporation's employee share
            purchase plan and other similar purchase plans (as amended from time to time)), approximately 593,615,841<font style="font-weight: bold;">&#160;</font>Common Shares outstanding.</div>
          <div>&#160;</div>
        </div>
      </div>
      <div style="text-indent: 36pt; text-align: justify;">Other than (i) the issuance of Common Shares pursuant to the Offering <font style="font-weight: normal;">and the Concurrent Offering</font> as described herein and (ii) the issuance of Common
        Shares pursuant to the Corporation&#8217;s ATM Program (as defined below) following its renewal as disclosed below under &#8220;<font style="font-style: italic;">Prior Sales</font>&#8221;, there have been no material changes in the consolidated capitalization of the
        Corporation since March 31, 2020, the end of the most recent interim reporting period for the Corporation, which have not been disclosed in the Base Shelf Prospectus or this Prospectus Supplement or in the documents incorporated by reference
        therein or herein.</div>
      <div>&#160;</div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-7</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="PLANOFDISTRIBUTION"><!--Anchor--></a>PLAN OF DISTRIBUTION</div>
    <div>&#160;</div>
    <div>
      <div>
        <div>
          <div style="text-align: justify; text-indent: 36pt;">Subject to the terms and conditions set forth in an underwriting agreement dated as of July 10, 2020 (the &#8220;<font style="font-weight: bold;">Underwriting Agreement</font>&#8221;) among the Corporation
            and the Underwriters, the Corporation has agreed to sell to the Underwriters, and each of the Underwriters has agreed, severally (and not jointly or jointly and severally) to purchase from the Corporation, as principals, the number of Common
            Shares set forth opposite its name below, in cash at the Offering Price of $17.10 per Common Share, against delivery of the Common Shares on the Closing Date.</div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" align="center" style="font-family: 'Times New Roman'; font-size: 10pt; width: 80%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z60f62b9bf737487fa52246cb866586c8">

              <tr>
                <td style="width: 60%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-weight: bold;">Underwriter</div>
                </td>
                <td nowrap="nowrap" style="width: 20%; vertical-align: top; padding-bottom: 2px;">
                  <div style="text-align: center; font-weight: bold;"><u>Number of Common Shares</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">Scotia Capital Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">7,238,250</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">CIBC World Markets Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="text-align: center;">6,916,550</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">TD Securities Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">4,182,100</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">BMO Nesbitt Burns Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="text-align: center;">3,217,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">RBC Dominion Securities Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">3,217,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">National Bank Financial Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="text-align: center;">3,217,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">Desjardins Securities Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">965,100</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">Raymond James Ltd.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="text-align: center;">965,100</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">Industrial Alliance Securities Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">965,100</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">J.P. Morgan Securities Canada Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="text-align: center;">643,400</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt;">Wells Fargo Securities Canada, Ltd.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">643,400</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div style="text-indent: 7.2pt; margin-right: 7.2pt; margin-left: 21.6pt;">Total&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                </td>
                <td style="width: 20%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="border-bottom: 1.5pt double black;">
                    <div style="text-align: center;">32,170,000</div>
                  </div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">
            <div style="text-indent: 36pt;">The Underwriting Agreement provides that, in consideration of the services of the Underwriters in connection with the Offering, the Corporation will pay the Underwriters a fee of $0.684 per Common Share issued
              and sold as part of the Offering. Assuming the Over-Allotment Option is not exercised, the total price to the public, underwriting commission and net proceeds to the Corporation, before deducting expenses of the Offering, will be
              $550,107,000, $22,004,280 and $528,102,720, respectively. The Underwriters&#8217; fee in respect of the Offering is payable on the Closing Date. The expenses of the Offering payable by the Corporation, not including the underwriting commission, are
              estimated at $0.6 million.</div>
            <div>&#160;</div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">The Corporation has granted to the Underwriters the Over-Allotment Option to purchase up to an additional 4,825,500 Common Shares on the same terms and conditions as the Offering, exercisable
            in whole or in part at any time prior to 5:00 p.m. (Toronto time) on the 30th day following the Closing Date solely (i) for the purpose of covering over-allotments that exist on the Closing Date, if any, and (ii) for market stabilization
            purposes. A purchaser who acquires Common Shares forming part of the Underwriters&#8217; over-allocation position acquires those Common Shares under this Prospectus Supplement, regardless of whether the over-allocation position is ultimately filled
            through the exercise of the Over-Allotment Option or through secondary market purchases. If the Underwriters exercise the Over-Allotment Option in full, the total price to the public, underwriting commission and net proceeds to the Corporation,
            before deducting expenses of the Offering, will be $632,623,050, $25,304,922<font style="font-weight: bold;">&#160;</font>and $607,318,128, respectively. This Prospectus Supplement qualifies the issuance of Common Shares upon exercise of the
            Over-Allotment Option.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The terms of the Offering were established through negotiation between the Corporation and the Lead Underwriters, on their own behalf and on behalf of the other Underwriters.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The obligations of the Underwriters under the Underwriting Agreement are several and not joint or joint and several and may be terminated at their discretion upon the occurrence of certain
            stated events specified in the Underwriting Agreement including the &#8220;regulatory out&#8221;, &#8220;litigation out&#8221;, &#8220;breach out&#8221;, &#8220;material change out&#8221; and &#8220;disaster out&#8221; provisions in the Underwriting Agreement.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The Corporation has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act and applicable Canadian securities laws, or to contribute to
            payments the Underwriters may be required to make in respect of those liabilities.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">If an Underwriter fails or refuses to purchase the Common Shares which it has agreed to purchase, the other Underwriters may, but are not obligated to, purchase such Common Shares; provided,
            however, that in the event that the percentage is 10% or less of the total number of Common Shares which the Underwriters have agreed to purchase, the other Underwriters shall be obligated severally to purchase on a pro rata basis the Common
            Shares which would otherwise have been purchased by the one or more Underwriters which failed or refused to purchase. The Underwriters are, however, obligated to take up and pay for all Common Shares (other than pursuant to the Over-Allotment
            Option except to the extent it shall have been exercised) if any are purchased under the Underwriting Agreement.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The Underwriters are offering the Common Shares, subject to prior sale, if, as and when issued to and accepted by them, subject to certain conditions contained in the Underwriting Agreement.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The Public Offering Price for the Common Shares is payable in Canadian dollars only. All of the proceeds of the Offering will be paid to the Corporation by the Underwriters in Canadian dollars
            based on the Canadian dollar Public Offering Price. The Underwriters propose to offer the Common Shares initially at the Public Offering Price. After a reasonable effort has been made to sell all of the Common Shares at the Public Offering
            Price, the Underwriters may subsequently reduce the selling price to investors from time to time in order to sell any of the Common Shares remaining unsold. Any such reduction will not affect the net proceeds received by the Corporation
            pursuant to the Offering. In the event the Public Offering Price of the Common Shares is reduced, the compensation received by the Underwriters will be decreased by the amount by which the aggregate price paid by the purchasers for the Common
            Shares is less than the gross proceeds paid to the Corporation by the Underwriters for the Common Shares.</div>
        </div>
        <div><br>
        </div>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-8</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Subscriptions for Common Shares will be received subject to rejection or allotment in whole or in part, and the right is reserved to close the subscription books at any time without notice.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Offering is being made concurrently in each of the provinces of Canada and the United States pursuant to the multi-jurisdictional disclosure system implemented by the securities regulatory
      authorities in Canada and the SEC. The Common Shares will be offered in Canada and the United States by the Underwriters either directly or through their respective Canadian or U.S. broker dealer affiliates or agents, as applicable. No Common Shares
      offered hereunder will be offered or sold in any jurisdiction except by or through brokers or dealers duly registered under the applicable securities laws of that jurisdiction, or in circumstances where an exemption from such registered dealer
      requirements is available.
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">This Prospectus Supplement does not qualify the offering or issuance of Common Shares in the Concurrent Offering. The Offering will be completed on the terms and conditions
      contained in the Underwriting Agreement, and closing of the Offering may occur in circumstances where the Concurrent Offering is not completed.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Listing</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">
      <div style="text-indent: 36pt;">
        <div style="text-indent: 36pt;">The Corporation&#8217;s outstanding Common Shares are listed on the TSX and the NYSE under the symbol &#8220;AQN&#8221;. The Corporation has applied to the TSX and the NYSE to list the Common Shares being issued under this Prospectus
          Supplement. <font style="color: #000000;">The TSX has conditionally approved the listing of the Common Shares to be issued under this Prospectus Supplement</font>. Listing of such Common Shares on the TSX and the NYSE will be subject to the
          Corporation fulfilling all of the listing requirements of the TSX and the NYSE, as applicable. There can be no assurance that such Common Shares will be accepted for listing on the TSX or the NYSE, as the case may be.</div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">No Sales of Similar Securities</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Corporation has agreed that, without the prior written consent of Scotia Capital Inc., on behalf of the Underwriters, the Corporation will not, and will not publicly disclose an intention to, for
      a period of 90 days from the date of this Prospectus Supplement, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or
      otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; (B) enter into any swap or other arrangement that transfers to another, in whole or in
      part, any of the economic consequences of ownership of Common Shares, whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Common Shares or such other securities, in cash or otherwise; or (C) file any
      prospectus or registration statement with the Ontario Securities Commission or the SEC relating to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.
      <div style="text-indent: 36pt;">&#160;<br>
        <div style="text-indent: 36pt;">Notwithstanding the above, the restrictions contained in the foregoing sentence shall not apply to <a name="DocXTextRef45"></a>(1) the Common Shares to be issued and sold hereunder, <a name="DocXTextRef46"></a>(2)
          the issuance by the Corporation of Common Shares upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof as described in this <a name="z_Hlk21188421"></a>Prospectus Supplement (including the
          documents incorporated by reference herein), (3) the issuance by the Corporation of any Common Shares or options to acquire Common Shares or other award, right or grant pursuant to the Corporation&#8217;s stock option plan, deferred share unit plan,
          performance and restricted share unit plan or employee share purchase plan existing on the date hereof and described in this Prospectus Supplement (including the documents incorporated by reference herein) and the issuance of Common Shares in
          connection with the exercise or vesting of any such options, awards rights or grants, or (4) the issuance by the Corporation of any Common Shares pursuant to its dividend reinvestment plan as described in this Prospectus Supplement (including the
          documents incorporated by reference herein) or (5) the Common Shares to be issued and sold pursuant to the Concurrent Offering.</div>
      </div>
    </div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-9</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify;">
      <div style="font-weight: bold;">Price Stabilization, Short Positions</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Pursuant to policy statements of certain securities regulators, the Underwriters may not, throughout the period of distribution, bid for or purchase Common Shares. The policy statements allow certain exceptions to the
        foregoing prohibitions. The Underwriters may only avail themselves of such exceptions on the condition that the bid or purchase not be engaged in for the purpose of creating actual or apparent active trading in, or raising the price of, the Common
        Shares. These exceptions include a bid or purchase permitted under the Universal Market Integrity Rules for Canadian Marketplaces of the Investment Industry Regulatory Organization of Canada, relating to market stabilization and passive market
        making activities and a bid or purchase made for and on behalf of a customer where the order was not solicited during the period of distribution. Pursuant to the first mentioned exception, in connection with the Offering, the Underwriters may
        over-allot or effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those which otherwise might prevail on the open market. Such transactions, if commenced, may be discontinued at any time.</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Until the distribution of the Common Shares is completed, SEC rules may limit the Underwriters from bidding for and purchasing Common Shares. We have been advised by the Underwriters that, in
      connection with the Offering, the Underwriters may effect transactions that stabilize or maintain the market price of the Common Shares at levels other than those that might otherwise prevail in the open market. If the Underwriters create a short
      position in the Common Shares in connection with the Offering (i.e., if they sell more Common Shares than are listed on the cover of this prospectus supplement), the Underwriters may reduce that short position by purchasing Common Shares in the open
      market. The Underwriters may also elect to reduce any short position by exercising the Over-Allotment Option in full or in part as described above. Purchases of Common Shares to stabilize the price or to reduce a short position may cause the price of
      the Common Shares to be higher than it might be otherwise be in the absence of such purchases.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Neither the Corporation nor any of the Underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of
      the Common Shares. In addition, neither the Corporation nor any of the Underwriters make any representation that the Underwriters will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Other Relationships</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Some of the Underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with the
      Corporation or its affiliates.&#160; They have received, or may in the future receive, customary fees and commissions for these transactions. In particular, affiliates of certain of the Underwriters are lenders under the Corporation and its subsidiaries&#8217;
      credit facilities for which they have received, and in the future would receive, customary fees. In addition, certain of the Underwriters or their affiliates act as agents in respect of the Corporation&#8217;s ATM Program for which they may in the future
      receive customary fees.
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In addition, in the ordinary course of their business activities, the Underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or
      related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers.&#160; Such investments and securities activities may involve securities and/or instruments of ours or our
      affiliates. Certain of the Underwriters or their affiliates have a lending relationship with the Corporation and routinely hedge, and certain other of those Underwriters or their affiliates may hedge, their credit exposure to the Corporation
      consistent with their customary risk management policies.&#160; Typically, these Underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of
      short positions in the Corporation&#8217;s securities.&#160; Any such credit default swaps or short positions could adversely affect future trading prices of the Common Shares. The Underwriters and their affiliates may also make investment recommendations
      and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">See &#8220;<font style="font-style: italic;">Relationship Between the Corporation and Certain Underwriters</font>&#8221;.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-10</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify;">
      <div style="font-weight: bold;">Settlement</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">
        <div style="text-indent: 36pt;">Registration of interests in and transfers of the Common Shares will be made only through a book-entry only system administered by CDS. On or about July 17, 2020, the expected Closing Date, or on such later date as
          the Corporation and the Underwriters may agree, the Corporation will deliver to CDS certificates evidencing, or will make an electronic deposit to CDS of, the aggregate number of Common Shares subscribed for under the Offering. Common Shares must
          be purchased and transferred through a participant in CDS (a &#8220;<font style="font-weight: bold;">CDS Participant</font>&#8221;). All rights of an owner of Common Shares must be exercised through, and all payments or other property to which such owner is
          entitled will be made or delivered by, CDS or the CDS Participant through which the owner holds Common Shares. Upon purchase of any Common Shares, the owner will receive only the customary confirmation. References in this Prospectus Supplement to
          a holder of Common Shares means, unless the context otherwise requires, the owner of the beneficial interest in such shares.</div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The ability of a beneficial owner of Common Shares to pledge the Common Shares or otherwise take action with respect to such owner&#8217;s interest in such shares (other than through a CDS Participant) may
      be limited due to the lack of a physical certificate.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Neither the Corporation nor the Underwriters will assume any liability for: (a) any aspect of the records relating to the beneficial ownership of the Common Shares held by CDS or the payments
      relating thereto; (b) maintaining, supervising or reviewing any records relating to the Common Shares; or (c) any advice or representation made by or with respect to CDS and those contained in this Prospectus Supplement and relating to the rules
      governing CDS or any action to be taken by CDS or at the direction of its CDS Participants. The rules governing CDS provide that it acts as the agent and depository for the CDS Participants. As a result, CDS Participants must look solely to CDS and
      persons, other than CDS Participants, having an interest in the Common Shares must look solely to CDS Participants for payments made by or on behalf of the Corporation to CDS in respect of the Common Shares.</div>
    <div>&#160;</div>
    <div>
      <div style="text-indent: 36pt; text-align: justify;">
        <div style="text-indent: 36pt;">
          <div style="text-indent: 36pt;">The Corporation expects that delivery of the Common Shares will be made against payment therefor on or about the Closing Date, which is expected to be the fifth business day following the date of this Prospectus
            Supplement (this settlement cycle being referred to as &#8220;T+5&#8221;). Under Rule 15c6-1 of the U.S. Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly
            agree otherwise. Accordingly, purchasers who wish to trade Common Shares on any date prior to two U.S. business days before delivery will be required, by virtue of the fact that the Common Shares initially will settle in T+5, to specify an
            alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Common Shares who wish to make such trades should consult their own advisor.</div>
          <div>&#160;</div>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Selling Restrictions<br>
        </div>
        <div>&#160;</div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Notice to Prospective Investors in the European Economic Area and the United Kingdom<br>
        </div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Common Shares are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic
          Area (&#8220;EEA&#8221;) or in the U.K. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU&#160; (as amended, &#8220;MiFID II&#8221;); or (ii) a customer within
          the meaning of Directive 2002/92/EC (as amended, the &#8220;Insurance Mediation Directive&#8221;), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as
          defined in Directive 2003/71/EC (as amended, the &#8220;Prospectus Directive&#8221;). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the &#8220;PRIIPs Regulation&#8221;) for offering or selling the Common Shares or
          otherwise making them available to retail investors in the EEA or the U.K. has been prepared and therefore offering or selling the Common Shares or otherwise making them available to any retail investor in the EEA or U.K. may be unlawful under
          the PRIIPS Regulation.&#160; This Prospectus Supplement and the accompanying Base Shelf Prospectus have been prepared on the basis that any offer of Common Shares in any Member State of the EEA or in the U.K. will be made pursuant to an exemption
          under the Prospectus Directive from the requirement to publish a prospectus for offers of Common Shares. Neither the Prospectus Supplement nor the accompanying Base Shelf Prospectus is a prospectus for the purposes of the Prospectus Directive.
          References to Regulations or Directives include, in relation to the U.K., those Regulations or Directives as they form part of U.K. domestic law by virtue of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as
          appropriate.
          <div>&#160;</div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">The above selling restriction is in addition to any other selling restriction set out below.</div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        <div style="width: 100%;" id="DSPFPageHeader">
          <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
          </div>
        </div>
      </div>
      <!--PROfilePageNumberReset%Num%12%S-%%-->
      <div>
        <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Additional Notice to Prospective Investors in the United Kingdom</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are &#8220;qualified
          investors&#8221; (as defined in the Prospectus Directive) (i) who have professional experience in matters relating to investments falling within Article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended
          (the &#8220;Order&#8221;) and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as &#8220;relevant persons&#8221;).
          This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. In the United Kingdom, any investment or investment activity to which this document relates is only available to, and will be engaged
          in with, relevant persons.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Notice to Prospective Investors in Hong Kong</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Common Shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to &#8220;professional investors&#8221; as defined in the Securities and
          Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a &#8220;prospectus&#8221; as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not
          constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the Common Shares has been or may be issued or has been or may be in the possession of any person for the purposes of
          issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect
          to the Common Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Notice to Prospective Investors in Japan</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Common Shares have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the &#8220;Financial Instruments and Exchange Law&#8221;) and each Underwriter has agreed
          that it will not offer or sell any Common Shares, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity
          organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the
          Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Notice to Prospective Investors in Singapore</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">This Prospectus Supplement and the accompanying Base Shelf Prospectus have not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Prospectus Supplement
          and the accompanying Base Shelf Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Common Shares may not be circulated or distributed, nor may the Common Shares
          be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act,
          Chapter 289 of Singapore (the &#8220;SFA&#8221;), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and
          in accordance with the conditions of, any other applicable provision of the SFA.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Where the Common Shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 22.3pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an
                  accredited investor; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z2e135bcba42e4e39bf0557318b47cfc2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        <div style="width: 100%;" id="DSPFPageHeader">
          <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
          </div>
        </div>
      </div>
      <!--PROfilePageNumberReset%Num%13%S-%%-->
      <div>
        <div style="text-align: justify;">securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries&#8217; rights and interest (howsoever described) in that trust shall not be transferred within six months after that
          corporation or that trust has acquired the Common Shares pursuant to an offer made under Section 275 of the SFA except:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z44aa9f30667844f38b12004dc5a63f7e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 22.3pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9a6bb779660b4c2f8c485772c4dac0cf">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 22.3pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>where no consideration is or will be given for the transfer;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd43838a7da394fee89e5b5905d0de5b4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 22.3pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>where the transfer is by operation of law;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5e3eada2953644a58d9d87365a0cbfeb">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 22.3pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>as specified in Section 276(7) of the SFA; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd315db06adef42e896febb28f569ac80">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify;">Singapore Securities and Futures Act Product Classification &#8211; Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Corporation has determined, and hereby
          notifies all relevant persons (as defined in Section 309A of the SFA) that the Common Shares are &#8220;prescribed capital markets products&#8221; (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment
          Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Notice to Prospective Investors in Australia</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, or ASIC, in relation to the
          Offering. This Prospectus Supplement does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act. Any offer in Australia of the Common Shares offered by this Prospectus Supplement may
          only be made to persons (the &#8220;Exempt Investors&#8221;) who are &#8220;sophisticated investors&#8221; (within the meaning of section 708(8) of the Corporations Act), &#8220;professional investors&#8221; (within the meaning of section 708(11) of the Corporations Act) or
          otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the Common Shares without disclosure to investors under Chapter 6D of the Corporations Act. The Common Shares applied for
          by Exempt Investors in Australia must not be offered for sale in Australia for a period of 12 months after the date of allotment under the Offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act
          would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must
          observe such Australian on-sale restrictions. This Prospectus Supplement contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not
          contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this Prospectus Supplement is appropriate to their needs, objectives and
          circumstances, and, if necessary, seek expert advice on those matters.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Notice to Prospective Investors in Switzerland</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Common Shares offered by this Prospectus Supplement may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or
          regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing
          prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the Common
          Shares or the Offering may be publicly distributed or otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material relating to the Offering, us or the Common Shares have been or will be
          filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of Common Shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and any
          offers of Common Shares have not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or &#8220;CISA.&#8221; The investor protection afforded to acquirers of interests in collective investment schemes under the CISA
          does not extend to acquirers of the Common Shares.</div>
        <div>&#160;</div>
      </div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        <div style="width: 100%;" id="DSPFPageHeader">
          <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
          </div>
        </div>
      </div>
      <!--PROfilePageNumberReset%Num%14%S-%%--></div>
    <div style="text-align: center; font-weight: bold;"><a name="RELATIONSHIPBETWEENTHECOR"><!--Anchor--></a>RELATIONSHIP BETWEEN THE CORPORATION AND CERTAIN UNDERWRITERS</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify; font-weight: bold;"></div>
      <div style="text-align: justify; text-indent: 36pt;">The Corporation expects to use the net proceeds of the Offering <font style="font-weight: bold;"><font style="font-weight: normal;">and the Concurrent Offering</font> </font>to partially finance
        the Corporation&#8217;s previously announced renewable development growth projects and for general corporate purposes. See &#8220;<font style="font-style: italic;">Use of Proceeds</font>.&#8221;</div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify; text-indent: 36pt;">
          <div style="text-indent: 36pt;">Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc.
            and Wells Fargo Securities Canada, Ltd. are affiliates of financial institutions which are lenders (the &#8220;<font style="font-weight: bold;">Lenders</font>&#8221;) to the Corporation, Algonquin Power Co. (a trust of which the Corporation is the sole
            unitholder) and/or Liberty Utilities Co. (a subsidiary of the Corporation) under their respective credit facilities. Accordingly, the Corporation may be considered to be a connected issuer of the foregoing Underwriters under applicable
            securities laws.</div>
        </div>
        <div>&#160;</div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">
        <div style="text-indent: 36pt;">
          <div style="text-indent: 36pt;">
            <div style="text-indent: 36pt;">As of June 30, 2020 there was approximately: (i) no amounts drawn under the Corporation&#8217;s delayed draw non-revolving term credit facility entered into on April 9, 2020; (ii) no amounts drawn under the
              Corporation&#8217;s delayed draw non-revolving term credit facility entered into on April 13, 2020; (iii) no amounts drawn and U.S.$8.3 million and $2.6 million in outstanding letters of credit under the Corporation&#8217;s revolving credit facility;
              (iv) U.S.$89.0 million drawn and U.S.$24.8 million and $1.0 million in outstanding letters of credit under the Renewable Energy Group&#8217;s revolving credit facility; (v) outstanding letters of credit of U.S.$243.6 million and $34.0 million under
              the Renewable Energy Group&#8217;s letter of credit facility; (vi) U.S.$215.0 million in commercial paper issued and no amounts drawn and U.S.$48.3 million in outstanding letters of credit under the Regulated Services Group&#8217;s revolving credit
              facility; (vii) U.S.$59.0 million drawn under the Regulated Service Group&#8217;s term credit facility entered into on March 9, 2016; and (viii) U.S.$400.0 million drawn under the Regulated Services Group&#8217;s delayed draw non-revolving term credit
              facility entered into on April 9, 2020. The Corporation, Algonquin Power Co. and Liberty Utilities Co. are in compliance with all material terms of the agreements governing the respective facilities and the Lenders have not waived any
              material breach of the agreements governing such credit facilities since their execution.</div>
            <div>&#160;</div>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The decision to distribute the Common Shares offered hereby and the determination of the terms of the distribution were made through negotiations primarily between the Corporation and the Lead
      Underwriters, on their own behalves and on behalf of the other Underwriters. The Lenders were not involved in the decision to offer the Common Shares and will not be involved in the determination of the terms of the distribution of the Common Shares.
      Each of the Underwriters will receive its proportionate share of the aggregate underwriting commission payable by the Corporation to the Underwriters.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">TRADING PRICES AND VOLUMES<a name="TRADINGPRICESANDVOLUMES"><!--Anchor--></a></div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;">Common Shares</div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); text-indent: 36pt;">The outstanding Common Shares are traded on the TSX and the NYSE under the trading symbol &#8220;AQN&#8221;.</div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); text-indent: 36pt;">The following table sets forth the high and low price for, and the volume of trading in, the Common Shares on the TSX for the periods indicated, based on information obtained from the TSX.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" rowspan="2">&#160;</td>
            <td style="width: 33.75%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="2">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Month</div>
            </td>
            <td style="vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Price ($)</div>
            </td>
            <td style="width: 24.93%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="2"><br>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Volume</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-weight: bold; color: rgb(0, 0, 0);">High</font></div>
            </td>
            <td style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Low</font></td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">2019</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20.03%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 24.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">June</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; color: rgb(0, 0, 0);">16.60</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; color: rgb(0, 0, 0);">15.69</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; color: rgb(0, 0, 0);">21,626,090</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">July</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">16.65</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">15.80</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">20,423,588</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">August</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">17.45</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">16.46</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">23,273,118</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">September</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">18.47</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">17.19</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">22,881,613</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">October</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">18.80</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">17.43</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">43,404,626</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">November</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">18.67</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">17.55</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">62,281,527</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">December</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">19.34</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">18.25</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">41,206,121</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">2020</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">January</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">20.52</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">18.11</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">34,578,506</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">February</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">22.29</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">19.31</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">38,590,838</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">March</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">22.39</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">13.84</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">74,221,982</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">April</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">20.45</div>
            </td>
            <td style="width: 20.03%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">17.47</div>
            </td>
            <td style="width: 24.93%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">39,898,774</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">May</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">19.66</div>
            </td>
            <td style="width: 20.03%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">17.98</div>
            </td>
            <td style="width: 24.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">28,858,745</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;" rowspan="1">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1">
              <div style="text-align: justify; color: #000000;">June</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1">
              <div style="text-align: center;">19.84</div>
            </td>
            <td style="width: 20.03%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1">
              <div style="text-align: center;">17.16</div>
            </td>
            <td style="width: 24.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1">
              <div style="text-align: center;">69,276,483</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td style="width: 33.75%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: normal;"><font style="color: rgb(0, 0, 0);">July 1-</font>9</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: normal;">
                <div>18.05&#160;</div>
              </div>
            </td>
            <td style="width: 20.03%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: normal;">
                <div>16.85</div>
              </div>
            </td>
            <td style="width: 24.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: normal;">
                <div>16,041,049 <br>
                </div>
              </div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-14</font></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 style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">PRIOR SALES<a name="PRIORSALES"><!--Anchor--></a></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 7.2pt; margin-left: 3.6pt; color: rgb(0, 0, 0);">During the 12 months preceding the date of this Prospectus Supplement, the Corporation issued the following Common Shares and securities
      convertible into Common Shares:</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-right: 7.2pt; color: rgb(0, 0, 0); font-style: italic;">Common Shares</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">
      <div style="margin-right: 7.2pt; color: rgb(0, 0, 0); text-indent: 36pt;">On October 16, 2019, the Corporation sold 23,000,000 Common Shares at a price of U.S.$13.50 per Common Share by way of an underwritten marketed public offering for total gross
        proceeds of approximately U.S.$354.4 million (the &#8220;<font style="font-weight: bold;">October 2019 Equity Offering</font>&#8221;). On October 21, 2019, the Corporation sold 3,252,542 Common Shares at a price of U.S.$13.50 per Common Share pursuant to the
        exercise of the over-allotment option granted in connection with the October 2019 Equity Offering.</div>
      <div style="text-indent: 36pt;">&#160;<br>
        <div style="text-indent: 36pt;">
          <div style="text-indent: 36pt;">During the 12 months preceding the date of this Prospectus Supplement, the Corporation issued an aggregate of 9,911,931<font style="font-weight: bold;">&#160;</font>Common Shares pursuant to its at-the-market equity program at a weighted average issue price of $18.68, as set out in the chart below:</div>
          <div>&#160; <br>
          </div>
        </div>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="zcfc0ab42d6664f3c943b309ed763fae7" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Month of Issue</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of Common</div>
            <div style="text-align: center; font-weight: bold;"> Shares Issued</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Average Issue</div>
            <div style="text-align: center; font-weight: bold;"> Price ($)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">July 2019</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">564,500</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">16.19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">August 2019</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">582,268</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">17.19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">September 2019</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">100,600</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">17.32</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">May 2020</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,652,841</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">18.91</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">June 2020</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">7,011,722</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">19.09</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Convertible Securities</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">During the 12 months preceding the date of this Prospectus Supplement, the Corporation issued 9,055<font style="font-weight: bold;"> </font>Common Shares on the conversion of 5.00% convertible
      unsecured subordinated debentures issued in the first quarter of 2016:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z70043b33bc624654928d42627896fa67" style="border-collapse: collapse; width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Date of Issue</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of</div>
            <div style="text-align: center; font-weight: bold;">Shares Issued</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">November 13, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">943</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">November 20, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">6,603</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">January 13, 2020</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">94</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">
              <div>January 30, 2020</div>
            </div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">1,415</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">Stock Options</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">On March&#160; 31, 2020, the Corporation granted 948,347 options under its stock option plan at an exercise price of $16.70 per stock option.
      <div>&#160;</div>
      <div style="text-indent: 36pt;">During the 12-month period preceding the date of this Prospectus Supplement, 3,672,423 stock options were exercised at a weighted average exercise price of $12.63. In connection with such exercises, 1,016,099<font style="font-weight: bold;"><font style="font-weight: bold;"><font style="color: rgb(0, 0, 0);"></font></font> </font>Common Shares were issued from treasury, and&#160;<font style="font-weight: bold;"></font>2,656,324<font style="font-weight: bold;"><font style="color: rgb(0, 0, 0);"></font></font> options were settled at their cash value as payment for the exercise price and tax withholdings related to the exercise of the options.</div>
      <div>&#160;</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-15</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; font-style: italic;">Performance Share Units / Restricted Share Units</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">During the 12-month period preceding the date of this Prospectus Supplement, the Corporation granted the following restricted share units (&#8220;<font style="font-weight: bold;">RSUs</font>&#8221;) and
      performance share units (&#8220;<font style="font-weight: bold;">PSUs</font>&#8221;) under its Performance and Restricted Share Unit Plan for employees of the Corporation and its participating affiliates (the &#8220;<font style="font-weight: bold;">Share Unit Plan</font>&#8221;):
























