<SEC-DOCUMENT>0001140361-22-021766.txt : 20220603
<SEC-HEADER>0001140361-22-021766.hdr.sgml : 20220603
<ACCEPTANCE-DATETIME>20220603145909
ACCESSION NUMBER:		0001140361-22-021766
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220603
FILED AS OF DATE:		20220603
DATE AS OF CHANGE:		20220603

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37946
		FILM NUMBER:		22994027

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALGONQUIN POWER INCOME FUND
		DATE OF NAME CHANGE:	20020523
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>brhc10038418_6k.htm
<DESCRIPTION>6-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
    </div>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">
      <hr noshade="noshade" align="center" style="height: 2px; width: 25%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16 of the</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date: June 3, 2022</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Commission File Number:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<font style="font-weight: bold;">001-37946</font></font></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-weight: bold;"> <br>
        </font></font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">
      <hr noshade="noshade" align="center" style="height: 2px; width: 25%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 24pt; font-weight: bold;">Algonquin Power &amp; Utilities Corp.</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">
      <hr noshade="noshade" align="center" style="height: 2px; width: 25%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">354 Davis Road</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Oakville, Ontario, L6J 2X1, Canada</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Address of principal executive offices)</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">
      <hr noshade="noshade" align="center" style="height: 2px; width: 25%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zae14e1950fb24908ad94f8e0f8c3905a">

        <tr>
          <td style="width: 25%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">
            <div style="margin-bottom: 8pt; font-family: 'Times New Roman'; font-size: 10pt;">Form 20-F &#9744;</div>
          </td>
          <td style="width: 63%; vertical-align: top;">
            <div style="margin-bottom: 8pt; font-family: 'Times New Roman'; font-size: 10pt;">Form 40-F &#9746;</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
        Regulation S-T Rule 101(b)(1): </font><font style="font-size: 10pt;">&#9744;</font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
        Regulation S-T Rule 101(b)(7): </font><font style="font-size: 10pt;">&#9744;</font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">INCORPORATION BY REFERENCE</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">This Report on Form 6-K is filed to provide certain information in, and is hereby incorporated by reference into, the Registration Statements on Form F-3, File Nos. 333-220059, 333-227246
      and 333-263839, of Algonquin Power &amp; Utilities Corp. (the &#8220;Company&#8221;).</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT INDEX</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">The following exhibits are filed as part of this Form 6-K:</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za6d95b8823b3432bbc77385582ee4ec1">

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          <td style="width: 9.81%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center;">Exhibit</div>
          </td>
          <td style="width: 2.26%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td style="width: 87.94%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.81%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td style="width: 2.26%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td style="width: 87.94%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 9.81%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"> <a href="brhc10038418_ex99-1.htm">99.1</a><br>
          </td>
          <td style="width: 2.26%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td style="width: 87.94%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Amended and Restated Shareholder Dividend Reinvestment Plan of Algonquin Power &amp; Utilities Corp.</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURE</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.<br>
      <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zef507f209b12462281ac91790a7af29c">

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          <td style="width: 52%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>ALGONQUIN POWER &amp; UTILITIES CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>(registrant)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 52%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td rowspan="1" colspan="3" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">
            <div>Date: June 3, 2022</div>
          </td>
          <td style="width: 4%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 28%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Arthur Kacprzak</div>
          </td>
          <td rowspan="1" style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">&#160;&#160;</td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Name: Arthur Kacprzak</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Title:&#160;&#160; Chief Financial Officer</div>
          </td>
        </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10038418_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: right;">Exhibit 99.1</div>
    <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center;">AMENDED AND RESTATED</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SHAREHOLDER DIVIDEND REINVESTMENT PLAN</div>
    <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">As a holder of common shares (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">Common Shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">&#8221;) of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Algonquin
        Power &amp; Utilities Corp. (&#8220;<font style="font-weight: bold;">Algonquin</font>&#8221;)<font style="color: rgb(0, 0, 0);">, you should read this document carefully before making any decision regarding participation in this </font>amended and restated
        shareholder dividend reinvestment plan (the &#8220;<font style="font-weight: bold;">Reinvestment Plan</font>&#8221;)<font style="color: rgb(0, 0, 0);">.&#160; In addition, if you are a non-registered holder of Common Shares you should refer to the section entitled
          &#8220;</font><font style="font-style: italic; color: rgb(0, 0, 0);">Participation</font><font style="font-style: italic;">&#8212;</font><font style="font-style: italic; color: rgb(0, 0, 0);">Participation in the Reinvestment Plan</font><font style="color: rgb(0, 0, 0);">&#8221;.</font></font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">Shareholders of Algonquin resident in the United States should review the prospectus
        relating to the Reinvestment Plan, including the United States federal income tax considerations and risk factors included therein and the documents incorporated by reference therein, which forms part of the Registration Statement on Form F-3 filed
        with the U.S. Securities and Exchange Commission on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">March 24<font style="color: rgb(0, 0, 0);">, 2022.</font></font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;">PURPOSE</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The purpose of the Reinvestment Plan is to enable Participants (as defined herein) to invest all cash dividends on Common Shares, net of applicable
      withholding taxes, in additional Common Shares of Algonquin (&#8220;<font style="font-weight: bold;">Plan Shares</font>&#8221;). All such Plan Shares will be, at Algonquin&#8217;s election, either (i) Common Shares purchased on the open market (in each instance, a &#8220;<font style="font-weight: bold;">Market Purchase</font>&#8221;) through the facilities of the <font style="color: rgb(0, 0, 0);">Toronto Stock Exchange, the New York Stock Exchange or any other stock exchange on which the Common Shares are listed</font> (a &#8220;<font style="font-weight: bold;">Listing Market</font>&#8221;) or (ii) newly issued Common Shares purchased from Algonquin (&#8220;<font style="font-weight: bold;">Treasury Purchase</font>&#8221;).</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;">DEFINED TERMS</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Where used herein, the following terms shall have the following meanings:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Agent</font>&#8221; means TSX Trust Company.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Algonquin</font>&#8221; has the meaning ascribed thereto in the first paragraph hereof.</div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#8220;<font style="font-weight: bold;">Average Market Price</font>&#8221; means,</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z71498b61aedc460795d1eb92fdc374ed">

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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">with respect to a Market Purchase, the average price paid (excluding brokerage commissions, fees and all
                transaction costs) by the Agent for Common Shares <font style="color: rgb(0, 0, 0);">(denominated in the currency in which the Common Shares trade on the applicable Listing Market)</font>, purchased by the Agent to satisfy dividend
                reinvestments in respect of a Dividend Payment Date (the &#8220;<font style="font-weight: bold;">Market Purchase Price</font>&#8221;). The Agent will acquire the applicable aggregate number of Common Shares by Market Purchases as soon as practicable
