Preferred Shares

Price:
$25.00 per share par value

TSX Symbol:
CU.PR.C

Shares Outstanding as at September 21, 2011:
13,000,000

Key Terms:
The Cumulative Redeemable Second Preferred Shares Series Y (the “Series Y Preferred Shares”) of Canadian Utilities Limited (the “Corporation”) were entitled to fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of the Corporation, at a rate of $1.00 per share to yield 4.00% per annum, to accrue from the date of original issue, payable quarterly on the first day of March, June, September and December of each year for the Initial Fixed Rate Period from and including the date of issue of the Series Y Preferred Shares to but excluding June 1, 2017.

On June 1, 2017, and on June 1 in every fifth year thereafter, the Corporation may, at its option on not more than 60 days nor less than 30 days prior notice, redeem for cash the Series Y Preferred Shares, in whole at any time or in part from time to time, at $25.00 per share together with all accrued and unpaid dividends to but excluding the date of redemption.

The Annual Fixed Dividend Rate for each ensuing Subsequent Fixed Rate Period will be determined by the Corporation on the Fixed Rate Calculation Date (as defined herein).  It will be equal to the sum of the Government of Canada Yield (as defined herein) on the Fixed Rate Calculation Date plus a spread of 2.40% for the period from and including the day immediately following the last day of the immediately preceding Fixed Rate Period to but excluding June 1 in the fifth year thereafter.

On May 24, 2022, Canadian Utilities reset the quarterly dividend rate on its Series Y Preferred Shares for the five-year period from and including June 1, 2022 to but excluding June 1, 2027. The fixed dividend will be paid as and when declared by the Board of Directors of Canadian Utilities based on an annual dividend rate of $1.299 per share or 5.20% per annum.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series Y

Price:
$25.00 per share par value to yield 4.90% per annum

TSX Symbol:
CU.PR.D 

Shares Outstanding as at June 18, 2012:
6,000,000

Key Terms:
The Cumulative Redeemable Second Preferred Shares Series AA (the “Series AA Preferred Shares”) of Canadian Utilities Limited (the “Corporation”) will be entitled to fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of the Corporation, at a rate of $1.225 per share per annum, to accrue from the date of original issue, payable quarterly on the first day of March, June, September and December of each year.

On or after September 1, 2017, the Corporation may, at its option on not less than 30 nor more than 60 days’ prior notice, redeem for cash the Series AA Preferred Shares, in whole at any time or in part from time to time, at $26.00 per share if redeemed during the 12 months commencing September 1, 2017, at $25.75 per share if redeemed during the 12 months commencing September 1, 2018, at $25.50 per share if redeemed during the 12 months commencing September 1, 2019, at $25.25 per share if redeemed during the 12 months commencing September 1, 2020, and at $25.00 per share if redeemed on and after September 1, 2021, in each case together with all accrued and unpaid dividends to but excluding the date of redemption.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series AA 

Price:
$25.00 per share par value to yield 4.90% per annum

TSX Symbol:
CU.PR.E 

Shares Outstanding as at July 5, 2012:
6,000,000

Key Terms:
The Cumulative Redeemable Second Preferred Shares Series BB (the “Series BB Preferred Shares”) of Canadian Utilities Limited (the “Corporation”) will be entitled to fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of the Corporation, at a rate of $1.225 per share per annum, to accrue from the date of original issue, payable quarterly on the first day of March, June, September and December of each year.

On or after September 1, 2017, the Corporation may, at its option on not less than 30 nor more than 60 days’ prior notice, redeem for cash the Series BB Preferred Shares, in whole at any time or in part from time to time, at $26.00 per share if redeemed during the 12 months commencing September 1, 2017, at $25.75 per share if redeemed during the 12 months commencing September 1, 2018, at $25.50 per share if redeemed during the 12 months commencing September 1, 2019, at $25.25 per share if redeemed during the 12 months commencing September 1, 2020, and at $25.00 per share if redeemed on and after September 1, 2021, in each case together with all accrued and unpaid dividends to but excluding the date of redemption.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series BB 

Price:
$25.00 per share par value to yield 4.5% per annum

TSX Symbol:
CU.PR.F 

Shares Outstanding as at March 19, 2013:
7,000,000

Key Terms:
The holders of the Cumulative Redeemable Second Preferred Shares Series CC (the "Series CC Preferred Shares") of Canadian Utilities Limited (the "Corporation") will be entitled to receive, as and when declared by the board of directors of the Corporation (the "Board of Directors"), fixed cumulative preferential cash dividends at a rate of $1.125 per share per annum, to accrue from the date of original issue, payable quarterly on the first day of March, June, September and December of each year.