      <div>&#160; <br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z32612f1a084d4044925f43aee795907d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 37.48%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Period</div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of RSUs Granted</div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of PSUs Granted</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.48%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">
              <div>July 10, 2019 to September 30, 2019</div>
            </div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">23,452</div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">385,967</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.48%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Three Months Ended December 31, 2019</div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">105,934</div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.48%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Three Months Ended March 31, 2020</div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">107,915</div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">325,441</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.48%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">
              <div style="font-weight: normal;">
                <div>April 1, 2020 to July 9, 2020</div>
              </div>
            </div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">458,905 <br>
            </div>
          </td>
          <td style="width: 31.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">
              <div>-<br>
              </div>
            </div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Additional PSUs and RSUs, as applicable, are also issued quarterly, pursuant to the terms of the Share Unit Plan, as dividend equivalent units on outstanding PSUs and/or RSUs, as applicable, in
      connection with the payment of dividends on the Common Shares.
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Under the Share Unit Plan, the Corporation has the option to pay vested PSUs and RSUs in cash, Common Shares purchased on the market or in Common Shares issued from treasury. If vested PSUs or RSUs are paid in Common
        Shares, the participant would receive one Common Share for each whole vested PSU or RSU.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">
        <div style="text-indent: 36pt;">During the 12-month period preceding the date of this Prospectus Supplement, the Corporation settled <font style="font-weight: normal;">839,637</font> PSUs and RSUs in exchange for <font style="font-weight: normal;">447,743</font> Common Shares issued from treasury, and 391,894 PSUs and RSUs were settled at their cash value as payment for tax withholdings related to the settlement of PSUs and RSUs.</div>
        <div>&#160;&#160; </div>
      </div>
    </div>
    <div style="text-align: justify; font-style: italic;">Directors&#8217; Deferred Share Units</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">During the 12-month period preceding the date of this Prospectus Supplement, the Corporation granted the following deferred share units (&#8220;<font style="font-weight: bold;">DSUs</font>&#8221;) under its DSU
      Plan to non-employee directors of the Corporation.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z18b6dae5999841d0a735d72df3bf5e22" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Period</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of Units Granted</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">
              <div>July 10, 2019 to September 30, 2019</div>
            </div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">19,068</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Three Months Ended December 31, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">18,478</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Three Months Ended March 31, 2020</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">22,611</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">
              <div>
                <div>April 1, 2020 to July 9, 2020</div>
              </div>
            </div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">21,343</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Under the DSU Plan, non-employee directors of the Corporation may elect annually to receive all or any portion of their compensation in DSUs in lieu of cash compensation. The DSU Plan provides for
      settlement of DSUs in cash or Common Shares at the election of the Corporation. Additional DSUs are also issued quarterly, pursuant to the terms of the DSU Plan, as dividend equivalent units on outstanding DSUs in connection with the payment of
      dividends on the Common Shares.
      <div>&#160;</div>
      <div style="font-style: italic;">Employee Share Purchase Plan</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">
        <div style="text-indent: 36pt;">
          <div style="text-indent: 36pt;">During the 12-month period preceding the date of this Prospectus Supplement, the Corporation issued 268,417 Common Shares pursuant to its employee stock purchase plan at a weighted average issue price of $18.43<font style="font-weight: bold;">&#160;</font>per Common Share.</div>
        </div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: justify; font-style: italic;">Dividend Reinvestment Plan</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">During the 12-month period preceding the date of this Prospectus Supplement, the following number of Common Shares were issued from treasury pursuant to the Corporation&#8217;s dividend reinvestment plan
      at the average price per Common Share and month indicated below:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z559d773bd8604499978cd265a43554ca" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 30%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Month of Issue</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of Common Shares</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Price per Share</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">July 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,523,821</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$16.19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">October 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,318,895</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$17.42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">January 2020</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,244,696</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$17.79</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">April 2020</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">667,001</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$18.49</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-16</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="CERTAINCANADIANFEDERALINC"><!--Anchor--></a>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</div>
    <div>&#160; <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In the opinion of Blake, Cassels &amp; Graydon LLP, counsel to the Corporation, and Bennett Jones LLP, counsel to the Underwriters, the following is, as of the date of this Prospectus Supplement, a
      summary of the principal Canadian federal income tax considerations generally applicable under the <font style="font-style: italic;">Income Tax Act</font> (Canada) (the &#8220;<font style="font-weight: bold;">Tax Act</font>&#8221;) to a purchaser who acquires
      as beneficial owner Common Shares pursuant to this Offering and who, for purposes of the Tax Act, deals at arm&#8217;s length with the Corporation and the Underwriters, is not affiliated with the Corporation or the Underwriters, and acquires and holds the
      Common Shares as capital property (a &#8220;<font style="font-weight: bold;">Holder</font>&#8221;). Generally, the Common Shares will be considered to be capital property to a Holder provided that the Holder does not use or hold the Common Shares in the course
      of carrying on a business of buying and selling securities and such Holder has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This summary is based on the provisions of the Tax Act and the regulations thereto (the &#8220;<font style="font-weight: bold;">Regulations</font>&#8221;) in force as of the date hereof, and counsel&#8217;s
      understanding of the current administrative policies and assessing practices of the Canada Revenue Agency (the &#8220;<font style="font-weight: bold;">CRA</font>&#8221;) published in writing by the CRA and publicly available prior to the date hereof. This
      summary takes into account all specific proposals to amend the Tax Act and the Regulations publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the &#8220;<font style="font-weight: bold;">Tax Proposals</font>&#8221;)
      and assumes that the Tax Proposals will be enacted in the form proposed, although no assurance can be given that the Tax Proposals will be enacted in their current form or at all. This summary does not otherwise take into account or anticipate any
      changes in law or in the administrative policies or assessing practices of the CRA, whether by way of judicial, legislative or governmental decision or action. This summary is not exhaustive of all possible Canadian federal income tax considerations,
      and does not take into account other federal or any provincial, territorial or foreign income tax legislation or considerations, which may differ materially from those described in this summary.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Generally, for purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares must be determined in Canadian dollars. Any such amount that is expressed or
      denominated in a currency other than Canadian dollars must be converted into Canadian dollars using the relevant exchange rate determined in accordance with the Tax Act.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This summary is of a general nature only and is not, and is not intended to be, and should not be construed to be, legal or tax advice to any particular Holder, and no representations concerning the
      tax consequences to any particular Holder are made. The tax consequences of acquiring, holding and disposing of Common Shares will vary according to the Holder&#8217;s particular circumstances.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Holders should consult their own tax advisors regarding the tax considerations applicable to them having regard to their particular circumstances, including the application and effect of the income
      and other tax laws of any country, province or other jurisdiction that may be applicable to the Holder.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Residents of Canada</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The following portion of this summary is applicable to a Holder who, for the purposes of the Tax Act and any applicable tax treaty or convention and at all relevant times, is or is deemed to be
      resident in Canada (a &#8220;<font style="font-weight: bold;">Resident Holder</font>&#8221;). A Resident Holder to whom the Common Shares might not constitute capital property may make, in certain circumstances, the irrevocable election permitted by subsection
      39(4) of the Tax Act to have the Common Shares, and all other Canadian securities held by such person, treated as capital property.&#160; Resident Holders considering making such election should first consult their own tax advisors.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The following portion of this summary does not apply to a Resident Holder (i) that is a &#8220;financial institution&#8221; for purposes of the mark-to-market rules contained in the Tax Act; (ii) that is a
      &#8220;specified financial institution&#8221; as defined in the Tax Act; (iii) an interest in which is a &#8220;tax shelter investment&#8221; as defined in the Tax Act; (iv) that reports its &#8220;Canadian tax results&#8221; (as defined in the Tax Act) in a currency other than
      Canadian currency; (v) that has entered or will enter into, with respect to the Common Shares, a &#8220;derivative forward agreement&#8221; or &#8220;synthetic disposition arrangement&#8221;, each as defined in the Tax Act; (vi) that receives dividends on its Common Shares
      under or as part of a &#8220;dividend rental arrangement&#8221; as defined in the Tax Act; (vii) that <font style="color: #000000;">is exempt from tax under Part I of the Tax Act; or (viii)</font>&#160;<font style="color: #000000;">that is a corporation resident in
        Canada and is or becomes, or does not deal at arm&#8217;s length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or series of transactions or events that includes the acquisition of Common
        Shares, controlled by a non-resident person or group of non-resident persons not dealing with each other at arm&#8217;s length, for purposes of the &#8220;foreign affiliate dumping&#8221; rules in section 212.3 of the Tax Act</font>. Such Resident Holders should
      consult their own tax advisors with respect to an investment in Common Shares.&#160; <font style="color: #000000;">In addition, this summary does not address the deductibility of interest by a Resident Holder who has borrowed money or otherwise incurred
        debt in connection with the acquisition of the </font>Common Shares. <br>
    </div>
    <div>&#160;</div>
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        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; font-style: italic;">Taxation of Dividends</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Dividends received or deemed to be received on a Common Share will be included in computing a Resident Holder&#8217;s income for purposes of the Tax Act. Dividends received by a Resident Holder who is an
      individual (other than certain trusts) will be subject to the gross-up and dividend tax credit rules normally applicable to taxable dividends paid by taxable Canadian corporations. To the extent that the Corporation designates the dividends as
      &#8220;eligible dividends&#8221; within the meaning of the Tax Act in the prescribed manner, such dividends will be eligible for the enhanced gross-up and dividend tax credit. Dividends received by individuals (other than certain trusts) may give rise to
      alternative minimum tax under the Tax Act, depending on the individual&#8217;s circumstances.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Dividends received or deemed to be received by a Resident Holder that is a corporation will be included in computing the corporation&#8217;s income and will generally be deductible in computing its taxable
      income. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received (or deemed to be received) by a Resident Holder that is a corporation as a gain from the disposition of capital property or as proceeds of
      disposition. Resident Holders that are corporations should consult their own tax advisors having regard to their own circumstances. A Resident Holder that is a &#8220;private corporation&#8221; (as defined in the Tax Act) or a &#8220;subject corporation&#8221; (as defined
      in section 186 of the Tax Act) may be liable to pay a refundable tax under Part IV of the Tax Act on dividends received (or deemed to be received) on the Common Shares to the extent that such dividends are deductible in computing the Resident
      Holder&#8217;s taxable income. A Resident Holder that is, throughout the relevant taxation year, a &#8220;Canadian-controlled private corporation&#8221; (as defined in the Tax Act) may be liable to pay an additional refundable tax on its &#8220;aggregate investment income&#8221;
      (as defined in the Tax Act), including any dividends or deemed dividends that are not deductible in computing the Resident Holder&#8217;s taxable income.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">Disposition of Common Shares</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Upon a disposition or a deemed disposition of a Common Share (other than a disposition to the Corporation that is not a sale in the open market in the manner in which shares would normally be
      purchased by any member of the public in an open market), a Resident Holder will realize a capital gain (or a capital loss) equal to the amount by which the proceeds of disposition of the Common Share, net of any reasonable costs of disposition,
      exceed (or are less than) the adjusted cost base of the Common Share to the Resident Holder. The cost to the Resident Holder of a Common Share acquired pursuant to this Offering will, at any particular time, be determined by averaging the cost of
      such share with the adjusted cost base of all Common Shares of the Corporation owned by the Resident Holder as capital property at that time, if any.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">One half of any such capital gain (a &#8220;<font style="font-weight: bold;">taxable capital gain</font>&#8221;) realized by a Resident Holder in a taxation year will be required to be included in computing the
      Resident Holder&#8217;s income for that year, and one half of any such capital loss (an &#8220;<font style="font-weight: bold;">allowable capital loss</font>&#8221;) realized by a Resident Holder must generally be deducted against taxable capital gains realized by the
      Resident Holder in that year. Allowable capital losses not deductible in the taxation year in which they are realized may ordinarily be deducted by the Resident Holder against taxable capital gains realized in any of the three preceding taxation
      years or any subsequent taxation year, subject to the detailed rules contained in the Tax Act in this regard. Capital gains realized by an individual (other than certain trusts) may be subject to alternative minimum tax. Resident Holders should
      consult their own tax advisors with respect to the application of alternative minimum tax.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">If the Resident Holder is a corporation, the amount of any capital loss realized on the disposition or deemed disposition of a Common Share by the Resident Holder may be reduced by the amount of
      dividends received or deemed to have been received by the Resident Holder on such Common Shares to the extent and in the circumstances prescribed by the Tax Act. Similar rules may apply where a corporation is a member of a partnership or beneficiary
      of a trust that owns Common Shares, or where a partnership or trust is itself a member of a partnership or a beneficiary of a trust that owns Common Shares.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-18</font></div>
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If the Resident Holder is a &#8220;Canadian-controlled private corporation&#8221; (as defined in the Tax Act), the Resident Holder may also be liable to pay a refundable tax on its &#8220;aggregate investment income&#8221;,
      which is defined to include an amount in respect of taxable capital gains.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Non-Resident Holders</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The following portion of this summary is applicable to a Holder who, for the purposes of the Tax Act and any applicable tax treaty or convention and at all relevant times, is not resident or deemed
      to be resident in Canada and who does not use or hold (and is not deemed to use or hold) the Common Shares in connection with a business carried on in Canada (a &#8220;<font style="font-weight: bold;">Non-Resident Holder</font>&#8221;). This part of the summary
      is not applicable to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere or is an &#8220;authorized foreign bank&#8221; (within the meaning of the Tax Act).</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">Taxation of Dividends</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Dividends paid or credited or deemed to be paid or credited by the Corporation to a Non-Resident Holder will generally be subject to Canadian withholding tax at the rate of 25%, subject to any
      applicable reduction in the rate of such withholding under an income tax treaty between Canada and the country where the Holder is resident. For example, under the Canada-United States Tax Convention (1980) (the &#8220;<font style="font-weight: bold;">Treaty</font>&#8221;),