                and in any event within three (3) trading days after the Dividend Payment Date unless otherwise directed by Algonquin. The determination of which Listing Market(s) to be used for purposes of Market Purchases will be made by Algonquin;</font></div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9d686e2f28864525a4aeeefea4ade194">

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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>with respect to a Treasury Purchase, the greater of (i) the volume weighted average trading price of the Common Shares of Algonquin on the Toronto Stock Exchange and (ii) the volume weighted average trading price of the Common Shares of
              Algonquin on the <font style="color: rgb(0, 0, 0);">New York Stock Exchange, in each case, for the five trading days immediately preceding a Dividend Payment Date </font>(the &#8220;<font style="font-weight: bold;">Treasury Purchase Price</font>&#8221;)<font style="color: rgb(0, 0, 0);">. </font>The exchange rate used for determining the Treasury Purchase Price will be the single rate quoted by the Bank of Canada on the trading day immediately preceding a Dividend Payment Date; and</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-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>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc5b4d256ceb245528245c53abe5ca957">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">in the case of a combination of both Market Purchases and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Treasury Purchases<font style="color: rgb(0, 0, 0);">, the average of the Market Purchase Price and Treasury Purchase Price, taking into consideration the percentage allocation between the two types of
                  acquisitions.</font></font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Beneficial Owner</font>&#8221; means an owner of Common Shares that is a resident of Canada or the United States (or
      another jurisdiction, if consented to by Algonquin) and who beneficially owns Common Shares registered in the name of an Intermediary.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221; means a day other than a Saturday, Sunday or any day that is a statutory or municipal holiday
      in Toronto, Ontario.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Common Shares</font>&#8221; means the common shares in the capital of Algonquin.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Director</font>&#8221; means a director of Algonquin.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Discounted Treasury Purchase Price</font>&#8221; has the meaning ascribed thereto under the heading &#8220;Canadian Federal
      Income Tax Considerations&#8221;.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Dividend Payment Date</font>&#8221; means the date, as declared by Algonquin, that cash dividends will be distributed to
      Shareholders, currently on or about the 15th day following each Dividend Record Date.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Dividend Record Date</font>&#8221; means the last business day of each quarter of a fiscal year.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Enrolment Form</font>&#8221; means the enrolment form for Participants under the Reinvestment Plan, in the form
      established between the Agent and Algonquin from time to time.</div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold; color: rgb(0, 0, 0);">Intermediary</font><font style="color: rgb(0, 0, 0);">&#8221; means a securities broker or dealer, bank, trust company,
        financial organization or any other nominee.</font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold; color: rgb(0, 0, 0);">Listing Market</font><font style="color: rgb(0, 0, 0);">&#8221; </font>has the meaning ascribed
      thereto under the heading &#8220;Purpose&#8221; above.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Market Purchase</font>&#8221; has the meaning ascribed thereto under the heading &#8220;Purpose&#8221; above.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Participant</font>&#8221; means a Shareholder holding Common Shares on the applicable Dividend Record Date who is:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z88573f1434c04c6bbd44fd2423263aa7">

        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>a resident of Canada or the United States, or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z10610961f5ea401a97c46aa5f7b225c8">

        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>resident in a jurisdiction other than Canada or the United States, but only to the extent such Shareholder has (i) received Algonquin&#8217;s prior written consent to participate in the Reinvestment Plan and (ii) remains in compliance with the
              terms of any such consent (including, without limitation, any conditions as to the residency of such Shareholder),</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">and who is otherwise eligible to participate in the Reinvestment Plan and elects to do so by, (i) in the case of a registered Shareholder,
      completing and delivering the appropriate enrolment forms to the Plan Agent or by enrolling online through the Agent's self-service web portal or, (ii) in the case of a Beneficial Owner, having an Intermediary enrol on his, her or its behalf, as more
      particularly described in the Reinvestment Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-2-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Plan Shares</font>&#8221; has the meaning ascribed thereto under the heading &#8220;Purpose&#8221; above.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Reinvestment Plan</font>&#8221; has the meaning ascribed thereto in the first paragraph hereof.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Shareholders</font>&#8221; means the registered holder of Common Shares, or the Beneficial Owners, as the context may
      require.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Treasury Purchase</font>&#8221; has the meaning ascribed thereto under the heading &#8220;Purpose&#8221; above.</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;">ADVANTAGES</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Under the Reinvestment Plan, a Participant may purchase Plan Shares with the cash dividends paid on the Common Shares which are registered in the
      name of the Participant or held in a Participant&#8217;s account maintained pursuant to the Reinvestment Plan. Full investment of Participants&#8217; funds is possible under the Reinvestment Plan because the Reinvestment Plan permits fractions of Common Shares,
      as well as whole Common Shares, to be purchased and held for Participants. Dividends in respect of whole Common Shares and fractions of Common Shares purchased under the Reinvestment Plan will be paid to the Agent for each Participant&#8217;s account and
      such amount, net of applicable withholding tax, will be automatically invested under the Reinvestment Plan in Plan Shares, however, there will be no physical flow of funds for dividends which will be reinvested in Plan Shares issued from treasury
      under the Reinvestment Plan, other than amounts in respect of applicable withholding tax. The Agent will direct Algonquin to set off the amount of a cash dividend payable by it (net of applicable withholding tax) against the price for Plan Shares
      being issued from treasury.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The price at which Plan Shares will be purchased with such cash dividends will be (i) in the case of a Market Purchase, the average price paid
      (excluding brokerage commissions, fees and transaction costs) per Plan Share by the Agent for all Plan Shares purchased in respect of a Dividend Payment Date under the Reinvestment Plan, or (ii) in the case of a Treasury Purchase, the Treasury
      Purchase Price less a discount, if any, of up to five percent (5%), at Algonquin&#8217;s election. No commissions, service charges or brokerage fees are payable by Participants in connection with the Reinvestment Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin will announce by press release if Plan Shares will be acquired by way of Market Purchase or Treasury Purchase, and if by Treasury
      Purchase, any discount offered or any change in the rate of discount.</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;">ADMINISTRATION</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">On each Dividend Payment Date, in the case of a Market Purchase, Algonquin will distribute the amount of the cash dividends payable on the
      Participant&#8217;s Common Shares to the Agent and the Agent will use such amount, net of applicable withholding taxes, to purchase Plan Shares on the open market or, in the case of a Treasury Purchase, the Agent will direct Algonquin to set off the amount
      of a cash dividend payable on the Participant&#8217;s Common Shares (net of applicable withholding tax) against the price for Plan Shares being issued from treasury. For greater certainty, Participants that are not resident in Canada for tax purposes will
      have less funds available, after withholding tax on dividends, to be reinvested in Plan Shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-3-</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: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Plan Shares purchased under the Reinvestment Plan shall be registered in the name of the Agent, as agent for the Participants in the Reinvestment
      Plan. Accounts under the Reinvestment Plan shall be maintained in the names in which Common Shares were registered at the time the Participant entered the Reinvestment Plan.</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;">PARTICIPATION</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;"> <br>
    </div>
    <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Participation in the Reinvestment Plan</div>