      the withholding tax rate in respect of a dividend paid to a person who is the beneficial owner of the dividend and is resident in the United States for purposes of, and entitled to full benefits under, the Treaty, is generally reduced to 15%.&#160;
      Non-Resident Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty or convention.
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; font-style: italic;">Disposition of Common Shares</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">A Non-Resident Holder of Common Shares who disposes of or is deemed to dispose of Common Shares </font>(other than in a disposition to the Corporation that is not
      a sale in the open market in the manner in which shares would normally be purchased by any member of the public in an open market) <font style="color: #000000;">will not be subject to tax under the Tax Act in respect of any capital gain realized on
        a disposition of Common Shares unless the Common Shares constitute, or are deemed to constitute, &#8220;taxable Canadian property&#8221; (as defined in the Tax Act) to the Non-Resident Holder at the time of the disposition and the Non-Resident Holder is not
        entitled to relief under an applicable income tax treaty or convention. </font>Provided that the Common Shares are listed on a designated stock exchange (which includes the TSX and the NYSE) at a particular time, the Common Shares generally will
      not constitute taxable Canadian property to a Holder at that time unless, at any time during the 60-month period ending at that time: (i) 25% or more of the issued shares of any class or series of the Corporation&#8217;s capital stock were owned by any
      combination of (a) the Non-Resident Holder, (b) persons with whom the Non-Resident Holder did not deal at arm&#8217;s length, and (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or
      indirectly through one or more partnerships; and (ii) more than 50% of the value of the Common Shares was derived, directly or indirectly, from one or any combination of (a) real or immoveable property situated in Canada, (b) Canadian resource
      properties, (c) timber resource properties, and (d) options in respect of any such property, all for purposes of the Tax Act. A Non-Resident Holder&#8217;s Common Shares can also be deemed to be taxable Canadian property in certain circumstances set out in
      the Tax Act.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">If the Common Shares are considered taxable Canadian property to the Non-Resident Holder, then upon </font>a disposition or a deemed disposition of such Common
      Shares (other than a disposition to the Corporation that is not a sale in the open market in the manner in which shares would normally be purchased by any member of the public in an open market), <font style="color: #000000;">the Non-Resident Holder</font>
      will realize a capital gain (or a capital loss) equal to the amount by which the proceeds of disposition of the Common Shares, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base of the Common Shares to <font style="color: #000000;">the Non-Resident Holder</font>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">One half of any such capital gain (a &#8220;<font style="font-weight: bold;">taxable capital gain</font>&#8221;) realized by a Non-Resident Holder in a taxation year will be required to be included in computing
      the Non-Resident Holder&#8217;s income for that year, and one half of any such capital loss (an &#8220;<font style="font-weight: bold;">allowable capital loss</font>&#8221;) realized by a Non-Resident Holder in a taxation year must generally be deducted against
      taxable capital gains realized by the Non-Resident Holder in that year <font style="color: #000000;">from dispositions of taxable Canadian property</font>. Allowable capital losses <font style="color: #000000;">from dispositions of taxable Canadian
        property </font>not deductible in the taxation year in which they are realized may ordinarily <font style="color: #000000;">be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any
        subsequent taxation year against taxable capital gains realized in such years from dispositions of taxable Canadian property</font>, subject to the detailed rules contained in the Tax Act in this regard.</div>
    <div style="text-align: justify;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-19</font></div>
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">An applicable income tax treaty or convention may apply to exempt a Non-Resident Holder from tax under the Tax Act in respect of a disposition of Common Shares
        notwithstanding that such shares may </font>constitute taxable Canadian property.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Non-Resident Holders whose Common Shares may be taxable Canadian property should consult their own tax advisors.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><a name="CERTAINU.S.FEDERALINCOMET"><!--Anchor--></a>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The following is a summary of certain U.S. federal income tax considerations applicable to a U.S. holder (as defined below) relating to the purchase, ownership and disposition of Common Shares
      pursuant to the Offering. This summary is based on the provisions of the Internal Revenue Code of 1986, as amended (the &#8220;<font style="font-weight: bold;">Code</font>&#8221;), U.S. Treasury regulations, administrative rulings and judicial decisions, all as
      in effect on the date hereof, and all of which are subject to change or differing interpretations, possibly with retroactive effect.&#160; The Corporation has not sought any ruling from the Internal Revenue Service (&#8220;<font style="font-weight: bold;">IRS</font>&#8221;)




