    <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Each registered holder of Common Shares that is a resident of Canada or the United States is eligible to participate in the Reinvestment Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Shareholders that are resident in jurisdictions other than Canada or the United States may also be eligible to participate in the Reinvestment Plan
      provided they have (i) received Algonquin&#8217;s prior written consent to such participation, and (ii) remain in compliance with the terms of any such consent (including, without limitation, any conditions as to the residency of such Shareholder). A
      Shareholder resident in a jurisdiction other than Canada or the United States that wishes to participate in the Reinvestment Plan must make an application to Algonquin requesting such consent. As part of the application process, Algonquin may request
      such additional information or confirmations as deemed necessary, including an opinion of legal counsel or undertakings from any Intermediary, to ensure that (i) participation in the Reinvestment Plan by such Shareholder is not prohibited under the
      laws of the jurisdiction in which it resides, and (ii) such laws do not subject Algonquin or the Reinvestment Plan to any additional legal, regulatory, filing or registration requirements.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Other than (i) in respect of a Shareholder that has made application to Algonquin as outlined above or (ii) as notified by the Participant, neither
      Algonquin nor the Agent will have any duty to inquire as to the residency status of a Participant, nor will Algonquin or the Agent be required to know the residency status of a Participant.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Shareholders that are eligible to participate in the Reinvestment Plan may enrol in the Reinvestment Plan at any time by completing an Enrolment
      Form and returning it to the Agent.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The effective date of such enrolment and participation in the Reinvestment Plan will be effective as of the first Dividend Record Date immediately
      following receipt by the Agent of the completed and signed Enrolment Form, provided the Enrolment Form is received by the Agent at least five (5) Business Days prior to the Dividend Record Date.<font style="font-weight: bold;"> If an Enrolment Form
        is received by the Agent less than five (5) Business Days prior to the Dividend Record Date for a particular dividend, that dividend will be paid to the Shareholder in the usual manner and participation in the Reinvestment Plan will commence as of
        the next applicable Dividend Record Date.</font> Once a Participant has enrolled in the Reinvestment Plan, participation shall continue automatically unless terminated in accordance with the terms of the Reinvestment Plan or unless participation
      becomes unlawful under the laws governing Algonquin.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">A person who is a Beneficial Owner and not an owner of record (that is whose Common Shares are held and registered in a nominee account) who wishes
      to participate in the Reinvestment Plan and is eligible to do so should contact the registered holder of such Common Shares, or the broker, dealer, bank or other financial institution or other person on whose behalf The Canadian Depository for
      Securities Limited or other clearing agency (as defined under the <font style="font-style: italic;">Securities Act</font> (Ontario)) holds Common Shares, to instruct the registered Shareholder to take all actions necessary to become a Participant.
      If the registered Shareholder is unable to participate in the Reinvestment Plan, the Beneficial Owner of the Common Shares will be required to become a Shareholder of record by transferring such Common Shares into his or her own name or into a
      specific segregated registered account, such as a numbered account with a bank or trust company, with the bank or trust company&#8217;s concurrence. This will enable the Beneficial Owner to participate in the Reinvestment Plan. Fees may be charged by some
      intermediaries for Beneficial Owners to become registered holders of the Common Shares and such fees will not be covered by Algonquin or the Agent.</div>
    <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-4-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Upon ceasing to be eligible to participate in the Reinvestment Plan, a Participant shall forthwith notify the Agent in writing and terminate his or
      her participation in the Reinvestment Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">An Enrolment Form may be obtained from the Agent at any time upon written request addressed to the Agent. The Enrolment Form directs Algonquin to
      forward to the Agent, and the Agent to invest in Plan Shares, all of the Participant&#8217;s cash dividends from Common Shares, net of applicable withholding taxes. In the case of a Treasury Purchase, the Agent will direct Algonquin to set off the amount
      of the cash dividend payable by it (net of applicable withholding tax) against the price for Plan Shares being issued from treasury and, in the case of a Market Purchase, the Agent will use the cash dividends from Common Shares (net of applicable
      withholding tax) to purchase Plan Shares on the open market.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">An election to participate in the Reinvestment Plan by a Shareholder must be made in respect of all of the Common Shares held by such Shareholder as
      specified in the Enrolment Form. Dividends paid on Common Shares held by the Agent for the account of a Participant under the Reinvestment Plan, after payment of applicable withholding taxes, will be automatically reinvested in Plan Shares on each
      Dividend Payment Date.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">No interest will be paid to Participants on any funds held for investment under the Reinvestment Plan.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">No Transfer of Participation Rights</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The right to participate in the Reinvestment Plan may not be transferred by a Participant without the approval of Algonquin and the applicable
      securities regulatory authorities.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Termination of Participation</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Participation in the Reinvestment Plan may be terminated by a Participant at any time by giving written notice to the Agent but, for greater
      certainty, such termination will not prevent a former Participant from participating in the Reinvestment Plan at a later date. The Agent shall take all reasonable steps to process a termination within two weeks of receipt by the Agent of a written
      notice of termination, or, if the request is received less than five Business Days before a Dividend Record Date, within two weeks after the distribution of such dividend payment is completed.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin reserves the right to terminate the right of a Participant to participate in the Reinvestment Plan if the number of Plan Shares purchased
      by a Participant through the Reinvestment Plan is less than one Plan Share over a period of twelve consecutive months, <font style="color: rgb(0, 0, 0);">subject to applicable securities laws</font>.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin also reserves the right to terminate the right of a Participant to participate in the Reinvestment Plan if it is deemed advisable under
      applicable laws or regulations, where such Participant has failed to comply with the terms of the Reinvestment Plan or, in the reasonable opinion of Algonquin, where such Participant has abused the Reinvestment Plan to the detriment of Algonquin or
      its Shareholders.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-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>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin also reserves the right to deny participation in the Reinvestment Plan and not accept enrolment from, or to terminate participation in the
      Reinvestment Plan by, any Shareholder or agent of such Shareholder who appears to be, or who Algonquin has reason to believe is, subject to the laws of any jurisdiction that does not permit participation in the Reinvestment Plan in the manner sought
      by or on behalf of such Shareholder. Shareholders should be aware that certain Intermediaries may not allow participation in the Reinvestment Plan and Algonquin is not responsible for monitoring or advising which Intermediaries allow participation.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">When participation in the Reinvestment Plan is terminated, the Participant will receive a certificate for the whole Plan Shares held for such
      Participant&#8217;s account and a cash payment for any fractional Plan Shares. Any fractional Plan Share interest will be paid in cash calculated on the basis of the closing price of Common Shares traded on the Toronto Stock Exchange (in respect of
      Participants resident in Canada or any jurisdiction other than the United States) or the New York Stock Exchange (in respect of Participants resident in the United States) on the last trading day prior to the effective date of termination.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Upon termination, a Participant may request in writing that the Agent arrange for the sale by a registered stockbroker selected by the Agent (and
      not by Algonquin or the Participant) on behalf of the Participant of the Participant&#8217;s Plan Shares held by the Agent, provided that these constitute less than a board lot. The Plan Shares may be sold by a registered stockbroker on behalf of
      Participants on a commingled basis with other Common Shares of Algonquin held by the Agent by a registered stockbroker. Upon receipt of such written request, the Agent will arrange for the sale of such odd-lot holdings. Net proceeds of such sale will
      be forwarded by the Agent by cheque to the Participant. Any brokerage fees or commissions payable on such sale will be pro-rated among all the selling Participants. Sales of Plan Shares will be completed by the Agent on a best efforts basis and the
      Agent is not responsible for selling at a particular price, at a particular time or at all.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Participation in the Reinvestment Plan will be terminated automatically upon receipt by the Agent of a written notice satisfactory to the Agent (the
      &#8220;Death Notice&#8221;) of the death of a Participant. Thereafter, all dividends paid in respect of the deceased&#8217;s Common Shares, commencing with dividends to be distributed to Shareholders in respect of the Dividend Record Date next following receipt by the
      Agent of the Death Notice, will be paid in cash. In the case of termination of participation due to death, a certificate for whole Plan Shares and a cheque for payment in lieu of fractional Plan Shares, if any, will be issued by the Agent in the name
      of the deceased Participant and/or the name of the estate of the deceased Participant, as appropriate, and the Agent will send such certificates and a cash payment for any fractional Plan Shares to the representative of the deceased Participant.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">A Participant may sell, transfer, pledge or otherwise dispose of Plan Shares, provided that all regulatory consents have been obtained, by first
      withdrawing such Plan Shares from the Reinvestment Plan, and upon receipt of such a request, the Agent shall transfer the Plan Shares and any cash adjustments for fractional Plan Shares to the Participant.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amendment, Suspension or Termination of the Reinvestment Plan</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin reserves the right to amend, suspend or terminate the Reinvestment Plan at any time, subject to the approval of the applicable securities
      regulators and the Listing Markets to the extent required by law or stock exchange rules, but such action shall have no retroactive effect that would prejudice the interests of Participants. All Participants will be sent written notice of any such
      amendment, suspension or termination.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-6-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In the event of termination of the Reinvestment Plan by Algonquin, certificates for whole Plan Shares held for Participants&#8217; accounts under the
      Reinvestment Plan and cash payments for any fractional Plan Shares will be remitted with due dispatch by the Agent to the Participants. In the event of suspension of the Reinvestment Plan by Algonquin, no investment will be made by the Agent on the
      Dividend Payment Date immediately following the effective date of such suspension, provided such suspension occurs not less than five Business Days prior to such Dividend Record Date and otherwise such suspension shall be applicable to the next
      following Dividend Record Date. Any dividend on Common Shares subject to the Reinvestment Plan paid after the effective date of any such suspension will be remitted by Algonquin to the Participants in cash only, net of applicable withholding taxes.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">All payments of cash under the Reinvestment Plan will be made in either Canadian or United States currency. The Agent will sell shares through the
      facilities of the Toronto Stock Exchange and/or New York Stock Exchange, as applicable, and make payments in Canadian currency where the participant has a mailing address outside the United States or make payments in United States currency where the
      participant has a United States mailing address, in each case as such address is shown on the records of the Agent.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Rules and Regulations</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin, in conjunction with the Agent, may from time to time adopt rules and regulations to facilitate the administration of the Reinvestment
      Plan. Algonquin also reserves the right to regulate and interpret the Reinvestment Plan as it deems necessary or desirable to ensure the efficient and equitable operation of the Reinvestment Plan.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Limits on Number of Plan Shares</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">There is no fixed number of Plan Shares issuable to Shareholders under the Reinvestment Plan, subject to such limits as may be imposed by applicable
      securities regulators or stock exchange rules, nor is there a fixed time period during which Participants may purchase Plan Shares under the Reinvestment Plan. Algonquin reserves the right to specify a maximum number of Plan Shares available under
      the Reinvestment Plan, at its sole discretion.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Rights Offering</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In the event Algonquin makes available to holders of Common Shares rights to subscribe for Common Shares or other securities of Algonquin, rights
      certificates will be issued by Algonquin to each Participant in respect of the whole Plan Shares held for a Participant&#8217;s account under the Reinvestment Plan on the record date for such rights issue. Rights based on fractional Plan Shares held for a
      Participant&#8217;s account will be sold together with rights based on fractional Plan Shares held for other Participants on a commingled basis by a registered stockbroker selected by the Agent (and not by Algonquin or the Participant) and the
      proportionate net proceeds, after taking into account applicable brokerage commissions, will be remitted to the Participant. Sales of such rights will be completed by a registered broker on a best efforts basis and the registered broker, Agent and
      Algonquin will not be responsible for selling at a particular price, at a particular time or at all.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
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    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Share Splits and Share Dividends</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">If Common Shares of Algonquin are distributed pursuant to a share split or share dividend on Common Shares, such Common Shares received by the Agent
      or its nominee for Participants under the Reinvestment Plan will be retained by the Agent or its nominee and credited proportionately to the accounts of the Participants in the Reinvestment Plan.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Common Shares</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The securities to be purchased under the Reinvestment Plan are Common Shares and have the following attributes:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z47abc609457e486fa90dd1f0f926d6c6">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(a)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Shareholders are entitled to receive quarterly dividends and other dividends (if and when approved by the Directors) paid by Algonquin.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0eaf821a160f45da88cb10de3a7d236a">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(b)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Each Shareholder is entitled to one vote at all meetings of Shareholders for each whole Common Share held by such Shareholder.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a0470a84e2a4e0aa001a4a619502ac8">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(c)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>In the event of liquidation, dissolution or winding-up of Algonquin, after payment of all outstanding debts of Algonquin, the remaining assets of Algonquin will be distributed pro rata to Shareholders.</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Shareholder Voting</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Whole Plan Shares held for a Participant&#8217;s account under the Reinvestment Plan on the record date for a vote of Shareholders will be voted in the
      same manner as such Participant&#8217;s Common Shares are voted. Fractional Plan Shares may not be voted.</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;">PRICE OF COMMON SHARES AND COSTS</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Price of Plan Shares</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The price at which Plan Shares will be purchased with cash dividends, net of applicable withholding taxes, will be (i) in the case of a Market
      Purchase, the average price paid (excluding brokerage commissions fees and transaction costs) per Plan Share by the Agent for all Plan Shares purchased in respect of a Dividend Payment Date under the Reinvestment Plan, or (ii) in the case of a
      Treasury Purchase, the Treasury Purchase Price, less a discount, if any, of up to five percent (5%) at Algonquin&#8217;s election.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Each Participant&#8217;s account will be credited with that number of Plan Shares purchased for such Participant (including fractional shares computed to
      three decimal places).</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Costs</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">There are no commissions, service charges or brokerage fees payable in connection with the issuance of Plan Shares under the Reinvestment Plan. All
      administrative costs of the Reinvestment Plan are borne by Algonquin. Fees charged by some Intermediaries for Beneficial Owners to become registered holders of the Common Shares will not be covered by Algonquin or the Agent.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-8-</font></div>