      with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This summary is limited to beneficial owners of Common Shares that purchased such Common Shares in the Offering for cash and that hold such common stock as capital assets within the meaning of
      section 1221 of the Code (generally, property held for investment). This summary does not address all aspects of U.S. federal income taxation and does not deal with any U.S. federal tax consequences other than income taxes (such as estate and gift
      tax consequences) or any state, local or foreign tax consequences.&#160; In addition, this summary does not address all United States federal income tax considerations that may be applicable to a holder&#8217;s particular circumstances or to holders that may be
      subject to special tax rules, such as, for example:</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequences to holders who may be subject to special tax treatment, such as brokers and dealers in securities, currencies or commodities, thrifts, banks and financial institutions, regulated investment companies, real estate
              investment trusts, expatriates, tax-exempt entities, governmental organizations, qualified foreign pension funds, traders in securities that elect to use a mark-to-market method of accounting for their securities, certain former citizens or
              long-term residents of the United States, controlled foreign corporations and corporations that accumulate earnings to avoid U.S. federal income tax, passive foreign investment companies, or insurance companies;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z5a66ed722d954fba96bacc4bcadddcf7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequences to persons holding Common Shares as part of a hedging, integrated, or conversion transaction or a straddle or persons deemed to sell Common Shares under the constructive sale provisions of the Code;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zac5da84eb96a47ddb78a212edab76bee" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequences to persons whose functional currency is not the U.S. dollar;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc0060dc1e9c7424a82eb00a944c478a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequences to persons subject to special tax accounting rules under section 451(b) of the Code;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zdc3510ab55d64ffb9f3873fec82be886" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequences to holders that own, directly, indirectly or constructively stock representing 10% or more of the total combined voting stock or value of the Corporation;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za5ea3fc70c3c42d5a09d98ba3afa0f0b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequences available to persons that will hold Common Shares in an individual retirement account, 401(k) plan or similar tax-favored account;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zfbec14516e2844929e8f9f2affd6d839" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequence to holders who hold Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z5c4f6a0d046b4464bde5c1012690a1ae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>tax consequences to partnerships or other pass-through entities for U.S. federal income tax purposes and investors in such entities; or</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z04cd1d0aa3224915931e665c19b12079" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>alternative minimum tax consequences, if any.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-20</font></div>
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If an entity (or arrangement) classified as a partnership for U.S. federal income tax purposes holds Common Shares, the tax treatment of a partner in the partnership will generally depend upon the
      status of the partner and the activities of the partnership. Partners of partnerships holding Common Shares should consult their own tax advisor.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">This summary of certain United States federal income tax considerations is for general information only and is not tax advice, and may not be applicable depending upon a holder&#8217;s
      particular situation.&#160; Holders are urged to consult their own tax advisor with respect to the application of United States federal income tax laws to their particular situation as well as any tax considerations arising under other United States
      federal tax laws (such as the estate or gift tax laws) or under the laws of any state, local, foreign or other taxing jurisdiction or under any applicable tax treaty.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">For purposes of this summary, a &#8220;<font style="font-weight: bold;">U.S. holder</font>&#8221; means a beneficial owner of Common Shares that is for U.S. federal income tax purposes:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z9716e9cc239f460d8c64ccaba9b92fb3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>an individual who is a citizen or resident of the United States;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf34b66a6350d46f2869f06bae6d6ebf0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z6c4f460f7cdf4f159abadbd1e38b42fd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>an estate the income of which is subject to U.S. federal income taxation regardless of its source; or</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z2d8ce985a5e84a3597e49326687397a7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a trust if (1) it is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (2) it has a valid election in effect under
              applicable U.S. Treasury regulations to be treated as a U.S. person.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Distributions on Common Shares</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Distributions on the Common Shares will be treated as dividends to the extent paid out of the Corporation&#8217;s current or accumulated earnings and profits, as determined under U.S. federal income tax
      principles. To the extent that the amount of any distribution exceeds the Corporation&#8217;s current and accumulated earnings and profits for a taxable year, the distribution would be treated as a tax-free return of capital to the extent of a U.S.
      holder&#8217;s adjusted tax basis in the Common Shares. To the extent that such distribution exceeds a U.S. holder&#8217;s adjusted tax basis, it would be treated as capital gain. Such capital gain would be long-term capital gain if the U.S. holder&#8217;s holding
      period in the Common Shares exceeds one year as of the date of distribution. Otherwise, such capital gain would be short-term capital gain. Long-term capital gain of a non-corporate U.S. holder is generally eligible for reduced rates of taxation. The
      Corporation does not intend to maintain calculations of earnings and profits in a manner necessary to enable U.S. holders to determine the extent to which a distribution would be treated as a dividend. U.S. holders should therefore assume that any
      distribution by the Corporation with respect to the Common Shares would constitute dividend income.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Certain dividends paid to non-corporate U.S. holders by &#8220;qualified foreign corporations&#8221; may be taxed at favorable rates. If the Common Shares are readily tradable on an established U.S. securities
      market within the meaning of the Code or if the Corporation is eligible for benefits under the income tax treaty between Canada and the United States, the Corporation generally would constitute a qualified foreign corporation for U.S. federal income
      tax purposes and, therefore,&#160; distributions on the Common Shares to non-corporate U.S. holders that are treated as dividends for U.S. federal income tax purposes would be treated as qualified dividend income eligible for such favorable rates,
      provided the applicable holding period requirements and certain other requirements are met (including, without limitation, the requirement that the Corporation not be classified as a &#8220;passive foreign investment company&#8221; for U.S. federal income tax
      purposes (a &#8220;<font style="font-weight: bold;">PFIC</font>&#8221;)). Distributions on the Common Shares will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code with respect to certain dividends.&#160; The
      dividend rules are complex, and each U.S. holder should consult its own tax advisor regarding the application of such rules.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The amount of dividend income for U.S. federal income tax purposes will include any amounts withheld in respect of Canadian taxes.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Sale or Other Taxable Disposition of Common Shares</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Upon a sale or other taxable disposition of Common Shares, U.S. holders generally will recognize gain or loss for U.S. federal income tax purposes equal to the difference between
      the amount realized and the holder&#8217;s tax basis in the Common Shares. Gain or loss will generally be capital gain or loss and will be long-term capital gain or loss if at the time of the sale or other taxable disposition the Common Shares have been
      held for more than one year. Long-term capital gains recognized by non-corporate taxpayers are subject to reduced tax rates. The deductibility of capital losses is subject to limitations.</div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-21</font></div>
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        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">PFIC Rules</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In general, the Corporation will be a PFIC for United States federal income tax purposes in any taxable year if (after taking into account the income and assets of Corporation and certain of its
      subsidiaries) 75% or more of its gross income is passive income, or at least 50% of the average value of its assets is attributable to assets held for the production of, or that produce, passive income. For this purpose, &#8220;passive income&#8221; generally
      includes, among other things, interest, dividends, rents, royalties, certain gains from the sale of stock and securities and certain gains from commodities transactions.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">PFIC status is determined on an annual basis. The Corporation does not expect to be a PFIC for the taxable year ending December 31, 2020. The determination of whether the Corporation is a PFIC is
      based on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and will depend on the composition of the Corporation&#8217;s income, expenses and assets from time to time and the nature of its activities.
      PFIC classification is factual in nature, and generally cannot be determined until the close of the taxable year in question. Consequently, there can be no assurances regarding the PFIC status of the Corporation for its current or any future taxable
      year. If you own Common Shares during a taxable year in which the Corporation is a PFIC, the PFIC rules generally will apply to you thereafter, even if in subsequent taxable years the Corporation no longer meets the test described above to be treated
      as a PFIC. No ruling will be sought from the IRS regarding whether the Corporation is a PFIC.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In general, if the Corporation were to be treated as a PFIC, certain adverse rules would apply to dividends received from the Corporation and to dispositions of the Common Shares (potentially
      including dispositions that would not otherwise be taxable), including taxation at maximum ordinary income tax rates plus an interest charge on both gain from the sale of the Common Shares and certain &#8220;excess distributions&#8221; paid by the Corporation.
      In addition, in any year in which the Corporation is a PFIC, a U.S. holder generally must file an annual return on IRS Form 8621, which describes the income received (or deemed to be received in the event you make certain elections (to the extent
      available)) from the Corporation, any gain realized on a disposition of the Common Shares and certain other information.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">U.S. holders are urged to consult their own tax advisor about the PFIC rules in connection with their holding of the Common Shares, including potential elections that may be
      available to mitigate some of the adverse consequences relating to PFIC status.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Medicare Tax</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Certain individuals, estates and trusts whose income exceeds certain thresholds will be required to pay a 3.8% tax on &#8220;net investment income&#8221; including, among other things,
      dividends and net gain from disposition of property (other than property held in certain trades or businesses). U.S. holders should consult their own tax advisors regarding the application, if any, of this tax on their ownership and disposition of
      Common Shares.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Receipt of Foreign Currency</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">The amount of any distribution paid to a U.S. holder in foreign currency, or on the sale, exchange or other taxable disposition of Common Shares, generally will be equal to the
      U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. holder will have a basis in the foreign currency
      equal to its U.S. dollar value on the date of receipt. Any U.S. holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or
      loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. holders who use the accrual method of tax accounting. Each U.S. holder should consult its own U.S. tax advisor regarding the U.S.
      federal income tax consequences of receiving, owning, and disposing of foreign currency.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Foreign Tax Credit</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Subject to the PFIC rules discussed above, a U.S. holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the Common
      Shares generally will be entitled, at the election of such U.S. holder, to receive either a deduction or a credit for such Canadian income tax. Generally, a credit will reduce a U.S. holder&#8217;s U.S. federal income tax liability on a dollar-for-dollar
      basis, whereas a deduction will reduce a U.S. holder&#8217;s income that is subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. holder
      during a year.</div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-22</font></div>
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        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Complex limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. holder&#8217;s U.S. federal income
      tax liability that such U.S. holder&#8217;s &#8220;foreign source&#8221; taxable income bears to such U.S. holder&#8217;s worldwide taxable income. In applying this limitation, a U.S. holder&#8217;s various items of income and deduction must be classified, under complex rules, as
      either &#8220;foreign source&#8221; or &#8220;U.S. source.&#8221; Generally, dividends paid by a foreign corporation should be treated as foreign source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. holder should be treated
      as U.S. source for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election is properly made under the Code. However, the amount of a distribution with respect to the Common Shares that is treated as a
      &#8220;dividend&#8221; may be lower for U.S. federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. holder. In addition, this limitation is calculated separately with respect
      to specific categories of income. The foreign tax credit rules are complex and will depend on the holder&#8217;s particular circumstances, and each U.S. holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Backup Withholding and Information Reporting</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Information returns may be required to be filed with the IRS in connection with dividends received with respect to Common Shares and proceeds from the disposition of Common
      Shares, unless the U.S. holder is an exempt recipient. A U.S. holder may also be subject to backup withholding on these payments unless the holder provides such holder&#8217;s taxpayer identification number and otherwise complies with applicable
      requirements of the backup withholding rules or the holder provides proof of an applicable exemption. Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against a U.S. holder&#8217;s U.S. federal
      income tax liability, provided the required information is timely furnished to the IRS.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">U.S. holders may be required to report information relating to an interest in Common Shares or an account through which Common Shares are held, subject to certain exceptions
      (including an exception for Common Shares held in accounts maintained by certain U.S. financial institutions), by attaching a complete IRS Form 8938 to such holder&#8217;s tax return for each year in which such holder holds an interest in Common Shares.&#160;
      In addition, U.S. holders may be required to make other tax filings with respect to their investment in Common Shares, including, among others, IRS Form 926.&#160; Penalties for failure to file certain of these information returns may be substantial. U.S.
      holders should consult their own tax advisers regarding information reporting requirements relating to their ownership of Common Shares.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><a name="ELIGIBILITYFORINVESTMENT"><!--Anchor--></a>ELIGIBILITY FOR INVESTMENT</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In the opinion of Blake, Cassels &amp; Graydon LLP, counsel to the Corporation, and Bennett Jones LLP, counsel to the Underwriters, subject to the provisions of any particular plan, provided that the
      Common Shares offered hereby are listed on a designated stock exchange (which currently includes the TSX and the NYSE) or the Corporation is a &#8220;public corporation&#8221; for the purposes of the Tax Act, the Common Shares, if issued on the date hereof,
      would be, on such date, qualified investments under the Tax Act and the Regulations for a trust governed by a registered retirement savings plan (&#8220;<font style="font-weight: bold;">RRSP</font>&#8221;), a registered retirement income fund (&#8220;<font style="font-weight: bold;">RRIF</font>&#8221;), a registered education savings plan (&#8220;<font style="font-weight: bold;">RESP</font>&#8221;), a registered disability savings plan (&#8220;<font style="font-weight: bold;">RDSP</font>&#8221;), a deferred profit sharing plan,
      or a tax free savings account (&#8220;<font style="font-weight: bold;">TFSA</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Notwithstanding that the Common Shares may be qualified investments for a trust governed by an RRSP, RRIF, RESP, TFSA or RDSP, the annuitant under an RRSP or RRIF, a subscriber of an RESP, or the
      holder of a TFSA or an RDSP, as the case may be, may be subject to a penalty tax if such Common Shares are &#8220;prohibited investments&#8221; for the RRSP, RRIF, RESP, TFSA or RDSP within the meaning of the Tax Act. The Common Shares will generally not be a
      &#8220;prohibited investment&#8221; provided that the annuitant under the RRSP or RRIF, or a subscriber of the RESP, or the holder of the TFSA or the RDSP, as the case may be, deals at arm&#8217;s length with the Corporation for purposes of the Tax Act and does not
      have a &#8220;significant interest&#8221; (as defined in the Tax Act) in the Corporation. In addition, Common Shares will not be a prohibited investment if such Common Shares are &#8220;excluded property&#8221; as defined in the Tax Act for a trust governed by an RRSP,
      RRIF, RESP, TFSA or RDSP.</div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-23</font></div>
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        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Prospective investors who intend to hold Common Shares in their RDSP, RESP, RRIF, RRSP or TFSA are urged to consult their own tax advisors concerning whether the Common Shares would constitute
      prohibited investments, including whether the Common Shares would be excluded property, in their particular circumstances<font style="color: rgb(0, 0, 0);">.</font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><a name="RISKFACTORS"><!--Anchor--></a>RISK FACTORS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">An investment in the Common Shares is subject to certain risks. In addition to the risks described herein, reference is made to the section in the AIF <font style="color: #000000;">entitled &#8220;</font><font style="font-style: italic; color: #000000;">Enterprise Risk Factors</font><font style="color: #000000;">&#8221; and in the most recent annual and interim MD&amp;A</font>&#160;<font style="color: #000000;">entitled &#8220;</font><font style="font-style: italic; color: #000000;">Enterprise Risk Management</font><font style="color: #000000;">&#8221; </font>and to the risks disclosed in other documents incorporated by reference herein. Such risk factors could have a materially adverse effect on the future results
      of operations, business prospects or financial condition of the Corporation, and could cause actual events to differ materially from those described in forward-looking information. Additional risks and uncertainties not presently known to the
      Corporation, or which the Corporation currently deems to be immaterial, may also have an adverse effect upon the Corporation.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Discretion in the Use of Proceeds</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Management of the Corporation will have discretion concerning the use of proceeds of the Offering <font style="font-weight: bold;"><font style="font-weight: normal;">and the Concurrent Offering</font>
      </font>as well as the timing of their expenditures. As a result, investors will be relying on the judgment of management as to the application of the proceeds of the Offering <font style="font-weight: normal;">and the Concurrent Offering</font>.
      Management may use the net proceeds of the Offering <font style="font-weight: bold;"><font style="font-weight: normal;">and the Concurrent Offering</font> </font>in<font style="font-weight: bold;">&#160;</font>ways that an investor may not consider
      desirable. The results and effectiveness of the application of the proceeds are uncertain. If the proceeds are not applied effectively, the Corporation&#8217;s results of operations may suffer.
      <div>&#160;</div>
    </div>
    <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">The Concurrent Offering May Not be Completed</div>
    <font style="font-weight: normal;"> </font>
    <div><font style="font-weight: normal;"><br>
      </font> </div>
    <font style="font-weight: normal;"> </font>
    <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Completion of the Offering is not conditional on the completion of the Concurrent Offering, and closing of the Offering may occur in circumstances where the Concurrent Offering
      is not completed. The completion of the Concurrent Offering is subject to certain customary conditions. Accordingly, there can be no certainty, nor can the Corporation provide any assurance, that the Concurrent Offering will be completed. If the
      Concurrent Offering is not completed, the Corporation will not have all of the net proceeds that it requires to effect the expected use of proceeds from such offerings (see &#8220;<font style="font-style: italic;">Use of Proceeds</font>&#8221;). If the
      Concurrent Offering is not completed, the Corporation could determine, including in the near term, to issue additional securities, including Common Shares, to fund its operations (see &#8220; &#8211; <font style="font-style: italic;">Future Sales or Issuances
        of Securities</font>&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Future Sales or Issuances of Securities</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Corporation may sell additional Common Shares or other securities in subsequent offerings, including pursuant to its at-the-market equity program (the &#8220;<font style="font-weight: bold;">ATM
        Program</font>&#8221;), under which the Corporation is authorized to sell Common Shares having an aggregate sale price of up to U.S.$500,000,000. The Corporation may also issue additional securities to finance future activities. The Corporation cannot
      predict the size of future issuances of securities or the effect, if any, that future issuances and sales of securities will have on the market price of the Common Shares. Sales or issuances of substantial numbers of Common Shares, or the perception
      that such sales could occur, may adversely affect prevailing market prices of the Common Shares. With any additional sale or issuance of Common Shares, investors will suffer dilution to their voting power and the Corporation may experience dilution
      in its earnings per share.
      <div>&#160;</div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="INTERESTSOFEXPERTS"><!--Anchor--></a>INTERESTS OF EXPERTS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Certain legal matters in connection with the Offering hereunder will be passed upon on behalf of the Corporation by Blake, Cassels &amp; Graydon LLP with respect to Canadian legal matters and by
      Gibson, Dunn &amp; Crutcher LLP with respect to U.S. legal matters. Certain legal matters in connection with the Offering hereunder will be passed upon on behalf of the Underwriters by Bennett Jones LLP with respect to Canadian legal matters and by
      Cravath, Swaine &amp; Moore LLP with respect to U.S. legal matters. As of the date hereof, the partners and associates of Blake, Cassels &amp; Graydon LLP, as a group, and Bennett Jones LLP, as a group, beneficially own, directly or indirectly, less
      than 1% of the outstanding securities of the Corporation, respectively.</div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-24</font></div>
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        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="INDEPENDENTAUDITORS"><!--Anchor--></a>
      <div style="font-weight: bold;">INDEPENDENT AUDITORS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Ernst &amp; Young LLP, the auditors of the Corporation, have confirmed that they are (i) independent with respect to the Corporation within the meaning of the relevant rules
        and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation and (ii) an independent registered public accounting firm with respect to the Corporation within the meaning of the
        Securities Act, the applicable rules and regulations adopted thereunder by the SEC and the Public Company Accounting Oversight Board (United States).</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">ENFORCEMENT OF CERTAIN CIVIL LIABILITIES<a name="ENFORCEMENTOFCERTAINCIVIL"><!--Anchor--></a></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The Corporation is incorporated under the laws of Canada and its registered and head office is in Canada. Most of the Corporation&#8217;s directors and officers, and some or all of
        the experts named in this Prospectus Supplement, are residents of Canada or otherwise reside outside of the U.S., and a substantial portion of their assets, and a substantial portion of the Corporation&#8217;s assets, are located outside the U.S. The
        Corporation has appointed an agent for service of process in the U.S., but it may be difficult for holders of securities who reside in the U.S. to effect service within the U.S. upon the Corporation or those directors, officers and experts who are
        not residents of the U.S. <font style="color: #000000;">Investors should not assume that a Canadian court would enforce a judgment of a U.S. court obtained in an action against the Corporation or such other persons predicated on the civil
          liability provisions of the U.S. federal securities laws or the securities or &#8220;blue sky&#8221; laws of any state within the U.S. or would enforce, in original actions, liabilities against the Corporation or such persons predicated on the U.S. federal
          securities laws or any such state securities or &#8220;blue sky&#8221; laws. The Corporation has been advised by its Canadian counsel, Blake, Cassels &amp; Graydon LLP, that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal
          securities laws would probably be enforceable in Canada if the U.S. court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes. The Corporation has also
          been advised by Blake, Cassels &amp; Graydon LLP, however, that there is a substantial doubt whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities laws</font>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The Corporation filed with the SEC, concurrently with its registration statement on Form F-10, an appointment of agent for service of process on Form F-X. Under the Form F-X,
        the Corporation appointed CT Corporation System as its agent for service of process in the U.S. in connection with any investigation or administrative proceeding conducted by the SEC and any civil suit or action brought against or involving the
        Corporation in a U.S. court arising out of or related to or concerning the offering of securities under the registration statement of which this Prospectus Supplement forms a part.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">AGENT FOR SERVICE OF PROCESS IN CANADA<a name="AGENTFORSERVICEOFPROCESSI"><!--Anchor--></a></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Melissa Stapleton Barnes, Masheed Saidi, D. Randy Laney and Dilek Samil, directors of the Corporation, all reside outside of Canada. Each of Ms. Barnes, Ms. Saidi, Mr. Laney
        and Ms. Samil has appointed Algonquin Power &amp; Utilities Corp., 354 Davis Road, Oakville, Ontario, L6J 2X1 as his or her agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce
        judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of
        process.</div>
      &#160; &#160;&#160; <br>
      <div style="font-weight: bold;"><a name="z_Toc43932326"></a>PURCHASERS&#8217; <a name="STATUTORY"><!--Anchor--></a>STATUTORY RIGHTS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be
        exercised within two business days after receipt or deemed receipt of a prospectus and any amendment. In several of the provinces, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions,
        revisions of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser
        within the time limit prescribed by the securities legislation of the purchaser&#8217;s province. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province for the particulars of these rights or
        consult with a legal advisor.</div>
      <div>&#160;</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-25</font></div>
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <!--PROfilePageNumberReset%Num%1%S-C-%%-->
    <div>
      <div>
        <div>
          <div style="text-align: center; font-weight: bold;">PART I</div>
          <div>
            <div>
              <div>&#160;</div>
              <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #FF0000; font-style: italic;">This short form prospectus is a base shelf prospectus. This short form prospectus has been filed under legislation in all provinces of Canada that permits certain
                information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus
                supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities, except in cases where an exemption from such delivery requirements has been obtained.</div>
              <div>&#160;</div>
              <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">This short form prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and
                  therein only by persons permitted to sell such securities.</font><font style="font-style: italic;"> No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. </font><font style="font-weight: bold; font-style: italic;">Information has been incorporated by reference in this short form prospectus from documents filed with securities commissions or similar authorities in Canada. </font><font style="font-style: italic;">Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of the Corporation (as defined herein) at 354 Davis Road, Oakville, Ontario, L6J 2X1,
                  telephone (905) 465-4500, and are also available electronically at </font>www.sedar.com<font style="font-style: italic;">.</font></div>
              <div>&#160;</div>
              <div style="text-align: center; font-weight: bold;">SHORT FORM BASE SHELF PROSPECTUS</div>
              <div style="text-align: center; font-weight: bold;"> <br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z543c382ac19541c9aad3cffcc9c0e211">

                  <tr>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="text-align: justify; font-style: italic;"><u>New Issue</u></div>
                    </td>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="text-align: right;">April 3, 2020</div>
                    </td>
                  </tr>

              </table>
              <div style="text-align: center; font-weight: bold;"> <font style="font-size: 18pt;"><br>
                </font></div>
              <font style="font-size: 18pt;"> </font>
              <div style="text-align: center; font-weight: bold; font-size: 18pt;">ALGONQUIN POWER &amp; UTILITIES CORP.</div>
              <div>&#160;</div>
              <div style="text-align: center;"><img src="image02.jpg"></div>
              <div style="text-align: center; font-weight: bold;">US$3,000,000,000</div>
              <div style="text-align: center; font-weight: bold;">Debt Securities (unsecured)</div>
              <div style="text-align: center; font-weight: bold;">Subscription Receipts</div>
              <div style="text-align: center; font-weight: bold;">Preferred Shares</div>
              <div style="text-align: center; font-weight: bold;">Common Shares</div>
              <div style="text-align: center; font-weight: bold;">Warrants</div>
              <div style="text-align: center; font-weight: bold;">Share Purchase Contracts</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Share Purchase or Equity Units</div>
              <div style="text-align: center; font-weight: bold;">Units</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Algonquin Power &amp; Utilities Corp. (the &#8220;<font style="font-weight: bold;">Corporation</font>&#8221;) may, from time to time, offer and issue the following securities: (i) unsecured debt securities of the
                Corporation (&#8220;<font style="font-weight: bold;">Debt Securities</font>&#8221;); (ii) subscription receipts of the Corporation (&#8220;<font style="font-weight: bold;">Subscription Receipts</font>&#8221;); (iii) preferred shares of the Corporation (&#8220;<font style="font-weight: bold;">Preferred Shares</font>&#8221;); (iv) common shares of the Corporation (&#8220;<font style="font-weight: bold;">Common Shares</font>&#8221; and together with Preferred Shares, &#8220;<font style="font-weight: bold;">Equity Securities</font>&#8221;);


