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    </div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;">RECORDING AND CERTIFICATES</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: center; text-indent: -36pt;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Reports to Participants</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">An account will be maintained by the Agent or its nominee for each Participant in the Reinvestment Plan. A statement will be mailed to each
      Participant quarterly. These statements will be the Participant&#8217;s continuing record of purchases made and Plan Shares issued or acquired under the Reinvestment Plan and should be retained for income tax purposes. In addition, the Agent will annually
      send to each Participant the appropriate information for tax reporting purposes.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Certificates for Plan Shares</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Plan Shares purchased under the Reinvestment Plan will be held by the Agent or its nominee for Participants in the Reinvestment Plan. Certificates
      for such Plan Shares will not be issued to Participants unless specifically requested.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">A Participant may at his or her expense, upon written request to the Agent, receive a share certificate issued in the Participant&#8217;s name for any
      number of whole Plan Shares held for the Participant&#8217;s account under the Reinvestment Plan (even though the Participant is not terminating participation in the Reinvestment Plan) by duly delivering such notice to the Agent at least five (5) Business
      Days before a Dividend Record Date for a Dividend Payment Date. If notice is not received by the Agent at least five (5) business days before such Dividend Record Date, settlement of the Participant&#8217;s account will not commence until after the
      reinvestment has been completed. No certificate will be issued for a fraction of a Common Share. Normally, a certificate will be sent to a Participant within two weeks of receipt by the Agent of a Participant&#8217;s written request, or, if the request is
      received less than five (5) Business Days before a Dividend Record Date, within two weeks<font style="font-weight: bold;">&#160;</font>after the distribution of such dividend payment is completed. Any remaining whole Plan Shares and fractional Plan Shares
      will continue to be held for the Participant&#8217;s account under the Reinvestment Plan. No certificate requests will be processed between a Dividend Record Date and the related Dividend Payment Date Plan Shares held by the Agent for a Participant may not
      be pledged, sold or otherwise disposed of by the Participant while so held. A Participant who wishes to effect any such transaction must request that the certificates for such Plan Shares be issued in the Participant&#8217;s name.</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RESPONSIBILITIES OF ALGONQUIN AND THE AGENT</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin and the Agent shall not be liable for any act or any omission to act in connection with the operation of the Reinvestment Plan including,
      without limitation, any claims for liability:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zecbd5b2a7d144ac595e9dad4e7b253fc">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(a)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>arising out of failure to terminate a Participant&#8217;s account upon such Participant&#8217;s death prior to receipt of Death Notice; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z13197f75a7e74e3e83d0787ba6b8363c">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(b)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>relating to the timing and prices at which Plan Shares are purchased/issued or sold for the Participant&#8217;s account and the times such purchases/issues or sales are made.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Participants should recognize that neither Algonquin nor the Agent can assure a profit or protect them against a loss on the Plan Shares purchased
      or sold under the Reinvestment Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-9-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">INCOME TAX CONSIDERATIONS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Participants are urged to consult their tax advisors as to their specific tax circumstances.</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following is a general summary of the principal Canadian federal income tax considerations generally applicable to Participants in the Reinvestment Plan who, for
      purposes of the <font style="font-style: italic;">Income Tax Act </font>(Canada) and the regulations thereunder (the <font style="font-weight: bold;">&#8220;Act&#8221;</font>) and at all relevant times, hold their Common Shares (and will hold their Plan
      Shares) as capital property, and deal at arm&#8217;s length and are not affiliated with Algonquin. <font style="color: rgb(0, 0, 0);">Certain Participants resident in Canada whose Common Shares might not otherwise qualify as capital property may, in
        certain circumstances, make an irrevocable election in accordance with subsection 39(4) of the Act to have their Common Shares (including Plan Shares) and every &#8220;Canadian security&#8221; (as defined in the Act) owned by such Participant in the taxation
        year of the election and in all subsequent taxation years deemed to be capital property.</font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">This summary is based on the current provisions of the Act in force as of the date hereof, all specific proposals to amend the Act publicly
      announced by the Department of Finance prior to the date hereof (the &#8220;<font style="font-weight: bold;">Tax Proposals</font>&#8221;), and on an understanding of the current published administrative policies and assessing practices of the Canada Revenue
      Agency made publicly available prior to the date hereof.&#160; No assurance can be provided that the Tax Proposals will be enacted as currently proposed or at all.&#160; This summary does not, except for the Tax Proposals, take into account or anticipate any
      changes in law or in administrative policy or assessing practice, whether by legislative, regulatory, administrative or judicial action, nor does it take into account any provincial, territorial or foreign tax legislation or considerations.&#160; This
      summary is of a general nature only and is not intended to be, nor should it be construed to be, advice to any particular Participant.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">This summary does not apply to a Participant: (i) that is subject to &#8220;mark-to-market&#8221; rules relating to securities held by certain &#8220;financial
      institutions&#8221; as defined for purposes of those rules; (ii) an interest in which is a &#8220;tax shelter investment&#8221; as defined in section 143.2 of the Act; (iii) that is a &#8220;specified financial institution&#8221; as defined in the Act; (iv) that makes the
      functional currency reporting election in accordance with the provisions of the Act in that regard; or (v) that has entered or will enter into a &#8220;derivative forward agreement&#8221; or &#8220;dividend rental arrangement&#8221; (as those terms are defined in the Act)
      in respect of Common Shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">This summary does not address the possible application of the &#8220;foreign affiliate dumping&#8221; rules in section 212.3 of the Act to a Participant that
      (i) is a corporation resident in Canada and (ii) <font style="color: rgb(0, 0, 0);">is or becomes, or does not deal at arm&#8217;s length for purposes of the Act with a corporation resident in Canada that is or becomes, as part of a transaction or event
        or series of transactions or events that includes the acquisition of Plan 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 Act</font>. Such Participants should consult their own tax advisors with respect to the possible application of these rules.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Foreign Exchange</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">For the purposes of the Act, all amounts expressed in a currency other than Canadian dollars relating to the acquisition, holding or disposition of
      a Common Share or Plan Share, including dividends, adjusted cost base and proceeds of disposition, must be determined in Canadian dollars using the appropriate rate of exchange in accordance with the detailed rules in the Act in that regard.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-10-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Residents of Canada</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">This portion of the summary applies to a Participant who, at all relevant times for purposes of the Act, is, or is deemed to be, resident in Canada.</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"><u>Tax on Dividends</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Participants in the Reinvestment Plan will recognize the same tax consequences with respect to dividends which are applied to purchase Plan Shares
      under the Reinvestment Plan as they would if such amount had been received by them directly from Algonquin in cash. For example, in the case of a Participant who is an individual (including certain trusts), dividends will be subject to the gross-up
      and dividend tax credit rules normally applicable to dividends received by individuals from taxable Canadian corporations, and, in the case of a Participant that is a &#8220;private corporation&#8221; or a &#8220;subject corporation&#8221; (both as defined in the Act), a
      refundable tax generally will apply to the amount of the dividend.&#160; The fact that dividends are reinvested pursuant to the Reinvestment Plan does not affect the taxability of dividends to the Participant nor the status of any dividend as an &#8220;eligible
      dividend&#8221; under the Act.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"><u>Discount on Treasury Purchase</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin may, in its sole discretion, permit the issuance of Plan Shares in the case of a Treasury Purchase at a discount to the Treasury Purchase
      Price (the &#8220;<font style="font-weight: bold;">Discounted Treasury Purchase Price</font>&#8221;). Based on the Canada Revenue Agency&#8217;s administrative policy, such purchase by a Participant of Plan Shares from the reinvestment of cash dividends at the
      Discounted Treasury Purchase Price should not result in a taxable benefit for purposes of the Act provided that the discount is no greater than 5%.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"><u>Cost Amount</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">For the purposes of the Act, the cost to a Participant of the Plan Shares acquired under the Reinvestment Plan will be the Canadian dollar
      equivalent for purposes of the Act of the<font style="font-weight: bold;">&#160;</font>amount paid for the Plan Shares by the Agent.&#160; For purposes of computing the adjusted cost base of the Plan Shares to the Participant, the Participant will be required
      to average the cost of the Plan Shares with the adjusted cost base of any other Common Shares (including previously acquired Plan Shares) then owned by the Participant as capital property in accordance with the provisions of the Act in that regard.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"><u>Common Shares</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">A Participant who disposes of Common Shares, including Plan Shares acquired under the Reinvestment Plan, will generally realize a capital gain (or
      capital loss) equal to the amount by which the proceeds of disposition of the Common Shares exceed (or are exceeded by) the aggregate of the adjusted cost base of the Common Shares disposed of by the Participant and any reasonable costs of
      disposition.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In certain circumstances, a capital loss realized by a Participant that is a corporation may be reduced by the amount of any taxable dividends
      received (or deemed to have been received) by such Participant from Algonquin on the Common Shares (including taxable dividends received on Plan Shares).&#160; Analogous rules apply where the Participant is a trust or partnership of which a corporation,
      partnership or trust is a beneficiary or member. Participants to whom these rules may be relevant should consult their own tax advisors.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Cash received in lieu of a fractional Plan Share upon termination of participation in the Reinvestment Plan will be considered proceeds of
      disposition for such fractional Plan Share.&#160; Accordingly, the Participant will be required to recognize any resulting capital gain or capital loss in respect of such fractional Plan Share at the time such cash is received. A Participant will not
      realize any taxable income on receipt of a certificate for whole Common Shares in his, her or its account, whether upon request for such certificate from the Participant&#8217;s account, upon termination of participation of that Participant or upon
      termination of the Reinvestment Plan by Algonquin. The tax treatment of dividends on Common Shares, including Plan Shares acquired under the Reinvestment Plan, is discussed in greater detail above under &#8220;Tax on Dividends&#8221;.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"><u>Capital Gains</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">One-half of any capital gain (a &#8220;<font style="font-weight: bold;">taxable capital gain</font>&#8221;) realized by a Participant is included in computing
      income and one-half of a capital loss (an &#8220;<font style="font-weight: bold;">allowable capital loss</font>&#8221;) realized by a Participant generally must be deducted against taxable capital gains in accordance with the provisions of the Act. Any excess of
      allowable capital losses over taxable capital gains in a taxation year may be deducted against taxable capital gains realized by the Participant in any of the three preceding taxation years or any subsequent taxation year in accordance with the
      detailed provisions of the Act.&#160; A Participant that is throughout the relevant taxation year a &#8220;Canadian-controlled private corporation&#8221; (as defined in the Act) may be subject to an additional tax (refundable in certain circumstances) on &#8220;aggregate
      investment income&#8221;, which includes an amount in respect of taxable capital gains.&#160; Tax Proposals announced by the Minister of Finance (Canada) on April 7, 2022 are intended to extend this additional tax and refund mechanism in respect of aggregate
      investment income to &#8220;substantive CCPCs&#8221; as defined in the Tax Proposals announced on April 7, 2022. The complete legislation for such Tax Proposals has yet to be released. Participants are advised to consult their own tax advisors.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"><u>Alternative Minimum Tax</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In general terms, taxable dividends from taxable Canadian corporations and taxable capital gains realized by Participants may increase the
      Participant&#8217;s liability for alternative minimum tax.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Non-Residents of Canada</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">This portion of the summary applies to a Participant who, at all relevant times and for purposes of the Act and any applicable income tax treaty or
      convention, is neither resident nor deemed to be resident in Canada, and who does not use or hold and is not deemed to use or hold Common Shares (including Plan Shares) in carrying on business in Canada (a &#8220;<font style="font-weight: bold;">Non-Resident





        Participant</font>&#8221;). In addition, this portion of the summary does not apply to a Non-Resident Participant that is an insurer which carries on an insurance business in Canada and elsewhere or to an &#8220;authorized foreign bank&#8221; (as defined in the
      Act). Such Non-Resident Participants should consult their own tax advisors.</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
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    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <u>Tax on Dividends</u></div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Any dividends paid or credited to the Plan Agent in respect of a Non-Resident Participant's Common Shares or Plan Shares will be subject to a
      non-resident withholding tax for Canadian income tax purposes at the rate of 25% of the gross amount of such dividend, unless the rate is reduced under the provisions of an applicable income tax treaty or convention between Canada and the
      Non-Resident Participant&#8217;s country of residence. For example, under the provisions of the Canada-United States Income Tax Convention (1980), as amended (the <font style="font-weight: bold;">&#8220;Canada-US Treaty</font>&#8221;), where the Non-Resident
      Participant is a US resident that is fully entitled to the benefits of the Canada-US Treaty, the rate of Canadian withholding tax will generally not exceed 15% of the gross dividend amount.</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Non-Resident Participants will be able to reinvest only the net amount of any dividends, after withholding tax, in new Plan Shares.</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Non-Resident Participants may be liable for additional tax on dividends paid on Common Shares (including Plan Shares) held in their Reinvestment
      Plan account in their respective countries of residence.</div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin may, in its sole discretion, permit the issuance of Plan Shares in the case of a Treasury Purchase at a Discounted Treasury Purchase
      Price. Based on the Canada Revenue Agency&#8217;s administrative policy, such purchase by a Non-Resident Participant of Plan Shares from the reinvestment of cash dividends at the Discounted Treasury Purchase Price should not result in a taxable benefit for
      purposes of the Act provided that the discount is no greater than 5%.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><u>Capital Gains</u></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">A Non-Resident Participant will not be subject to Canadian income tax under the Act
        on any capital gain realized on the disposition or deemed disposition of Common Shares (including Plan Shares) unless </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at the time of disposition such shares constitute &#8220;taxable
        Canadian property&#8221; and are not &#8220;treaty-protected property&#8221; of the Non-Resident Participant, all within the meaning of the Act.</font></div>
    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Generally, a Common Share (including a Plan Share) will not constitute taxable Canadian property for a Non-Resident Participant at a particular time
      provided that such share is listed at that time on a designated stock exchange<font style="color: rgb(0, 0, 0);"> (which currently includes the Toronto Stock Exchange and the New York Stock Exchange) </font>unless at any particular time during the
      60-month period that ends at that time both (1) the Non-Resident Participant, persons with whom the Non-Resident Participant did not deal at arm&#8217;s length, partnerships in which the Non-Resident Participant or a non-arm&#8217;s length person holds a