                (v) warrants to purchase Common Shares (&#8220;<font style="font-weight: bold;">Warrants</font>&#8221;); (vi) Share Purchase Contracts (<font style="color: #000000;">as defined under &#8220;Description of Share Purchase Contracts and Share Purchase or Equity
                  Units&#8221; herein)</font>; (vii) Share Purchase or Equity Units (<font style="color: #000000;">as defined under &#8220;Description of Share Purchase Contracts and Share Purchase or Equity Units&#8221; herein)</font>;&#160; and (viii) units comprised of some
                or all of the other securities described above (&#8220;<font style="font-weight: bold;">Units</font>&#8221;), or any combination thereof. The Debt Securities, Subscription Receipts, Equity Securities, Warrants, Share Purchase Contracts and Share
                Purchase or Equity Units (collectively, and together with Units unless the context requires otherwise, the &#8220;<font style="font-weight: bold;">Securities</font>&#8221;) offered hereby may be offered separately or together, in separate series, in
                amounts, at prices and on terms to be set forth in an accompanying shelf prospectus supplement (a &#8220;<font style="font-weight: bold;">Prospectus Supplement</font>&#8221;). All information not included in this short form base shelf prospectus (this
                &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221;) will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus. The Corporation may sell at the initial offer price up to
                US$3,000,000,000 in the aggregate of Securities (or its equivalent in any other currency used to denominate the Securities based on the applicable exchange rate at the time of the offering) at any time during the 25-month period that this
                Prospectus, including any amendments hereto, remains valid.</div>
              <div style="text-align: justify;"> <br>
              </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-size: 8pt; font-weight: normal; font-style: normal;">i</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify; font-weight: bold;">The Corporation is a Canadian issuer that is permitted, under the multijurisdictional disclosure system adopted by the United States (&#8220;U.S.&#8221;) and Canada, to prepare this Prospectus in
                accordance with Canadian disclosure requirements. Purchasers of the Securities should be aware that such requirements are different from those of the U.S.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">Purchasers of the Securities should be aware that the acquisition of the Securities may have tax consequences both in the U.S. and in Canada. Such consequences for purchasers who are
                resident in, or citizens of, the U.S. or who are resident in Canada may not be described fully herein or in any applicable Prospectus Supplement. Purchasers of the Securities should read the tax discussion contained in the applicable
                Prospectus Supplement with respect to a particular offering of Securities and consult their own tax advisors.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">The enforcement by investors of civil liabilities under U.S. federal securities laws may be affected adversely by the fact that the Corporation is incorporated under the laws of Canada,
                that most of its officers and directors are residents of Canada and that a substantial portion of the assets of the Corporation and said persons are located outside the U.S. See &#8220;Enforcement of Certain Civil Liabilities&#8221;.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE &#8220;SEC&#8221;) NOR ANY STATE OR CANADIAN SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS
                TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">The specific terms of the Securities in respect of which this Prospectus is being delivered will be set forth in the applicable Prospectus Supplement and may include, where applicable: (i) in the case of Debt
                Securities, the specific designation, aggregate principal amount, the currency or the currency unit for which the Debt Securities may be purchased, maturity, interest provisions, authorized denominations, offering price, covenants, events
                of default, any terms for redemption at the option of the Corporation or the holder, any exchange or conversion terms and any other specific terms; (ii) in the case of Subscription Receipts, the number of Subscription Receipts being
                offered, the offering price, the procedures for the exchange of the Subscription Receipts for Common Shares and any other specific terms; (iii) in the case of Equity Securities, the designation of the particular class and series, the number
                of shares offered, the issue price and dividend rate, if any, and any other terms specific to the Equity Securities; (iv) in the case of Warrants, the designation and number of Warrants being offered, the designation, number and terms of
                the Common Shares purchasable upon exercise of the Warrants, any procedures that will result in the adjustment of those numbers, the exercise price, dates and periods of exercise, the currency in which the Warrants are issued and any other
                specific terms; (v) in the case of Share Purchase Contracts, the designation, number and terms of the Equity Securities to be purchased under the Share Purchase Contract, any procedures that will result in the adjustment of these numbers,
                the purchase price and purchase date or dates of the Equity Securities, any requirements of the purchaser to secure its obligations under the Share Purchase Contract and any other specific terms; (vi) in the case of Share Purchase or Equity
                Units, the terms of the component Share Purchase Contract and Debt Securities or third party obligations, any requirements of the purchaser to secure its obligations under the Share Purchase Contract by the Debt Securities or third party
                obligations and any other specific terms; and (vii) in the case of Units, the designation and number of Units being offered, the terms of the underlying Securities and any other specific terms. A Prospectus Supplement may include specific
                variable terms pertaining to the Securities that are not within the alternatives and parameters described in this Prospectus.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation as of the date of the Prospectus Supplement and only for the purposes of the
                distribution of the Securities to which the Prospectus Supplement pertains.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">This Prospectus does not qualify for issuance any securities in respect of which the payment of principal and/or interest may be determined, in whole or in part, by reference to one or more underlying
                interests including, for example, an equity or debt security, a statistical measure of economic or financial performance including, but not limited to, any currency, consumer price or mortgage index, or the price or value of one or more
                commodities, indices or other items, or any other item or formula, or any combination or basket of the foregoing items. For greater certainty, this Prospectus may qualify for issuance Securities in respect of which the payment of principal
                and/or interest may be determined, in whole or in part, by reference to published rates of a central banking authority or one or more financial institutions, such as a prime rate or a bankers acceptance rate, or to recognized market
                benchmark interest rates such as LIBOR, EURIBOR, SOFR or U.S. Federal funds rate.</div>
              <div style="text-align: justify;"> <br>
              </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-size: 8pt; font-weight: normal; font-style: normal;">ii</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify;">The Corporation may sell the Securities to or through underwriters, dealers or remarketing firms purchasing as principals, and may also sell the Securities to one or more purchasers directly or through
                agents. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer, remarketing firm or agent engaged by the Corporation in connection with the offering and sale of the Securities and
                will set forth the terms of the offering of such Securities, the method of distribution of such Securities, including, to the extent applicable, the proceeds to the Corporation and any fees, discounts or any other compensation payable to
                underwriters, dealers, remarketing firms or agents and any other material terms of the plan of distribution. See &#8220;Plan of Distribution&#8221;. The offering of the Securities is subject to the approval of certain legal matters on behalf of the
                Corporation.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">The Securities may be sold from time to time in one or more transactions at a fixed price or prices or at non-fixed prices. If offered on a non-fixed price basis, the Securities may be offered at market
                prices prevailing at the time of sale (including, without limitation, sales deemed to be &#8220;at-the-market distributions&#8221; as defined in National Instrument 44-102 &#8211; <font style="font-style: italic;">Shelf Distributions</font>, including sales
                made directly on the Toronto Stock Exchange (the &#8220;<font style="font-weight: bold;">TSX</font>&#8221;) and the New York Stock Exchange (the &#8220;<font style="font-weight: bold;">NYSE</font>&#8221;) or other existing trading markets for the Securities), at
                prices determined by reference to the prevailing price of a specified security in a specified market or at prices to be negotiated with purchasers, in which case the compensation payable to an underwriter, dealer or agent in connection with
                any such sale will be decreased by the amount, if any, by which the aggregate price paid for the Securities by the purchasers is less than the gross proceeds paid by the underwriter, dealer or agent to the Corporation. The price at which
                the Securities will be offered and sold may vary from purchaser to purchaser and during the period of distribution.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Subject to any applicable securities legislation, and other than in relation to an &#8220;at-the-market&#8221; distribution, in connection with any offering of Securities, the underwriters, dealers or agents may
                over-allot or effect transactions which stabilize, maintain or otherwise affect the market price of the Securities at a level above that which otherwise might prevail on the open market. Such transactions may be commenced, interrupted or
                discontinued at any time. See &#8220;Plan of Distribution&#8221;.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">The Corporation&#8217;s outstanding Common Shares, cumulative rate reset preferred shares, series A (the &#8220;<font style="font-weight: bold;">Series A Preferred Shares</font>&#8221;) and cumulative rate reset preferred
                shares, series D (the &#8220;<font style="font-weight: bold;">Series D Preferred Shares</font>&#8221;) are listed and posted for trading on the TSX under the trading symbols &#8220;AQN&#8221;, &#8220;AQN.PR.A&#8221;, and &#8220;AQN.PR.D&#8221;, respectively. The Common Shares are also
                listed and posted for trading on the NYSE under the trading symbol &#8220;AQN&#8221;. The Corporation&#8217;s outstanding US$250,000,000 6.875% fixed-to-floating subordinated notes &#8211; Series 2018-A due October 17, 2078 (the &#8220;<font style="font-weight: bold;">2018


























                  Debentures</font>&#8221;) and US$350,000,000 6.20% fixed-to-floating subordinated notes &#8211; Series 2019-A due July 1, 2079 (the &#8220;<font style="font-weight: bold;">2019 Debentures</font>&#8221;) are each listed and posted for trading on the NYSE under
                the trading symbols &#8220;AQNA&#8221; and &#8220;AQNB&#8221;, respectively.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">Unless otherwise specified in the applicable Prospectus Supplement, the Securities, other than Common Shares, Series A Preferred Shares, Series D Preferred Shares, 2018 Debentures and 2019
                Debentures, will not be listed or posted for trading on any securities exchange. Accordingly, unless so specified, there will be no market through which these Securities may be sold and purchasers may not be able to resell securities
                purchased under this Prospectus. This may affect the pricing of the Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities and the extent of issuer regulation. See &#8220;Risk
                Factors&#8221;.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">No underwriter or dealer has been involved in the preparation of this Prospectus or performed any review of the contents of this Prospectus.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">The registered and head office of the Corporation is located at 354 Davis Road, Oakville, Ontario, L6J 2X1.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Melissa Barnes, D. Randy Laney, Masheed Saidi and Dilek Samil, directors of the Corporation, each reside outside of Canada. Each of Ms. Barnes, Mr. Laney, Ms. Saidi and Ms. Samil has appointed Algonquin Power
                &amp; Utilities Corp., 354 Davis Road, Oakville, Ontario, L6J 2X1 as his or her agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any
                person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Unless the context requires otherwise, all references in this Prospectus and any Prospectus Supplement to &#8220;the Corporation&#8221; refer to Algonquin Power &amp; Utilities Corp. and the direct or indirect subsidiary
                entities of Algonquin Power &amp; Utilities Corp. and partnership interests held by Algonquin Power &amp; Utilities Corp. and its subsidiary entities.</div>
              <div style="text-align: justify;"> <br>
              </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-size: 8pt; font-weight: normal; font-style: normal;">iii</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: center; font-weight: bold;"><a name="TABLEOFCONTENTS"><!--Anchor--></a>TABLE OF CONTENTS</div>
              <div>&#160;</div>
              <div id="EFPFTCL" style="float: left; width: 48%;">
                <div>
                  <table cellspacing="0" cellpadding="0" border="0" id="z67cc105da05d4797a41038910b87dcf1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-CURRENCY">CURRENCY</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">1</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC1-CAUTIONARYSTATEMENTONFORW">CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">1</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-WHEREYOUCANFINDMOREINFORM">WHERE YOU CAN FIND MORE INFORMATION</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">3<br>
                          </div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PRESENTATIONOFFINANCIALIN">PRESENTATION OF FINANCIAL INFORMATION</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">3</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DOCUMENTSINCORPORATEDBYRE">DOCUMENTS INCORPORATED BY REFERENCE</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">3</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFTHEBUSINESS">DESCRIPTION OF THE BUSINESS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">5</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFDEBTSECURITI">DESCRIPTION OF DEBT SECURITIES</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">6</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFSUBSCRIPTION">DESCRIPTION OF SUBSCRIPTION RECEIPTS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">8</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFEQUITYSECURI">DESCRIPTION OF EQUITY SECURITIES</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">9</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFTHEWARRANTS">DESCRIPTION OF THE WARRANTS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">10</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFSHAREPURCHAS">DESCRIPTION OF SHARE PURCHASE CONTRACTS&#160; AND SHARE PURCHASE OR EQUITY UNITS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">11</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DESCRIPTIONOFTHEUNITS">DESCRIPTION OF THE UNITS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">11</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div id="EFPFTCR" style="float: right; width: 48%;">
                <div>
                  <table cellspacing="0" cellpadding="0" border="0" id="z12f190c503834deca1f5ce82080fa984" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-BOOK-ENTRYONLYSECURITIES">BOOK-ENTRY ONLY SECURITIES</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">12</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-CONSOLIDATEDCAPITALIZATIO">CONSOLIDATED CAPITALIZATION</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">13</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-TRADINGPRICESANDVOLUMES">TRADING PRICES AND VOLUMES</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">13</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-EARNINGS-COVERAGERATIOS">EARNINGS-COVERAGE RATIOS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">13</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PRIORSALES">PRIOR SALES</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">13</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-USEOFPROCEEDS">USE OF PROCEEDS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">13</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PLANOFDISTRIBUTION">PLAN OF DISTRIBUTION</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">13</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-RISKFACTORS">RISK FACTORS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">14</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-INTERESTSOFEXPERTS">INTERESTS OF EXPERTS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">15</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-AUDITORTRANSFERAGENTANDRE">AUDITOR, TRANSFER AGENT AND REGISTRAR</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">15</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-PURCHASERSSTATUTORYRIGHTS">PURCHASERS&#8217; STATUTORY RIGHTS</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">15</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-ENFORCEMENTOFCERTAINCIVIL">ENFORCEMENT OF CERTAIN CIVIL LIABILITIES</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                          <div style="text-align: right;">16</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-indent: -9pt; margin-left: 9pt;"><a href="#TOC2-DOCUMENTSFILEDASPARTOFTHE">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</a></div>
                        </td>
                        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                          <div style="text-align: right;">16</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;
                <table cellspacing="0" cellpadding="0" border="0" id="zb82b0fa4c7af4783be33fc6698268d24" style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

                    <tr>
                      <td style="width: 100.00%;">
                        <div>&#160;</div>
                      </td>
                    </tr>

                </table>
              </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-size: 8pt; font-weight: normal; font-style: normal;">iv</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <!--PROfilePageNumberReset%Num%1%%%-->
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-CURRENCY"><!--Anchor--></a><!--Anchor-->CURRENCY</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In this Prospectus, unless otherwise specified or the context requires otherwise, all dollar amounts are expressed in U.S. dollars. References to &#8220;dollars&#8221; or &#8220;US$&#8221; are to lawful currency
                of the United States of America. References to &#8220;Canadian dollars&#8221; or &#8220;C$&#8221; are to lawful currency of Canada.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following table sets forth, for each of the periods indicated, the period end exchange rate, the average exchange rate and the high and low exchange rates of one Canadian dollar in
                exchange for U.S. dollars, based on the daily exchange rate for the years ended December 31, 2017, 2018 and 2019, in each case as reported by the Bank of Canada.</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" border="0" align="center" id="z145d2b83281c46f1932d71b19debfb2d" style="width: 80%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 44%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="10" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Year ended</div>
                      <div style="text-align: center; font-weight: bold;">December 31,</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 44%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;"> 2019</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">2018</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">2017</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 44%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">High</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>0.7699</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>0.8138</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>0.8245</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 44%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Low</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>0.7353</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>0.7330</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>0.7276</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 44%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>0.7537</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>0.7721</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>0.7708</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 44%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Period End</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>0.7699</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>0.7330</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>0.7971</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Unless otherwise indicated, financial information contained in this Prospectus and presented in both Canadian dollars and U.S. dollars has been translated to Canadian dollars using the
                daily exchange rate as reported by the Bank of Canada on April 2, 2020 of C$1.00 = US$0.7053.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-CAUTIONARYSTATEMENTONFORW"><!--Anchor--></a><!--Anchor-->CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">This Prospectus, including the documents incorporated by reference, may contain statements that constitute &#8220;forward-looking information&#8221; within the meaning of&#160; applicable securities laws in
                each of the provinces of Canada and the respective policies, regulations and rules under such laws and &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, &#8220;<font style="font-weight: bold;">forward-looking information</font>&#8221;). The words &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;budget&#8221;, &#8220;could&#8221;, &#8220;estimates&#8221;, &#8220;expects&#8221;, &#8220;forecasts&#8221;, &#8220;intends&#8221;, &#8220;may&#8221;, &#8220;might&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;schedule&#8221;, &#8220;should&#8221;, &#8220;will&#8221;,
                &#8220;would&#8221; and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained or incorporated by
                reference in this Prospectus includes, but is not limited to, statements relating to: the future growth, results of operations, performance, business prospects and opportunities of the Corporation; expectations regarding earnings and cash
                flow; expectations regarding credit ratings and the maintenance thereof; statements relating to renewable energy credits expected to be generated and sold; tax credits expected to be available and/or received; the expected timeline for
                regulatory approvals and permits; the expected approval timing and cost of various transactions; expectations and plans with respect to current and planned capital projects; expectations with respect to revenues pursuant to energy
                production hedges; ongoing and planned acquisitions, projects and initiatives, including expectations regarding costs, financing, results and expected completion dates; expectations regarding the Corporation&#8217;s corporate development
                activities and the results thereof; the resolution of legal and regulatory proceedings; expected demand for renewable sources of power; government procurement opportunities; expected capacity of and energy sales from new energy projects;
                business plans for the Corporation&#8217;s subsidiaries and joint ventures; expected future base rates; environmental liabilities; dividends to shareholders; and the timing for closing of pending acquisitions, including the acquisitions of
                Ascendant Group Limited and American Water Works Company, Inc.&#8217;s regulated operations in the State of New York. All forward-looking information is given pursuant to the &#8220;safe harbour&#8221; provisions of applicable securities legislation.</div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">1</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify; text-indent: 36pt;">The forecasts and projections that make up the forward-looking information contained in this Prospectus, including the documents incorporated by reference, are based on certain factors or
                assumptions which include, but are not limited to: the receipt of applicable regulatory approvals and requested rate decisions; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability;
                the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Corporation and its subsidiaries; the absence of unexpected material
                liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of sustained interest rate increases or significant currency exchange rate fluctuations; the absence of
                significant operational or supply chain disruptions or liability due to natural disasters, diseases or catastrophic events; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a
                severe and prolonged downturn in general economic, credit, social and market conditions; the successful and timely development and construction of new projects; the absence of material capital project or financing cost overruns; sufficient
                liquidity and capital resources; the continuation of observed weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of
                energy; the realization of the anticipated benefits of the Corporation&#8217;s acquisitions and joint ventures; the absence of a material change in political conditions or public policies and directions by governments materially negatively
                affecting the Corporation; the ability to obtain and maintain licenses and permits; the absence of a material decrease in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws;
                continued maintenance of information technology infrastructure and the absence of a material breach of cyber security; favourable relations with external stakeholders; and favourable labour relations.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The forward-looking information in this Prospectus, including the documents incorporated by reference, is subject to risks, uncertainties and other factors that could cause actual results
                to differ materially from historical results or results anticipated by the forward-looking information. Factors which could cause results or events to differ materially from current expectations include, but are not limited to: changes in
                general economic, credit, social and market conditions; changes in customer energy usage patterns and energy demand; global climate change; the incurrence of environmental liabilities; natural disasters and other catastrophic events; the
                failure of information technology infrastructure and cybersecurity; the loss of key personnel and/or labour disruptions; seasonal fluctuations and variability in weather conditions and natural resource availability; reductions in demand for
                electricity, gas and water due to developments in technology; reliance on transmission systems owned and operated by third parties; issues arising with respect to land use rights and access to the Corporation&#8217;s facilities; critical
                equipment breakdown or failure; terrorist attacks; fluctuations in commodity prices; capital expenditures; reliance on subsidiaries; the incurrence of an uninsured loss; a credit rating downgrade; an increase in financing costs or limits on
                access to credit and capital markets; sustained increases in interest rates; currency exchange rate fluctuations; restricted financial flexibility due to covenants in existing credit agreements; an inability to refinance maturing debt on
                commercially reasonable terms; disputes with taxation authorities or changes to applicable tax laws; failure to identify, acquire, develop or timely place in service projects to maximize the value of production tax credit qualified
                equipment; requirement for greater than expected contributions to post-employment benefit plans; default by a counterparty; inaccurate assumptions, judgments and/or estimates with respect to asset retirement obligations; failure to maintain
                required regulatory authorizations; changes to health and safety laws, regulations or permit requirements; failure to comply with and/or changes to environmental laws, regulations and other standards; compliance with new foreign laws or
                regulations; failure to identify attractive acquisition or development candidates necessary to pursue the Corporation&#8217;s growth strategy; delays and cost overruns in the design and construction of projects, including as a result of the 2019
                novel coronavirus outbreak; loss of key customers; failure to realize the anticipated benefits of acquisitions or joint ventures; Atlantica Yield plc (&#8220;<font style="font-weight: bold;">Atlantica</font>&#8221;) or the Corporation&#8217;s joint venture
                with Abengoa S.A., acting in a manner contrary to the Corporation&#8217;s interests; a drop in the market value of Atlantica&#8217;s ordinary shares; facilities being condemned or otherwise taken by governmental entities; increased external stakeholder
                activism adverse to the Corporation&#8217;s interests; and fluctuations in the price and liquidity of the Corporation&#8217;s Common Shares. Although the Corporation has attempted to identify important factors that could cause actual actions, events or
                results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Some of these and other factors are
                discussed in more detail in the AIF (as defined herein) under the heading &#8220;Enterprise Risk Factors&#8221; and in the Corporation&#8217;s most recent annual and interim MD&amp;A (as defined herein) under the heading &#8220;Enterprise Risk Management&#8221;.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Forward-looking information contained in this Prospectus, including the documents incorporated by reference, is made as of the date of this Prospectus or the documents incorporated by
                reference, as applicable, and based on the plans, beliefs, estimates, projections, expectations, opinions and assumptions of management on such date. There can be no assurance that forward-looking information will prove to be accurate, as
                actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. While subsequent events and
                developments may cause the Corporation&#8217;s views to change, the Corporation disclaims any obligation to update any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking
                information, except to the extent required by applicable law. All forward-looking information contained or incorporated by reference in this Prospectus is qualified by these cautionary statements.</div>
              <div>&#160;</div>
              <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-WHEREYOUCANFINDMOREINFORM"><!--Anchor--></a><!--Anchor-->WHERE YOU CAN FIND MORE INFORMATION</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation has filed with the SEC, under the U.S. Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">U.S. Securities Act</font>&#8221;), a registration statement on
                Form F-10 relating to the Securities. This Prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, certain items of which are contained in the
                exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to the Corporation, reference is made to the registration statement and to the schedules and exhibits filed
                therewith. Statements included in this Prospectus or the documents incorporated by reference herein about the contents of any contract, agreement or other document referred to are not necessarily complete, and in each instance prospective
                investors should refer to the copy of the document filed as an exhibit to the registration statement for a more complete description of the matter involved. Each such statement is qualified in its entirety by such reference.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation is subject to the information requirements of the U.S. Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">U.S. Exchange Act</font>&#8221;), and
                applicable Canadian securities legislation and, in accordance therewith, files certain reports with, and furnishes other information to, each of the SEC and certain securities commissions or similar regulatory authorities of Canada. Under
                the multijurisdictional disclosure system adopted by the United States and Canada, such reports and other information may be prepared in accordance with the disclosure requirements of the securities regulatory authorities in the applicable
                provinces of Canada, which requirements are different from those of the United States. As a foreign private issuer, the Corporation is exempt from the rules under the U.S. Exchange Act prescribing the furnishing and content of proxy
                statements, and the Corporation&#8217;s officers and directors are exempt from the reporting and short swing profit recovery provisions contained in Section 16 of the U.S. Exchange Act. The Corporation&#8217;s reports and other information filed or
                furnished with or to the SEC are available from the SEC&#8217;s Electronic Data Gathering, Analysis and Retrieval (&#8220;<font style="font-weight: bold;">EDGAR</font>&#8221;) system at www.sec.gov as well as from commercial document retrieval services. The
                Corporation&#8217;s Canadian filings are available on the System for Electronic Document Analysis and Retrieval (&#8220;<font style="font-weight: bold;">SEDAR</font>&#8221;) at www.sedar.com. Unless specifically incorporated by reference herein, documents
                filed or furnished by the Corporation on SEDAR or EDGAR are neither incorporated in nor part of this Prospectus or any Prospectus Supplement.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Investors should rely only on information contained or incorporated by reference in this Prospectus and any applicable Prospectus Supplement. The Corporation has not authorized anyone to
                provide the investor with different information. The Corporation is not making an offer of the Securities in any jurisdiction where the offer is not permitted. Investors should not assume that the information contained in this Prospectus is
                accurate as of any date other than the date on the front of this Prospectus, unless otherwise noted herein or as required by law. It should be assumed that the information appearing in this Prospectus and the documents incorporated herein
                by reference are accurate only as of their respective dates. The business, financial condition, results of operations and prospects of the Corporation may have changed since those dates.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-PRESENTATIONOFFINANCIALIN"><!--Anchor--></a><!--Anchor-->PRESENTATION OF FINANCIAL INFORMATION</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The financial statements of the Corporation incorporated herein by reference and in any Prospectus Supplement are reported in U.S. dollars. Unless otherwise indicated, all financial
                information included and incorporated by reference in this Prospectus and any Prospectus Supplement has been prepared in accordance with generally accepted accounting principles in the United States.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DOCUMENTSINCORPORATEDBYRE"><!--Anchor--></a><!--Anchor-->DOCUMENTS INCORPORATED BY REFERENCE</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada.</font>
                Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of the Corporation at 354 Davis Road, Oakville, Ontario, L6J 2X1, telephone (905) 465-4500, and are also available
                electronically at www.sedar.com.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following documents of the Corporation, filed with the securities commissions or similar authority in each of the provinces of Canada, are specifically incorporated by reference and
                form an integral part of this Prospectus:</div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zde8ceb39c6054caeba51e2a76714a5df">