      membership interest directly or indirectly through one or more partnerships, or the Non-Resident Participant together with all such persons and partnerships, owned 25% or more of the issued shares of any class or series of the capital stock of
      Algonquin, and (2) more than 50% of the fair market value of such share was derived directly or indirectly from one or any combination of: (i) real or immovable properties situated in Canada, (ii) &#8220;Canadian resource properties&#8221; (as defined in the
      Act), (iii) &#8220;timber resource properties&#8221; (as defined in the Act), and (iv) options in respect of, or interests in, or for civil law rights in, property described in any of the foregoing items, whether or not such property exists. Notwithstanding the
      foregoing, in certain circumstances as set out in the Act, a Common Share (including a Plan Share) could be deemed to be taxable Canadian property.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">A Common Share (including a Plan Share) will be treaty-protected property to a Non-Resident Participant if, under an applicable income tax treaty or
      convention between Canada and the country in which the Non-Resident Participant is resident, the Non-Resident Participant is exempt from tax under Part I of the Act on the gain realized on the disposition of such share.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In the event that Common Shares (including Plan Shares) constitute taxable Canadian property and not treaty-protected property to a particular
      Non-Resident Participant, the tax consequences as described above under &#8220;<font style="font-style: italic;">Canadian Federal Income Tax Considerations &#8211;Residents of Canada &#8212; Common Shares</font>&#8221; and &#8220;<font style="font-style: italic;">Canadian Federal
        Income Tax Considerations &#8211;Residents of Canada &#8212; Capital Gains</font>&#8221; will generally apply. Non-Resident Participants whose Shares may constitute taxable Canadian property should consult with their own tax advisors for advice having regard to
      their own particular circumstances.</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The following is general summary of the U.S. federal income tax consequences which may be applicable to a U.S. Holder (as defined below) of Common
      Shares that participates in the Reinvestment Plan. As used in this section, the term &#8220;U.S. Holder&#8221; means a beneficial owner of a Common Share that, for U.S. federal income tax purposes, is (i) a citizen or individual resident of the U.S.; (ii) a
      corporation or other entity taxable as a corporation organized in or under the laws of the U.S. or any political subdivision thereof (including the States of the U.S. and the District of Columbia); (iii) an estate the income of which is subject to
      U.S. federal income taxation regardless of its source; or (iv) a trust (1) the administration of which is subject to the primary supervision of a court within the U.S. and one or more U.S. persons have the authority to control all substantial
      decisions of the trust or (2) that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.&#160; If a pass-through entity, including a partnership or other entity classified as a partnership for U.S.
      federal income tax purposes, is a beneficial owner of Common Shares, the U.S. federal income tax treatment of an owner or partner generally will depend upon the status of such owner or partner and upon the activities of the pass-through entity. Any
      owner or partner of a pass-through entity holding Common Shares is urged to consult its own tax advisor.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), administrative pronouncements, judicial decisions,
      existing and proposed Treasury Regulations, the Canada-US Treaty and interpretations of the foregoing, all as of the date hereof. All of the foregoing authorities are subject to change (possibly with retroactive effect), and any such change may
      result in U.S. federal income tax consequences to a U.S. Holder that are materially different from those described below. No rulings from the U.S. Internal Revenue Service (the &#8220;IRS&#8221;) have been or will be sought with respect to the matters described
      below, and consequently, the IRS may not take a similar view of the consequences described below.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">This summary does not purport to be a full description of all U.S. federal income tax considerations that may be relevant to a U.S. Holder in light
      of such U.S. Holder's particular circumstances and only addresses U.S. Holders that hold Common Shares as capital assets within the meaning of Section 1221 of the Code.&#160; Furthermore, this summary does not address the U.S. federal income tax
      considerations applicable to U.S. Holders subject to special rules, such as (i) certain financial institutions, real estate investment trusts, regulated investment companies or insurance companies; (ii) tax-exempt organizations, qualified retirement
      plans, individual retirement accounts, or other tax-deferred accounts; (iii) traders in securities that elect to use a mark-to-market method of accounting; (iv) dealers in securities or currencies; (v) persons holding Common Shares in connection with
      a hedging transaction, &#8220;straddle&#8221;, conversion transaction or other integrated transaction; (vi) persons that own directly, indirectly or constructively ten percent or more, by voting power, of the outstanding equity interests of Algonquin; (vii)
      persons that acquired the Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services; (viii) persons whose &#8220;functional currency&#8221; is not the U.S. dollar; (ix) persons subject to the alternative
      minimum tax; and (x) U.S. expatriates.&#160; In addition, this discussion does not include any description of any estate and gift tax consequences, or the tax laws of any state, local, non-U.S. or other government that may be applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The following discussion is for general information only and is not intended to be, nor should it be construed to be, legal or tax advice to any
      holder or prospective holder of Common Shares (including Plan Shares) and no opinion or representation with respect to the U.S. federal income tax consequences to any such holder or prospective holder is made.&#160; U.S. Holders are urged to consult their
      tax advisors with respect to the U.S. federal, state and local tax consequences, the non-U.S. tax consequences and the non-tax consequences of the acquisition, ownership and disposition of Common Shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Acquisition of Common Shares Pursuant to the Reinvestment Plan</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">If a U.S. Holder acquires Plan Shares through a Treasury Purchase, such U.S. Holder will be treated as receiving a distribution in an amount equal
      to the sum of (i) the fair market value of Plan Shares acquired through the Treasury Purchase and (ii) any Canadian taxes withheld with respect to the distribution.&#160; A U.S. Holder&#8217;s tax basis for Plan Shares acquired through a Treasury Purchase
      generally will equal the fair market value of such Plan Shares on the dividend payment date, and such U.S. Holder&#8217;s holding period for the Plan Shares will begin on the day after the dividend payment date.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">If a U.S. Holder acquires Plan Shares through a Market Purchase, such U.S. Holder will be treated as receiving a distribution in an amount equal to
      the sum of (i) the cash dividend paid by Algonquin (without reduction for any Canadian tax withheld from such dividend) and (ii) any brokerage commissions or other related charges paid by Algonquin that are allocable to the Plan Agent&#8217;s purchase of
      Common Shares on behalf of such U.S. Holder.&#160; The amount of such distribution to a U.S. Holder (reduced by any Canadian tax withheld from such distribution) will be such U.S. Holder&#8217;s tax basis in the Plan Shares purchased.&#160; A U.S. Holder&#8217;s holding
      period for these Plan Shares will begin on the day following the date of purchase.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">A U.S. Holder who does not participate in the Reinvestment Plan, and who continues to receive cash dividends, will be treated as receiving a
      distribution equal to the sum of (i) the amount of cash received, and (ii) any Canadian taxes withheld with respect to the distribution.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">If, as expected, Common Shares are readily tradable on an established U.S. securities market within the meaning of the Code or if Algonquin will be
      eligible for benefits under the Canada-US Treaty, and if certain holding period and other requirements are met, dividends received by non-corporate U.S. Holders will be &#8220;qualified dividend income&#8221; to such U.S. Holders.&#160; Qualified dividend income
      received by a non-corporate U.S. Holder (including an individual) from Algonquin will be subject to U.S. federal income tax at preferential income tax rates.</div>
    <div style="margin: 0px 0px 20pt; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally will be subject to a 3.8% Medicare
      contribution tax on unearned passive income, including, among other things, dividends and capital gains relating to Common Shares, subject to certain limitations and exceptions.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <font style="font-weight: bold;">Withdrawal, Termination and Disposition of Common Shares</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">A U.S. Holder will not realize any taxable income upon withdrawal from or termination of the Reinvestment Plan for the whole Common Shares credited
      to the U.S. Holder&#8217;s account.&#160; A U.S. Holder will generally recognize gain or loss upon the sale or exchange of Common Shares and upon receipt of cash payments for fractional shares credited to such U.S. Holder&#8217;s account upon withdrawal from or
      termination of the Reinvestment Plan.&#160; The amount of such gain or loss will be equal to the difference (if any) between (i) the U.S. dollar value of the amount realized for Common Shares or fraction thereof and (ii) the U.S. Holder&#8217;s adjusted tax
      basis in the Common Shares.&#160; Such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder&#8217;s holding period for the Common Shares is more than one year at the time of the sale or exchange.&#160; Capital gains
      of non-corporate taxpayers on assets held for more than one year are generally subject to preferential rates.&#160; The deductibility of capital losses is subject to limitations.&#160; Any gain or loss recognized by a U.S. Holder will generally be treated as
      U.S. source gain or loss for foreign tax credit limitation purposes.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Foreign Tax Credits</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Any Canadian tax withheld with respect to distributions on, or proceeds from disposition of, Common Shares may, subject to a number of complex
      limitations, be claimed as a foreign tax credit against a U.S. Holder&#8217;s U.S. federal income tax liability or may be claimed as a deduction for U.S. federal income tax purposes. The limitation on foreign taxes eligible for credit is calculated
      separately with respect to specific classes of income. For this purpose, dividends distributed with respect to Common Shares will be foreign-source income and will be &#8220;passive category income&#8221; or &#8220;general category income&#8221; for purposes of computing
      the foreign tax credit allowable to a U.S. Holder, and gain recognized on the sale of Common Shares will generally be treated as U.S. source for such purposes. Because of the complexity of those limitations, each U.S. Holder should consult its own
      tax advisor with respect to the amount of foreign taxes that may be claimed as a credit.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">U.S. Information Reporting and Backup Withholding</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Under some circumstances, a U.S. Holder may be subject to U.S. information reporting and backup withholding tax on distributions paid on Common
      Shares or from the disposition of Common Shares. Information reporting and backup withholding will not apply, however, to a U.S. Holder that is a corporation or is otherwise exempt from information reporting and backup withholding and, when required,
      demonstrates this fact. Backup withholding also will not apply to a U.S. Holder that furnishes a correct taxpayer identification number and certifies on a Form W-9 or successor form, under penalty of perjury, that it is not subject to backup
      withholding, and otherwise complies with applicable requirements of the backup withholding rules. A U.S. Holder that fails to provide the correct taxpayer identification number on Form W-9 or any successor form may be subject to penalties imposed by
      the IRS. Backup withholding, currently at a 28% rate, is not an additional tax, and any amount withheld under these rules will be allowed as a refund or credit against a U.S. Holder&#8217;s U.S. federal income tax liability if the required information is
      timely furnished to the IRS.</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PERSONAL LIABILITY</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The obligations of Algonquin hereunder are not personally binding upon any Director, any registered Shareholder or Beneficial Owner or any annuitant
      under a plan of which a registered Shareholder or Beneficial Owner acts as director or carrier, and resort shall not be had to, nor shall recourse or satisfaction be sought from, any of the foregoing, but the property of Algonquin only shall be bound
      by such obligations. Any obligation of Algonquin set out herein shall to the extent necessary to give effect to such obligation be deemed to constitute, subject to the provisions of the previous sentence, an obligation of the Directors in their
      capacity as directors of Algonquin.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
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    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTICES</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">All notices required to be given under the Reinvestment Plan shall be mailed to a Participant at the most recent address shown on the records of the
      Reinvestment Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Notices to Algonquin shall be sent to:</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt;">ALGONQUIN POWER &amp; UTILITIES CORP.</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Suite 100 - 354 Davis Road</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Oakville, Ontario</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt;">L6J 2X1</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Attention: Investor Relations</div>
    <div style="margin: 0px 0px auto 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">E-mail: InvestorRelations@APUCorp.com</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">All communications to the Agent and requests for forms or information regarding the Reinvestment Plan should be directed to the Agent by phone,
      mail, fax or e-mail using the following contact details:</div>
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          <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">BY PHONE:</td>
          <td style="vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Toll free in North America: 1-800-387-0825; Toronto: 416-682-3860</div>
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          <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">BY FAX:</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>1-888-488-1416</div>
          </td>
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    </table>
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          </td>
          <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">BY EMAIL:</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>shareholderinquiries@tmx.com</div>
          </td>
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          </td>
          <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">WEBSITE:</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
            <div><u>www.tsxtrust.com</u>.</div>
          </td>
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              <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt;">BY MAIL:</div>
            </td>
            <td style="width: 89%; vertical-align: top;">
              <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt;">TSX Trust Company</div>
            </td>
          </tr>
          <tr>
            <td style="width: 11%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;" rowspan="1">&#160;</td>
            <td style="width: 89%; vertical-align: top;" rowspan="1"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Dividend Reinvestment</font><br>
            </td>
          </tr>
          <tr>
            <td style="width: 11%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt;">P.O. Box 4229<br>
              </div>
            </td>
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            <td style="width: 11%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;" rowspan="1">&#160;</td>
            <td style="width: 89%; vertical-align: top;" rowspan="1"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Station A</font><br>
            </td>
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            <td style="width: 11%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt;">Toronto, ON</div>
            </td>
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            <td style="width: 11%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><br>
            </td>
            <td style="width: 89%; vertical-align: top;">
              <div style="margin: 0px 0px auto; font-family: 'Times New Roman'; font-size: 10pt;">M5W 0G1</div>
            </td>
          </tr>

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    </div>
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    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Effective Date of the Reinvestment Plan</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The Reinvestment Plan was amended and restated effective June <font style="font-weight: normal;">3</font>, 2022.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Rules and Governing Law</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Algonquin may from time to time adopt rules and regulations to facilitate the administration of the Reinvestment Plan and to comply with applicable
      law including Canadian, United States and other securities laws, and such rules and regulations will be binding on all Participants when adopted (including those who may have already become Participants). Algonquin also reserves the right to regulate
      and interpret the Reinvestment Plan as it deems necessary or desirable to ensure its efficient and equitable operations in the best interests of Algonquin. Any issues of interpretation arising in connection with the Reinvestment Plan or its
      application shall be conclusively determined by Algonquin.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The Reinvestment Plan will be governed and construed in accordance with the laws of Ontario and the federal laws of Canada applicable therein.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt; text-align: center;"><font style="font-family: Arial; font-size: 7pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-17-</font> </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">
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