                      <tr>
                        <td style="width: 49.65pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the Corporation&#8217;s Annual Information Form dated February<font style="font-weight: bold;">&#160;</font>27, 2020 for the year ended December 31, 2019 (the &#8220;<font style="font-weight: bold;">AIF</font>&#8221;);</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z72d0d48ab4474dfcb14a5f83862427e5">

                      <tr>
                        <td style="width: 49.65pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the audited comparative consolidated financial statements of the Corporation as at and for the years ended December 31, 2019 and December 31, 2018, together with the report of independent registered public accounting firm
                            thereon;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z8f2247cce9c54a9a9ef01f0de5dcf917">

                      <tr>
                        <td style="width: 49.65pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the Management&#8217;s Discussion and Analysis (&#8220;<font style="font-weight: bold;">MD&amp;A</font>&#8221;) of the Corporation for the year ended December 31, 2019;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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                <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z11016ef5df59498b8a18d1091e52b9bb">

                      <tr>
                        <td style="width: 49.65pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the Management Information Circular of the Corporation filed on SEDAR on May 7, 2019 in respect of the Corporation&#8217;s annual and special meeting of shareholders held on June 6, 2019; and</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd0c3d2ca39d24ae7810d578462bc2c34">

                      <tr>
                        <td style="width: 49.65pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the material change report of the Corporation dated February 18, 2020 in respect of certain succession planning matters.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">All material change reports (excluding confidential material change reports), annual information forms, annual financial statements and the report of independent registered public
                accounting firm thereon, interim financial statements and related MD&amp;A, information circulars, business acquisition reports, press releases that expressly state that they are incorporated herein by reference and any other documents as
                may be required to be incorporated herein by reference under applicable securities legislation which are filed with a securities regulatory authority in Canada or the U.S. after the date of this Prospectus, during the 25-month period that
                this Prospectus remains valid, shall be deemed to be incorporated by reference into this Prospectus to the extent required under applicable law.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Upon new audited annual financial statements and related MD&amp;A being filed by the Corporation with, and where required, accepted by, the securities regulatory authority in each of the
                provinces of Canada during the term of this Prospectus, the previous audited annual financial statements and related MD&amp;A and all interim financial statements and related MD&amp;A shall be deemed no longer to be incorporated into this
                Prospectus for purposes of future offers and sales of Securities under this Prospectus. Upon a new annual information form being filed by the Corporation with, and where required, accepted by, the securities regulatory authority in each of
                the provinces of Canada during the term of this Prospectus, the previous annual information form, any material change reports filed prior to the end of the financial year in respect of which the new annual information form is filed, any
                information circular filed prior to the start of such financial year and business acquisition reports filed prior to the commencement of the Corporation&#8217;s financial year in which the new annual information form is filed shall be deemed no
                longer to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus. Upon new interim financial statements and related MD&amp;A being filed by the Corporation with the securities
                regulatory authority in each of the provinces of Canada during the term of this Prospectus, all interim financial statements and related MD&amp;A filed prior to the new interim financial statements and related MD&amp;A shall be deemed no
                longer to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus. Upon a new information circular relating to an annual meeting of shareholders of the Corporation being filed by the
                Corporation with the securities regulatory authority in each of the provinces of Canada during the term of this Prospectus, the information circular for the preceding annual meeting of shareholders of the Corporation shall be deemed no
                longer to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Any template version of any &#8220;marketing materials&#8221; (as such term is defined in National Instrument 41-101 &#8211; <font style="font-style: italic;">General Prospectus Requirements</font>) filed
                after the date of a Prospectus Supplement and before the termination of the distribution of the Securities offered pursuant to such Prospectus Supplement (together with this Prospectus) is deemed to be incorporated by reference in such
                Prospectus Supplement.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In addition, to the extent that any document or information incorporated by reference into this Prospectus is included in any report on Form 6-K, Form 40-F, Form 20-F, Form 10-K, Form 10-Q
                or Form 8-K (or any respective successor form) that is filed with or furnished to the SEC after the date of this Prospectus, such document or information shall be deemed to be incorporated by reference as an exhibit to the registration
                statement of which this Prospectus forms a part, in the case of Form 6-K reports if and to the extent expressly provided in such report. In addition, the Corporation may incorporate by reference as an exhibit to the registration statement
                of which the Prospectus forms a part or into the Prospectus which forms a part of the registration statement, information from documents that the Corporation files with or furnishes to the SEC pursuant to Section 13(a) or 15(d) of the U.S.
                Exchange Act, if and to the extent expressly provided therein. The Corporation&#8217;s current reports on Form 6-K and annual reports on Form 40-F are available from the SEC&#8217;s EDGAR system at www.sec.gov.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">All shelf information permitted under applicable laws to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to prospective
                purchasers together with this Prospectus, except in cases where an exemption from such delivery requirements has been obtained. A Prospectus Supplement containing the specific terms of any Securities offered thereunder and other information
                relating to such Securities will be delivered to prospective purchasers of such Securities together with this Prospectus and will be deemed to be incorporated by reference into this Prospectus as of the date of the Prospectus Supplement and
                only for the purposes of the offering of the Securities to which the Prospectus Supplement pertains.</div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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                <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded, for the
                  purposes of this Prospectus, to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated herein by reference modifies or replaces such statement</font>. The
                modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding
                statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is
                required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed in its unmodified or superseded form to constitute
                part of this Prospectus.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Prospective purchasers should rely only on the information contained in or incorporated by reference in this Prospectus or any Prospectus Supplement. The Corporation has not authorized
                anyone to provide prospective purchasers with different or additional information. The Corporation is not making an offer of Securities in any jurisdiction where the offer is not permitted by law. Prospective purchasers should not assume
                that the information contained in or incorporated by reference in this Prospectus or any Prospectus Supplement is accurate as of any date other than the date of the applicable document.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DESCRIPTIONOFTHEBUSINESS"><!--Anchor--></a><!--Anchor-->DESCRIPTION OF THE BUSINESS</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">General</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Algonquin Power &amp; Utilities Corp. was originally incorporated under the <font style="font-style: italic;">Canada Business Corporations Act</font> on August 1, 1988 as Traduction
                Militech Translation Inc. Pursuant to articles of amendment dated August 20, 1990 and January 24, 2007, the Corporation amended its articles to change its name to Soci&#233;t&#233; Hydrogenique Incorpor&#233;e &#8211; Hydrogenics Corporation and Hydrogenics
                Corporation &#8211; Corporation Hydrogenique, respectively. Pursuant to a certificate and articles of arrangement dated October 27, 2009, the Corporation, among other things, created a new class of common shares, transferred its existing
                operations to a newly formed independent corporation, exchanged new common shares for all of the trust units of Algonquin Power Co. and changed its name to Algonquin Power &amp; Utilities Corp. The head and registered office of the
                Corporation is located at Suite 100, 354 Davis Road, Oakville, Ontario, L6J 2X1.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation&#8217;s operations are organized across two primary business units consisting of: the Regulated Services Group, which primarily owns and operates a portfolio of regulated assets
                in the United States and Canada; and the Renewable Energy Group, which primarily owns and operates a diversified portfolio of renewable generation assets. The Corporation also undertakes development activities for both business units,
                working with a global reach to identify, develop, acquire, or invest in renewable power generating facilities, regulated utilities and other complementary infrastructure projects.</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 80%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z347b72741ad94db8a927ad2e6d9f2fdf">

                  <tr>
                    <td rowspan="2" style="width: 39%; vertical-align: middle; background-color: rgb(0, 0, 0); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(255, 255, 255);">Renewable Energy Group</div>
                    </td>
                    <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                    <td rowspan="2" style="width: 39%; vertical-align: middle; background-color: rgb(0, 0, 0); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(255, 255, 255);">Regulated Services Group</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 39%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center;">Wind Power Generation</div>
                      <div style="text-align: center;">Solar Generation</div>
                      <div style="text-align: center;">Hydro Electric Generation</div>
                      <div style="text-align: center;">Thermal Co-Generation</div>
                    </td>
                    <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                    <td style="width: 39%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center;">Electric Utilities</div>
                      <div style="text-align: center;">Natural Gas Utilities</div>
                      <div style="text-align: center;">Water &amp; Wastewater Utilities</div>
                      <div style="text-align: center;">Natural Gas and Electric Transmission</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">Renewable Energy Group</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Renewable Energy Group generates and sells electrical energy produced by its diverse portfolio of renewable power generation and clean power generation facilities located across the
                United States and Canada.&#160; The Renewable Energy Group seeks to deliver continuing growth through development of new greenfield power generation projects and accretive acquisitions of additional electrical energy generation facilities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In addition to directly owned and operated assets, the Corporation also holds an approximate 44.2% indirect beneficial interest in Atlantica, a NASDAQ-listed company that acquires, owns and
                manages a diversified international portfolio of contracted renewable energy, power generation, electric transmission and water assets. The Corporation reports its investment in Atlantica under the Renewable Energy Group.</div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">5</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify; font-weight: bold;">Regulated Services Group</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Regulated Services Group operates a diversified portfolio of regulated utility systems throughout the United States and Canada serving approximately 804,000 connections. The Regulated
                Services Group seeks to provide safe, high quality and reliable services to its customers and to deliver stable and predictable earnings to the Corporation. In addition to encouraging and supporting organic growth within its service
                territories, the Regulated Services Group seeks to deliver continued growth in earnings through accretive acquisitions of additional utility systems.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DESCRIPTIONOFDEBTSECURITI"><!--Anchor--></a><!--Anchor-->DESCRIPTION OF DEBT SECURITIES</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In this section, &#8220;the Corporation&#8221; refers only to Algonquin Power &amp; Utilities Corp. and not the direct or indirect subsidiary entities of Algonquin Power &amp; Utilities Corp. and
                partnership interests held by Algonquin Power &amp; Utilities Corp. and its subsidiary entities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following describes certain general terms and provisions of the Debt Securities.&#160; The particular terms and provisions of a series of Debt Securities offered pursuant to any Prospectus
                Supplement, and the extent to which the general terms and provisions described below may apply to such Debt Securities, will be described in the Prospectus Supplement filed in respect of such Debt Securities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Debt Securities will be direct unsecured obligations of the Corporation and will be senior or subordinated indebtedness of the Corporation as described in the applicable Prospectus
                Supplement. The Debt Securities may be offered separately or together with other Securities.&#160; The Debt Securities will be issued under one or more indentures (each, a &#8220;<font style="font-weight: bold;">Trust Indenture</font>&#8221;) in each case
                between the Corporation and a trustee (or a U.S. trustee and a Canadian co-trustee) (an &#8220;<font style="font-weight: bold;">Indenture</font>&#160;<font style="font-weight: bold;">Trustee</font>&#8221;), determined by the Corporation in accordance with
                applicable laws. Any Debt Securities offered or sold to persons in the U.S. pursuant to this Prospectus will be issued under a Trust Indenture substantially in the form of one of the Trust Indentures filed with the SEC as an exhibit to the
                Corporation&#8217;s registration statement of which this Prospectus is a part. A copy of any Trust Indenture or supplement thereto entered into by the Corporation will be filed with securities regulatory authorities and will be available on the
                Corporation&#8217;s SEDAR profile at www.sedar.com. The statements made below relating to the Trust Indenture and the Debt Securities to be issued thereunder are summaries of certain anticipated provisions thereof, are not complete and are
                subject to, and are qualified in their entirety by reference to, all provisions of the applicable Trust Indenture.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation conducts its business primarily through its subsidiaries. Accordingly, the ability of the Corporation to meet its obligations under the Debt Securities is dependent
                primarily on the earnings and cash flows of those subsidiaries and the ability of those subsidiaries to pay dividends or to advance or repay funds to the Corporation. The Corporation&#8217;s subsidiaries are separate legal entities and have no
                independent obligation to pay dividends. Prior to paying dividends, the subsidiaries have financial obligations that must be satisfied, including among others, their operating expenses and obligations to creditors. Furthermore, subsidiaries
                which are regulated utilities are required by regulation to maintain a minimum equity-to-total capital ratio that may restrict their ability to pay dividends to the Corporation or may require that the Corporation contribute capital. In the
                future, laws or regulations may be enacted that prohibit or further restrict the ability of the subsidiaries to pay upstream dividends or to repay intercorporate indebtedness. In addition, the rights that the Corporation and its creditors
                would have to participate in the assets of any such subsidiary upon the subsidiary&#8217;s liquidation or recapitalization will be subject to the prior claims of the subsidiary&#8217;s creditors. Certain subsidiaries have incurred substantial amounts
                of debt in the operation and expansion of their businesses, and it is anticipated that certain subsidiaries will continue to do so in the future.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Holders of Debt Securities will generally have a junior position to claims of creditors of the Corporation&#8217;s subsidiaries, including trade creditors, debt holders, secured creditors, taxing
                authorities, guarantee holders and any holders of preference or preferred shares. In addition to trade debt, certain operating subsidiaries have ongoing corporate debt programs used to finance their business activities. The Debt Securities
                will be effectively subordinated to any existing and future secured obligations to the extent of the value of the collateral securing such obligations. The Debt Securities will be structurally subordinated to all liabilities and any
                preference or preferred shares of the Corporation&#8217;s subsidiaries.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Unless otherwise specified in a Prospectus Supplement, the Trust Indentures will not limit the amount of indebtedness or preference or preferred shares issuable by the Corporation or its
                subsidiaries.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following description of the Debt Securities is only a summary and is not intended to be comprehensive. For additional information you should refer to the Trust Indenture under which
                such Debt Securities are issued.</div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">6</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify; font-weight: bold;">General</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Trust Indentures will not limit the amount of Debt Securities that may be issued thereunder. The Corporation may issue Debt Securities from time to time under a Trust Indenture in one
                or more series by entering into supplemental indentures or by its board of directors or a duly authorized committee authorizing the issuance. The Debt Securities of a series need not be issued at the same time, bear interest at the same
                rate or mature on the same date.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Prospectus Supplement for a particular series of Debt Securities will disclose the specific terms of such Debt Securities, including the price or prices at which the Debt Securities to
                be offered will be issued. Those terms may include some or all of the following:</div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z75f3faaa84fd42adb3ec14555c7ed3ae">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the title of the series;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8243a705ca0d453e8dce31cf41c52d4b" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(b)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">the total principal amount of the Debt Securities of the series;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9b458564d8614a4fa7d631adaf517559">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the date or dates on which principal is payable or the method for determining the date or dates, and any right that the Corporation has to change the date on which principal is payable;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z768f3f8dffb94fc8980d924c3cefed9a">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the interest rate or rates, if any, or the method for determining the rate or rates, and the date or dates from which interest will accrue;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc2d34789c6f643d8bcc40a1e70826785">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any interest payment dates and the regular record date for the interest payable on each interest payment date, if any;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb82cacad8ed240faa151bbaa2094e3f0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(f)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">whether the Corporation may extend the interest payment periods and, if so, the terms of the extension;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze57ce06c245e442ca061f039e2cca4e1" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(g)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">the place or places where payments will be made;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z3ff1bbd27e5145aa97adf88283b91287">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>whether the Corporation has the option to redeem the Debt Securities and, if so, the terms of such redemption option;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf6130c9f1c814b45849ecac8fa514ba1">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any obligation that the Corporation has to redeem the Debt Securities through a sinking fund or to purchase the Debt Securities through a purchase fund or at the option of the holder;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z91e3758e3aad4ba788535331d1d4f750">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any conversion or exchange right granted to holders, the terms and conditions thereof and the number and designation of the securities to be received by holders on any such conversion or exchange;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
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                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the currency in which the Debt Securities may be purchased and in which the principal and any interest is payable;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z0625e13e526247dbb1d9f7321a540708">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>if payments may be made, at the election of the Corporation or at the holder&#8217;s election, in a currency other than that in which the Debt Securities are stated to be payable, then the currency in which those payments may be
                            made, the terms and conditions of the election and the manner of determining those amounts;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z4f02d803d19c4cd09756c89690e099b9" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(m)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">the portion of the principal payable upon acceleration of maturity, if other than the entire principal;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z983daaf2382f4f13af71f44fe14c2d88" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(n)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">whether the Debt Securities will be issuable as global securities and, if so, the securities depositary;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf4a0a1821c124464b51e0171313b3d77" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(o)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">the events of default or covenants with respect to the Debt Securities;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z94a0eeaf6e994c7580a43c5603d96557" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(p)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">any index or formula used for determining principal, premium or interest;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf63d60567412408e9ce2ca2ef1d541c0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(q)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">the terms of the subordination of any series of subordinated debt;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z7f54e61d0922476d80f758650d63c3ca">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(r)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>if the principal payable on the maturity date will not be determinable on one or more dates prior to the maturity date, the amount which will be deemed to be such principal amount or the manner of determining it;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">7</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zee20b2a0a5ae4728aa599b0406fadabd">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(s)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the person to whom any interest shall be payable if other than the person in whose name the Debt Security is registered on the regular record date for such interest payment; and</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2602f4ca987246a3a114e230849527be" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="width: 36pt;">&#160;</td>
                      <td style="vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;">(t)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;">any other terms.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Debt Securities offered pursuant to this Prospectus and any Prospectus Supplement may be represented by instalment receipts, the particular terms and provisions of which will be
                described in the applicable Prospectus Supplement and set out in an instalment receipt and pledge agreement or similar agreement. Any such instalment receipt will evidence, among other things, (a) the fact that a first instalment payment
                has been made in respect of the Debt Securities represented thereby and (b) the beneficial ownership of the Debt Securities represented by the instalment receipt, subject to a pledge of such Debt Securities securing the obligation to pay
                the balance outstanding under such Debt Securities on or prior to a certain date. Debt Securities represented by instalment receipts will not be offered or sold to persons in the U.S. pursuant to this Prospectus. A copy of any such
                instalment receipt and pledge agreement or similar agreement will be filed by the Corporation with securities regulatory authorities after it has been entered into and will be available on the Corporation&#8217;s SEDAR profile at www.sedar.com.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DESCRIPTIONOFSUBSCRIPTION"><!--Anchor--></a><!--Anchor-->DESCRIPTION OF SUBSCRIPTION RECEIPTS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In this section, &#8220;the Corporation&#8221; refers only to Algonquin Power &amp; Utilities Corp. and not the direct or indirect subsidiary entities of Algonquin Power &amp; Utilities Corp. and
                partnership interests held by Algonquin Power &amp; Utilities Corp. and its subsidiary entities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The particular terms and provisions of Subscription Receipts offered pursuant to any Prospectus Supplement, and the extent to which the general terms and provisions described below may
                apply thereto, will be described in the Prospectus Supplement filed in respect of such Subscription Receipts. This description will include, where applicable:</div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z77b6a09dab5a447daa6c977e5e45b7fe">

                      <tr>
                        <td style="width: 54pt;">&#160;</td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the number of Subscription Receipts;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zcf1ae62512684ff88ba02f01c9274215">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the price at which the Subscription Receipts will be offered;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z1eaee81d60ac44ebbbc5dc1f424e6191">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the procedures for the exchange of the Subscription Receipts into Common Shares or other securities;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z3f1fdd0df80d4e62beac644a5c942742">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the number of Common Shares or other securities that may be obtained upon exercise of each Subscription Receipt;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf153b58f4ba5496ea2262d396bd8e656">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the designation and terms of any other securities with which the Subscription Receipts will be offered, if any, and the number of Subscription Receipts that will be offered with each Common Share or security;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="za02cf2d8875148cfb9c924fb31fb9f48">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the terms applicable to the gross proceeds from the sale of the Subscription Receipts plus any interest earned thereon;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z535bb369ac78418a87aa59f3ca840762">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the material tax consequences of owning Subscription Receipts; and</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd130538c20d24e138a11c33a59cd2ef0">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any other material terms and conditions of the Subscription Receipts.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Subscription Receipts may be offered separately or in combination with one or more other Securities. The Subscription Receipts will be issued under a subscription receipt agreement. A copy
                of the subscription receipt agreement will be filed by the Corporation with the securities regulatory authorities in each of the provinces of Canada and with the SEC in the U.S. after it has been entered into by the Corporation and will be
                available electronically at www.sedar.com.</div>
              <div style="text-align: justify; text-indent: 36pt;"> <br>
              </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-size: 8pt; font-weight: normal; font-style: normal;">8</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DESCRIPTIONOFEQUITYSECURI"><!--Anchor--></a><!--Anchor-->DESCRIPTION OF EQUITY SECURITIES</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In this section, &#8220;the Corporation&#8221; refers only to Algonquin Power &amp; Utilities Corp. and not the direct or indirect subsidiary entities of Algonquin Power &amp; Utilities Corp. and
                partnership interests held by Algonquin Power &amp; Utilities Corp. and its subsidiary entities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following describes certain general terms and provisions of Equity Securities in respect of which a Prospectus Supplement may be filed. The particular terms and provisions of Equity
                Securities offered pursuant to any Prospectus Supplement, and the extent to which the general terms and provisions described below may apply thereto, will be described in the Prospectus Supplement filed in respect of such Equity Securities.
                This summary does not purport to be complete and is subject to, and qualified by, reference to the terms of the Corporation&#8217;s articles, a copy of which has been filed with the securities regulatory authorities in each of the provinces of
                Canada and is available electronically at www.sedar.com.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">General</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The authorized share capital of the Corporation consists of an unlimited number of Common Shares and an unlimited number of preferred shares issuable in one or more series. As of April 2,
                2020, there were 526,689,493 Common Shares, 4,800,000 Series A Preferred Shares, nil <font style="color: #000000;">cumulative floating rate preferred shares, series B (the &#8220;</font><font style="font-weight: bold; color: #000000;">Series B
                  Preferred Shares</font><font style="color: #000000;">&#8221;),</font> 100 series C preferred shares (the &#8220;<font style="font-weight: bold;">Series C Preferred Shares</font>&#8221;), 4,000,000 Series D Preferred Shares, nil <font style="color: #000000;">cumulative floating rate preferred shares, series E</font> (the &#8220;<font style="font-weight: bold;">Series E Preferred Shares</font>&#8221;), nil series F preferred shares (the &#8220;<font style="font-weight: bold;">Series F Preferred Shares</font>&#8221;)


























                and nil series G preferred shares (the &#8220;<font style="font-weight: bold;">Series G Preferred Shares</font>&#8221;) outstanding.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Equity Securities may be offered separately or together with other Securities. The particular terms and provisions of the Equity Securities offered pursuant to a Prospectus Supplement
                and the extent to which these general terms and provisions apply will be described in such Prospectus Supplement.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">Common Shares</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The holders of Common Shares are entitled to dividends if, as and when declared by the board of directors of the Corporation, to one vote per share at meetings of the holders of Common
                Shares and to receive a pro rata share of any remaining property and assets of the Corporation upon liquidation, dissolution or winding up of the Corporation. All Common Shares are of the same class and with equal rights and privileges and
                are not subject to future calls or assessments. As of April 2, 2020, there were 526,689,493 Common Shares issued and outstanding.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation currently pays a quarterly dividend of US$0.1410 per Common Share for a total annual dividend of US$0.5640<font style="font-weight: bold;">&#160;</font>per Common Share. However,
                any future determination to pay dividends will be at the discretion of the Corporation&#8217;s board of directors and will be dependent upon the Corporation&#8217;s cash flow from operations, financial condition, financial leverage, working capital
                requirements and investment opportunities, as well as general economic conditions and other factors deemed relevant by the Corporation&#8217;s board of directors.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation has adopted a shareholder rights plan as amended, restated and continued as of June 6, 2019 and approved by shareholders on June 9, 2019. A copy of the shareholder rights
                plan has been filed with the securities regulatory authority in each of the provinces of Canada and is available electronically at www.sedar.com. For additional information on the shareholder rights plan, see &#8220;Shareholders&#8217; Rights Plan&#8221; in
                the AIF.</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;">Preferred Shares</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation is authorized to issue an unlimited number of Preferred Shares, issuable in one or more series, containing terms and conditions as approved by the board of directors of the
                Corporation, which may include voting rights. <font style="color: #000000;">The Preferred Shares of each series will rank equally with the Preferred Shares of every other series and will rank in priority to the Common Shares with respect
                  to dividends and return of capital in the event of liquidation, dissolution or winding up of the Corporation.</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">The articles of the Corporation, which include the terms of the Series A Preferred Shares, the Series B Preferred Shares, the Series C Preferred Shares, the
                  Series D Preferred Shares, the Series E Preferred Shares, the Series F Preferred Shares and the Series G Preferred Shares are available on the Corporation&#8217;s SEDAR profile at </font>www.sedar.com<font style="color: #0000FF;">. </font><font style="color: #000000;">&#160; For a detailed description of the terms and conditions of the Corporation&#8217;s existing series of Preferred Shares, see &#8220;Description of Capital Structure&#8221; in the AIF. The specific terms of any series of Preferred
                  Shares to be issued hereunder will be as described in a Prospectus Supplement. Accordingly, the statements made or incorporated by reference in this section may not apply to a particular series of Preferred Shares.</font></div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">9</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DESCRIPTIONOFTHEWARRANTS"><!--Anchor--></a><!--Anchor-->DESCRIPTION OF THE WARRANTS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In this section, &#8220;the Corporation&#8221; refers only to Algonquin Power &amp; Utilities Corp. and not the direct or indirect subsidiary entities of Algonquin Power &amp; Utilities Corp. and
                partnership interests held by Algonquin Power &amp; Utilities Corp. and its subsidiary entities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following describes certain general terms and provisions of the Warrants. The particular terms and provisions of the Warrants offered pursuant to a Prospectus Supplement, and the extent
                to which the general terms and provisions described below may apply to those Warrants, will be described in the Prospectus Supplement filed in respect of such Warrants. The following description and any description of Warrants in the
                applicable Prospectus Supplement does not purport to be complete and is subject to and qualified in its entirety by reference to the applicable warrant agreement and, if applicable, collateral arrangements and depositary arrangements
                relating to such Warrants.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation may issue Warrants for the purchase of Common Shares. Warrants may be issued independently or together with other Securities offered pursuant to any Prospectus Supplement
                and may be attached to, or separate from, any such offered Securities. Warrants will be issued under one or more warrant agreements between the Corporation and a warrant agent that the Corporation will name in the Prospectus Supplement.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Any Prospectus Supplement for Warrants will contain the terms and other information with respect to the Warrants being offered thereby, including:</div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z8368499c227949b5bc67fccf0c2e1b63">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the designation of the Warrants;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5ff6ee46496244378ebb4863c07d0cd1">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the aggregate number of Warrants offered and the offering price;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z3c8f2601328f43daaab75ff8038e4502">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the designation, number and terms of the Common Shares purchasable upon exercise of the Warrants, and procedures that will result in the adjustment of those numbers;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z2f45e03eef6541a8bca8e39406aa09f7">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the exercise price of the Warrants;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z69d81273bef34a848e06aa217bb14550">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the dates or periods during which the Warrants are exercisable;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zfb1b9e618753474aa70a541ddbcef25a">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the designation and terms of any Securities with which the Warrants are issued;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z1064120cecbf481facaffb122f993ecb">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>if the Warrants are issued as a Unit with another Security, the date on and after which the Warrants and the other security will be separately transferable;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd9cda06ba7834dc1a107a2d873273418">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the currency or currency unit in which the exercise price is denominated;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z7ef2cf678653426ea4d35cbf0a3d493f">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any minimum or maximum amount of Warrants that may be exercised at any one time;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5abd2fae0e2e4816abab43418d755922">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>whether such Warrants will be listed on any securities exchange;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z60482040a9dc4f5ba49a9e1c03ace6b1">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any terms, procedures and limitations relating to the transferability or exercise of the Warrants;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5641d96017ba4da9a8554fe88da1ad9b">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>whether the Warrants will be issued in fully registered or &#8220;book-entry only&#8221; form; and</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zffc01bce5b4f4ac3ac6f2bf0de899e4c">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any other material terms and conditions of the Warrants.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">10</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DESCRIPTIONOFSHAREPURCHAS"><!--Anchor--></a><!--Anchor--><!--Anchor-->DESCRIPTION OF SHARE PURCHASE CONTRACTS</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">&#160;AND SHARE PURCHASE OR EQUITY UNITS<!--Anchor--></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In this section, &#8220;the Corporation&#8221; refers only to Algonquin Power &amp; Utilities Corp. and not the direct or indirect subsidiary entities of Algonquin Power &amp; Utilities Corp. and
                partnership interests held by Algonquin Power &amp; Utilities Corp. and its subsidiary entities.</div>
              <div>&#160;</div>
              <div style="text-indent: 36pt; color: #000000;">The Corporation may issue share purchase contracts, including contracts obligating holders to purchase from the Corporation, and the Corporation to sell to the holders, a specified number of
                Equity Securities, at a future date or dates, or similar contracts issued on a &#8220;prepaid&#8221; or instalment basis (in each case, &#8220;<font style="font-weight: bold;">Share Purchase Contracts</font>&#8221;). The price per Equity Security and the number of
                Equity Securities may be fixed at the time the Share Purchase Contracts are issued or may be determined by reference to a specific formula set forth in the Share Purchase Contracts. The Share Purchase Contracts will require either that the
                share purchase price be paid at the time the Share Purchase Contracts are issued or that payment(s) be made at a specified future date(s). The Share Purchase Contracts may be issued separately or as part of units consisting of a Share
                Purchase Contract and Debt Securities or obligations of third parties (including U.S. treasury securities) (the &#8220;<font style="font-weight: bold;">Share Purchase or Equity Units</font>&#8221;), and may or may not serve as collateral for a holder&#8217;s
                obligations. The Share Purchase Contracts may require holders to secure their obligations thereunder in a specified manner. The Share Purchase Contracts also may require the Corporation to make periodic payments to the holders of the Share
                Purchase Contracts or vice versa, and such payments may be unsecured or refunded on some basis.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 3.6pt; color: #000000;">The applicable Prospectus Supplement will describe the terms of the Share Purchase Contracts or Share Purchase or Equity Units. The
                description in the applicable Prospectus Supplement will not necessarily be complete, and reference will be made to the Share Purchase Contracts, and, if applicable, collateral, depositary or custodial arrangements, relating to the Share
                Purchase Contracts or Share Purchase or Equity Units. Material United States and Canadian federal income tax considerations applicable to the holders of the Share Purchase or Equity Units and the Share Purchase Contracts will also be
                discussed in the applicable Prospectus Supplement.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DESCRIPTIONOFTHEUNITS"><!--Anchor--></a><!--Anchor-->DESCRIPTION OF THE UNITS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">In this section, &#8220;the Corporation&#8221; refers only to Algonquin Power &amp; Utilities Corp. and not the direct or indirect subsidiary entities of Algonquin Power &amp; Utilities Corp. and
                partnership interests held by Algonquin Power &amp; Utilities Corp. and its subsidiary entities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following describes certain general terms and provisions of the Units. The particular terms and provisions of the Units offered pursuant to a Prospectus Supplement, and the extent to
                which the general terms described below apply to those Units, will be described in such Prospectus Supplement. The following description and any description of Units in the applicable Prospectus Supplement does not purport to be complete
                and is subject to and qualified in its entirety by reference to any agreement, collateral arrangements and depositary arrangements relating to such Units.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation may issue Units comprised of one or more of the Securities described in this Prospectus in any combination, including fractions of such Securities. Each Unit will be issued
                so that the holder of the Unit is also the holder of each Security included in the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each included Security. The unit agreement (if any) under which a Unit
                is issued may provide that the Securities included in the Unit may not be held or transferred separately, at any time or at any time before a specified date.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Any Prospectus Supplement for Units will contain the terms and other information with respect to the Units being offered thereby, including:</div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z4d5cec55ad2a4a09a8a5dc76f3ac10a2">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the designation and terms of the Units and of the Securities comprising the Units, including whether and under what circumstances those Securities may be held or transferred separately;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z8511de9ce4064abba24a75d265594199">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any provisions for the issuance, payment, settlement, transfer or exchange of the Units or of any Securities comprising the Units;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z3879041b01a34284b625e2bb79e15682">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>whether the Units will be issued in fully registered or &#8220;book-entry only&#8221; form; and</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z2305c3c1ccf94b1ba2449faf20208a9b">

                      <tr>
                        <td style="width: 54pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>any other material terms and conditions of the Units.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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                <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
              </div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-BOOK-ENTRYONLYSECURITIES"><!--Anchor--></a><!--Anchor-->BOOK-ENTRY ONLY SECURITIES</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Securities issued in &#8220;book-entry only&#8221; form must be purchased, transferred or redeemed through participants in the depository service of a depository identified in a Prospectus Supplement
                for the particular offering of Securities. Each of the underwriters, dealers, remarketing firms or agents, as the case may be, named in an accompanying Prospectus Supplement will be a participant of the depository or will have arrangements
                with a participant. On the closing of a book-entry only offering, the Corporation may cause a global certificate or certificates representing the aggregate number of Securities subscribed for under such offering to be delivered to, and
                registered in the name of, the depository or its nominee. Except as described below, no purchaser of Securities will be entitled to a certificate or other instrument from the Corporation or the depository evidencing that purchaser&#8217;s
                ownership thereof, and no purchaser will be shown on the records maintained by the depository except through a book-entry account of a participant acting on behalf of such purchaser. Each purchaser of Securities will receive a customer
                confirmation of purchase from the registered dealer from which the Securities are purchased in accordance with the practices and procedures of that registered dealer. The practices of registered dealers may vary, but generally customer
                confirmations are issued promptly after execution of a customer order. The depository will be responsible for establishing and maintaining book-entry accounts for its participants having interests in the Securities. Reference in this
                Prospectus to a holder of Securities means, unless the context requires otherwise, the owner of the beneficial interest in the Securities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">If the Corporation determines, or the depository notifies the Corporation in writing, that the depository is no longer willing or able to discharge properly its responsibilities as
                depository with respect to the Securities and the Corporation is unable to locate a qualified successor, or if the Corporation at its option elects, or is required by law, to terminate the book-entry system, then the Securities will be
                issued in fully registered form to holders or their nominees.</div>
              <div>&#160;</div>
              <div style="font-style: italic; font-weight: bold;">Transfer, Conversion or Redemption of Securities</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Transfer of ownership, conversion or redemption of Securities will be effected through records maintained by the depository or its nominee for such Securities with respect to interests of
                participants, and on the records of participants with respect to interests of persons other than participants. Holders who desire to purchase, sell or otherwise transfer ownership of or other interests in the Securities may do so only
                through participants.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The ability of a holder to pledge a Security or otherwise take action with respect to such holder&#8217;s interest in a Security (other than through a participant) may be limited due to the lack
                of a physical certificate.</div>
              <div>&#160;</div>
              <div style="font-style: italic; font-weight: bold;">Payments and Notices</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Payments of principal, redemption price, if any, dividends and interest, as applicable, on each Security will be made by the Corporation to the depository or its nominee, as the case may
                be, as the registered holder of the Security and the Corporation understands that such payments will be credited by the depository or its nominee in the appropriate amounts to the relevant participant. Payments to holders of Securities of
                amounts so credited will be the responsibility of the participants.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">As long as the depository or its nominee is the registered holder of the Securities, the depository or its nominee, as the case may be, will be considered the sole owner of the Securities
                for the purposes of receiving notices or payments on the Securities. In such circumstances, the responsibility and liability of the Corporation in respect of notices or payments on the Securities is limited to giving or making payment of
                any principal, redemption price, if any, dividends and interest due on the Securities to the depository or its nominee.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Each holder must rely on the procedures of the depository and, if such holder is not a participant, on the procedures of the participant through which such holder owns its interest, to
                exercise any rights with respect to the Securities. The Corporation understands that under existing industry practices, if the Corporation requests any action of holders or if a holder desires to give any notice or take any action which a
                registered holder is entitled to give or take with respect to the Securities, the depository would authorize the participant acting on behalf of the holder to give such notice or to take such action, in accordance with the procedures
                established by the depository or agreed to from time to time by the Corporation, any Indenture Trustee, warrant agent, subscription receipt agent, collateral agent, purchase contract agent or custodial agent and depository. Any holder that
                is not a participant must rely on the contractual arrangement it has directly, or indirectly through its financial intermediary, with its participant to give such notice or take such action.</div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation, the remarketing firms, the underwriters or agents and any Indenture Trustee identified in an accompanying Prospectus Supplement, as applicable, will not have any liability
                or responsibility for (i) records maintained by the depository relating to beneficial ownership interest in the Securities held by the depository or the book-entry accounts maintained by the depository; (ii) maintaining, supervising or
                reviewing any records relating to any such beneficial ownership interest; or (iii) any advice or representation made by or with respect to the depository and contained herein or in any Trust Indenture with respect to the rules and
                regulations of the depository or at the directions of the participants.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-CONSOLIDATEDCAPITALIZATIO"><!--Anchor--></a><!--Anchor-->CONSOLIDATED CAPITALIZATION</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">There have been no material changes in the share and loan capitalization of the Corporation since December 31, 2019, being the date on which the Corporation&#8217;s most recently completed
                financial period ended, which have not been disclosed in this Prospectus or in the documents incorporated by reference herein.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-TRADINGPRICESANDVOLUMES"><!--Anchor--></a><!--Anchor-->TRADING PRICES AND VOLUMES</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The outstanding Common Shares, Series A Preferred Shares and Series D Preferred Shares are traded on the TSX under the trading symbols &#8220;AQN&#8221;, &#8220;AQN.PR.A&#8221; and &#8220;AQN.PR.D&#8221;, respectively. The
                outstanding Common Shares are also traded on the NYSE under the trading symbol &#8220;AQN&#8221;. The Corporation&#8217;s outstanding 2018 Debentures and 2019 Debentures are each listed on the NYSE under the symbols &#8220;AQNA&#8221; and &#8220;AQNB&#8221;, respectively. On April
                2, 2020, the last trading day prior to the date of this Prospectus, (i) the closing price of the Common Shares on the TSX and the NYSE was C$17.89 and US$12.61 per Common Share, respectively; (ii) the closing price of the Series A Preferred
                Shares on the TSX was C$14.46; (iii) the closing price of the Series D Preferred Shares on the TSX was C$14.90; and (iv) the closing prices of the 2018 Debentures and 2019 Debentures on the NYSE were US$23.12<font style="font-weight: bold;">&#160;</font>and





























                US$22.46, respectively, each per US$25 principal amount thereof. Trading price and volume of the Common Shares will be provided as required for each Prospectus Supplement.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-EARNINGS-COVERAGERATIOS"><!--Anchor--></a><!--Anchor-->EARNINGS-COVERAGE RATIOS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; color: #000000;">Earnings coverage ratios will be provided as required in the applicable Prospectus Supplement(s) with respect to any offering and sale of Debt Securities having a term to
                maturity in excess of one year or Preferred Shares pursuant to this Prospectus.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-PRIORSALES"><!--Anchor--></a><!--Anchor-->PRIOR SALES</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Prior sales of the Corporation&#8217;s Securities will be provided as required in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-USEOFPROCEEDS"><!--Anchor--></a><!--Anchor-->USE OF PROCEEDS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Unless otherwise specified in a Prospectus Supplement, the net proceeds resulting from the issue of Securities will be used to repay indebtedness and for general corporate purposes,
                including in connection with acquisitions and investments by the Corporation.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">All expenses incurred in connection with this Prospectus, any offerings of Securities hereunder and related commissions will be paid out of the Corporation&#8217;s general funds.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-PLANOFDISTRIBUTION"><!--Anchor--></a><!--Anchor-->PLAN OF DISTRIBUTION</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation may sell Securities (i) to or through underwriters, dealers or agents or (ii) directly to one or more purchasers. The Securities may be sold from time to time in one or more
                transactions at a fixed price or prices or at non-fixed prices. If offered on a non-fixed price basis, the Securities may be offered at market prices prevailing at the time of sale (including, without limitation, sales deemed to be
                &#8220;at-the-market distributions&#8221; as defined in National Instrument 44-102 &#8211; <font style="font-style: italic;">Shelf Distributions</font>, including sales made directly on the TSX and the NYSE or other existing trading markets for the
                Securities), at prices determined by reference to the prevailing price of a specified security in a specified market or at prices to be negotiated with purchasers, in which case the compensation payable to an underwriter, dealer or agent in
                connection with any such sale will be decreased by the amount, if any, by which the aggregate price paid for the Securities by the purchasers is less than the gross proceeds paid by the underwriter, dealer or agent to the Corporation. The
                price at which the Securities will be offered and sold may vary from purchaser to purchaser and during the period of distribution.</div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 36pt;">The Prospectus Supplement for any of the Securities being offered thereby will set forth the terms of the offering of such Securities, including the name or names of any underwriters,
                dealers or agents, the purchase price of such Securities, the proceeds to the Corporation from such sale, any underwriting discounts or commissions and other items constituting underwriters&#8217; or agents&#8217; compensation, any public offering
                price and any discounts or concessions allowed or re-allowed or paid by any underwriter to other dealers. Only underwriters so named in the Prospectus Supplement are deemed to be underwriters in connection with the Securities offered
                thereby.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">If underwriters are used in the sale, the Securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including
                negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale, at market prices prevailing at the time of sale or at prices related to such prevailing market prices. The obligations of the
                underwriters to purchase such Securities will be subject to certain conditions precedent, and the underwriters will be obligated to purchase all the Securities offered pursuant to the applicable Prospectus Supplement if any of such
                Securities are purchased. Any public offering price and any discounts or concessions allowed or re-allowed or paid to underwriters, dealers or agents may be changed from time to time.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Securities may also be sold (i) directly by the Corporation at such prices and upon such terms as agreed to by the Corporation and the purchasers or (ii) through agents designated by
                the Corporation from time to time. Any agent involved in the offering and sale of the Securities in respect of which this Prospectus is delivered will be named, and any commissions payable by the Corporation to such agent will be set forth,
                in the applicable Prospectus Supplement. Unless otherwise indicated in the applicable Prospectus Supplement, any agent is acting on a best efforts basis for the period of its appointment.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation may agree to pay the underwriters or agents a commission for various services relating to the issue and sale of any Securities offered hereby. Any such commission will be
                paid out of the general corporate funds of the Corporation. Underwriters, remarketing firms and agents who participate in the distribution of the Securities may be entitled under agreements to be entered into with the Corporation to
                indemnification by the Corporation against certain liabilities, including liabilities under the U.S. Securities Act and Canadian securities legislation, or to contribution with respect to payments which such underwriters, remarketing firms
                or agents may be required to make in respect thereof.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Unless otherwise specified in the applicable Prospectus Supplement, each series or issue of Debt Securities, Subscription Receipts, Warrants, Share Purchase Contracts, Share Purchase or
                Equity Units and Units will be a new issue of securities with no established trading market. Unless otherwise specified in a Prospectus Supplement relating to an issue of such Securities, such Securities will not be listed on any securities
                or stock exchange.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Subject to any applicable securities legislation, and other than in relation to an &#8220;at-the-market&#8221; distribution, in connection with any offering of Securities, the underwriters, dealers or
                agents may over-allot or effect transactions which stabilize, maintain or otherwise affect the market price of the Securities at a level above that which otherwise might prevail on the open market. Such transactions may be commenced,
                interrupted or discontinued at any time. In the event that the Corporation determines to pursue an &#8220;at-the-market&#8221; distribution in Canada, the Corporation shall apply for the applicable exemptive relief from the Canadian securities
                commissions. Any underwriters or agents to or through whom Securities are sold by the Corporation may make a market in the Securities, but they will not be obligated to do so and may discontinue any market making at any time without notice.
                No assurance can be given that a trading market in any of the Securities (other than Equity Securities) will develop or as to the liquidity of any trading market for the Securities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Securities may also be offered and sold, if so indicated in the applicable Prospectus Supplement, in connection with a remarketing upon their purchase, in accordance with a redemption or
                repayment pursuant to their terms, or otherwise, by one or more firms, which we refer to herein as the &#8220;remarketing firms&#8221;, acting as principals for their own account or as agents of the Corporation. Any remarketing firm will be identified
                and the terms of its agreement, if any, with the Corporation, and its compensation will be described in the applicable Prospectus Supplement. Remarketing firms may be deemed to be underwriters in connection with the remarketing of the
                Securities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Unless otherwise specified in a Prospectus Supplement, the Securities will not be registered under the U.S. Securities Act.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-RISKFACTORS"><!--Anchor--></a><!--Anchor-->RISK FACTORS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">An investment in the Securities is subject to certain risks. Discussions of certain risk factors affecting the Corporation in connection with the Corporation&#8217;s businesses are provided in
                the Corporation&#8217;s disclosure documents filed from time to time with the securities regulatory authorities in each of the provinces of Canada which are incorporated by reference in this Prospectus. In particular, see &#8220;Enterprise Risk
                Management&#8221; in the Corporation&#8217;s most recent annual and interim MD&amp;A and &#8220;Enterprise Risk Factors&#8221; in the AIF.</div>
              <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 36pt;">Before deciding whether to invest in any Securities, investors should consider carefully the risks described in the documents incorporated by reference in this Prospectus (including
                subsequently filed documents incorporated by reference) and those described in a Prospectus Supplement relating to a specific offering of Securities.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-INTERESTSOFEXPERTS"><!--Anchor--></a><!--Anchor-->INTERESTS OF EXPERTS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Unless otherwise specified in a Prospectus Supplement, certain legal matters in connection with the Securities offered hereby will be passed upon by Blake, Cassels &amp; Graydon LLP on
                behalf of the Corporation with respect to Canadian legal matters, and by Gibson, Dunn &amp; Crutcher LLP with respect to U.S. legal matters. As of the date hereof, the partners and associates of Blake, Cassels &amp; Graydon LLP, as a group,
                and Gibson, Dunn &amp; Crutcher LLP, as a group, beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Corporation, respectively.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Ernst &amp; Young LLP, the auditors of the Corporation, have confirmed that they are: (i) independent with respect to the Corporation within the meaning of the relevant rules and related
                interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation and (ii) independent accountants with respect to the Corporation under all relevant U.S. professional and regulatory
                standards.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-AUDITORTRANSFERAGENTANDRE"><!--Anchor--></a><!--Anchor-->AUDITOR, TRANSFER AGENT AND REGISTRAR</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The auditors of the Corporation are Ernst &amp; Young LLP, Chartered Professional Accountants, EY Tower, 100 Adelaide Street West, Toronto, Ontario M5H 0B3.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">AST Trust Company (Canada) is the registrar and transfer agent of the Common Shares, the Series A Preferred Shares and the Series D Preferred Shares and is the Canadian co-trustee of the
                2018 Debentures and the 2019 Debentures. Registers for the registration and transfer of the Common Shares, the Series A Preferred Shares and the Series D Preferred Shares are kept at the office of AST Trust Company (Canada) in Toronto.<font style="font-weight: bold;">&#160;</font>American Stock Transfer &amp; Trust Company, LLC is the co-transfer agent of the Common Shares in the U.S. and is the U.S. trustee, registrar and transfer agent of the 2018 Debentures and the 2019
                Debentures. Registers for the registration and transfer of the 2018 Debentures and the 2019 Debentures are kept at the office of American Stock Transfer &amp; Trust Company, LLC in Brooklyn, New York.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-PURCHASERSSTATUTORYRIGHTS"><!--Anchor--></a><!--Anchor-->PURCHASERS&#8217; STATUTORY RIGHTS</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two
                business days after receipt or deemed receipt of a prospectus and any amendment. In several of the provinces, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the
                price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the
                time limit prescribed by the securities legislation of the purchaser&#8217;s province. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province for the particulars of these rights or
                consult with a legal advisor.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">Original purchasers of Securities<font style="font-weight: bold;">&#160;</font>which are convertible, exchangeable or exercisable into other securities of the Corporation will have a contractual
                right of rescission against the Corporation in respect of the conversion, exchange or exercise of such convertible, exchangeable or exercisable Securities. The contractual right of rescission will entitle such original purchasers to receive
                from the Corporation, upon surrender of the underlying securities acquired upon the conversion, exchange or exercise of such Securities, the amount paid for the Securities (and any additional amount paid upon conversion, exchange or
                exercise), in the event that this Prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion, exchange or exercise takes place within 180 days of the date of the purchase of the Securities that
                are convertible, exchangeable or exercisable under this Prospectus; and (ii) the right of rescission is exercised within 180 days of the date of the purchase of the Securities that are convertible, exchangeable or exercisable under this
                Prospectus. This contractual right of rescission will be consistent with the statutory right of rescission described under Section 130 of the <font style="font-style: italic;">Securities Act</font> (Ontario), and is in addition to any
                other right or remedy available to original purchasers under Section 130 of the <font style="font-style: italic;">Securities Act</font> (Ontario) or otherwise at law.</div>
              <div>&#160;</div>
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              <div style="text-align: justify; text-indent: 36pt;">In an offering of Debt Securities, Subscription Receipts, Warrants, Share Purchase Contracts, Share Purchase or Equity Units or Preferred Shares (or Units comprised wholly or partly of such
                Securities)<font style="font-weight: bold;">&#160;</font>which are convertible, exchangeable or exercisable into other securities of the Corporation, investors are cautioned that the statutory right of action for damages for a misrepresentation
                contained in the prospectus is limited, in certain provincial securities legislation, to the price at which the Debt Securities, Subscription Receipts, Warrants, Share Purchase Contracts, Share Purchase or Equity Units or Preferred Shares&#160;
                (or Units comprised wholly or partly of such Securities) are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces, if the purchaser pays additional amounts upon
                conversion, exchange or exercise, as applicable, of the security, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces. The purchaser should refer to any applicable provisions
                of the securities legislation of the purchaser&#8217;s province for the particulars of this right of action for damages or consult with a legal adviser. This contractual right of rescission does not extend to holders of Debt Securities,
                Subscription Receipts, Warrants, Share Purchase Contracts, Share Purchase or Equity Units or Preferred Shares (or Units comprised wholly or partly of such Securities) who acquire such Debt Securities, Subscription Receipts, Warrants, Share
                Purchase Contracts, Share Purchase or Equity Units or Preferred Shares (or Units comprised wholly or partly of such Securities) from an initial purchaser, on the open market or otherwise, or to initial purchasers who acquire Warrants in the
                U.S.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-ENFORCEMENTOFCERTAINCIVIL"><!--Anchor--></a><!--Anchor-->ENFORCEMENT OF CERTAIN CIVIL LIABILITIES</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation is incorporated under the laws of Canada and its registered and head office is in Canada. Most of the Corporation&#8217;s directors and officers, and some or all of the experts
                named in this Prospectus, are residents of Canada or otherwise reside outside of the United States, and a substantial portion of their assets, and a substantial portion of the Corporation&#8217;s assets, are located outside the U.S. The
                Corporation has appointed an agent for service of process in the U.S. but it may be difficult for holders of Securities who reside in the U.S. to effect service within the U.S. upon the Corporation or those directors, officers and experts
                who are not residents of the U.S. Investors should not assume that a Canadian court would enforce a judgment of a U.S. court obtained in an action against the Corporation or such other persons predicated on the civil liability provisions of
                the U.S. federal securities laws or the securities or &#8220;blue sky&#8221; laws of any state within the U.S. or would enforce, in original actions, liabilities against the Corporation or such persons predicated on the U.S. federal securities laws or
                any such state securities or &#8220;blue sky&#8221; laws. The Corporation has been advised by its Canadian counsel, Blake, Cassels &amp; Graydon LLP, that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities
                laws would probably be enforceable in Canada if the United States court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes. The Corporation has
                also been advised by Blake, Cassels &amp; Graydon LLP, however, that there is a substantial doubt whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities
                laws.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The Corporation filed with the SEC, concurrently with its registration statement on Form F-10, an appointment of agent for service of process on Form F-X. Under the Form F-X, the
                Corporation appointed CT Corporation System as its agent for service of process in the U.S. in connection with any investigation or administrative proceeding conducted by the SEC and any civil suit or action brought against or involving the
                Corporation in a U.S. court arising out of or related to or concerning an offering of Securities under this Prospectus.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><a name="TOC2-DOCUMENTSFILEDASPARTOFTHE"><!--Anchor--></a><!--Anchor-->DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt;">The following documents have been or will be filed with the SEC as part of the registration statement of which this Prospectus forms a part insofar as required by the SEC&#8217;s Form F-10:</div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5b6befd28bef4300bae243cf0988815c">

                      <tr>
                        <td style="width: 36pt;">&#160;</td>
                        <td style="width: 36pt; vertical-align: top;">&#9679;</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the documents set out under the heading &#8220;Documents Incorporated by Reference&#8221; in this Prospectus;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc424a255cf5c4ab3881092cb141e6b26">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">&#9679;</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the consents of auditors and counsel;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf52efe9a06194e76aa366288b2d98638">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">&#9679;</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the powers of attorney from the directors and certain officers of the Corporation;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd5137e45e6bd457b88a207fa19c067d5">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">&#9679;</td>
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                          <div>the appointment of agent for service of process and undertaking on Form F-X;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
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                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">&#9679;</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the forms of Trust Indenture; and</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z211b770d3714415f9981f6e9d15fa801">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;">&#9679;</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div>the statements of eligibility of the trustee on Form T-1.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>&#160;</div>
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                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</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 style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
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              <!--PROfilePageNumberReset%Num%17%%%-->
              <div style="text-align: justify; text-indent: 36pt;">A copy of the form of warrant indenture and subscription receipt agreement, as applicable, will be filed by post-effective amendment or by incorporation by reference to documents filed
                with, or furnished to, the SEC under the U.S. Exchange Act.</div>
              <div>&#160;<br>
              </div>
              <br>
            </div>
          </div>
          <div> </div>
        </div>
      </div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div style="font-weight: normal; font-size: 8pt; font-style: italic;"><a href="#TABLEOFCONTENTS"> Table of Contents</a><br>
        </div>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="za56eb2ec4a2e4535accfb6be292a2d42" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

        <tr>
          <td style="border-top: 4px double; width: 100%;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ALGONQUIN POWER &amp; UTILITIES CORP.</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: center;">
        <div style="text-align: left;">
          <div style="text-align: center;"><img src="image03.jpg"></div>
        </div>
      </div>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">
      <div>32,170,000 Common Shares</div>
    </div>
    <br>
    <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: 15%; color: #000000; text-align: center;"></div>
    <div> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div>&#160;</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: 15%; color: #000000; text-align: center;">
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-weight: normal;">July</font> 10, 2020</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