On or after June 1, 2018, the Corporation may, at its option on not less than 30 nor more than 60 days prior notice, redeem for cash the Series CC Preferred Shares, in whole at any time or in part from time to time, at $26.00 per share if redeemed during the 12 months commencing June 1, 2018, at $25.75 per share if redeemed during the 12 months commencing June 1, 2019, at $25.50 per share if redeemed during the 12 months commencing June 1, 2020, at $25.25 per share if redeemed during the 12 months commencing June 1, 2021, and at $25.00 per share if redeemed on and after June 1, 2022, in each case together with all accrued and unpaid dividends to but excluding the date of redemption.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series CC 

Price:
$25.00 per share par value to yield 4.5% per annum

TSX Symbol:
CU.PR.G

Shares Outstanding as at May 15, 2013:
9,000,000

Key Terms:
The holders of the Cumulative Redeemable Second Preferred Shares Series DD (the "Series DD Preferred Shares") of Canadian Utilities Limited (the "Corporation") will be entitled to receive, as and when declared by the board of directors of the Corporation (the "Board of Directors"), fixed cumulative preferential cash dividends at a rate of $1.125 per share per annum, to accrue from the date of original issue, payable quarterly on the first day of March, June, September and December of each year.

On or after September 1, 2018, the Corporation may, at its option on not less than 30 nor more than 60 days prior notice, redeem for cash the Series DD Preferred Shares, in whole at any time or in part from time to time, at $26.00 per share if redeemed during the 12 months commencing September 1, 2018, at $25.75 per share if redeemed during the 12 months commencing September 1, 2019, at $25.50 per share if redeemed during the 12 months commencing September 1, 2020, at $25.25 per share if redeemed during the 12 months commencing September 1, 2021, and at $25.00 per share if redeemed on and after September 1, 2022, in each case together with all accrued and unpaid dividends to but excluding the date of redemption.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series DD 

Price: 
$25.00 per share par value to yield 5.25% per annum

TSX Symbol:
CU.PR.H 

Shares Outstanding as at Aug 7, 2015:
5,000,000

Key Terms:
The holders of the Cumulative Redeemable Second Preferred Shares Series EE (the "Series EE Preferred Shares") of Canadian Utilities Limited (the "Corporation") will be entitled to receive, as and when declared by the board of directors of the Corporation (the "Board of Directors"), fixed cumulative preferential cash dividends at a rate of $1.3125 per share per annum, to accrue from the date of original issue, payable quarterly on the first day of March, June, September and December of each year.

On or after September 1, 2020, the Corporation may, at its option on not less than 30 nor more than 60 days prior notice, redeem for cash the Series EE Preferred Shares, in whole at any time or in part from time to time, at $26.00 per share if redeemed during the 12 months commencing September 1, 2020, at $25.75 per share if redeemed during the 12 months commencing September 1, 2021, at $25.50 per share if redeemed during the 12 months commencing September 1, 2022, at $25.25 per share if redeemed during the 12 months commencing September 1, 2023, and at $25.00 per share if redeemed on and after September 1, 2024, in each case together with all accrued and unpaid dividends to but excluding the date of redemption.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series EE 

Price:
$25.00 per share par value to yield 4.5% per annum

TSX Symbol:
CU.PR.I 

Shares Outstanding as at Sept 24, 2015:
10,000,000

Key Terms:
The holders of the Cumulative Redeemable Second Preferred Shares Series FF (the "Series FF Preferred Shares") of Canadian Utilities Limited (the "Corporation") will be entitled to receive, as and when declared by the board of directors of the Corporation (the "Board of Directors"), fixed cumulative preferential cash dividends for the Initial Fixed Rate Period (as defined herein) from and including the closing date of this offering to but excluding December 1, 2020, at an annual rate of $1.125 per Series FF Preferred Share, payable quarterly on the first day of March, June, September and December in each year.

For each five year period after the Initial Fixed Rate Period (each, a "Subsequent Fixed Rate Period"), the holders of the Series FF Preferred Shares shall be entitled to receive, as and when declared by the Board of Directors, fixed cumulative preferential cash dividends, payable quarterly on the first day of each of March, June, September and December in each year, in the amount per share determined by multiplying one quarter of the Annual Fixed Dividend Rate (as defined herein) for such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for each ensuing Subsequent Fixed Rate Period will be determined by the Corporation on the Fixed Rate Calculation Date (as defined herein) and will be equal to the sum of the Government of Canada Yield (as defined herein) on the Fixed Rate Calculation Date plus a spread of 3.69% (the "Spread"), provided that, in any event, such rate shall not be less than 4.50%.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series FF

Price:

$25.00 per share par value to yield 4.75% per annum

TSX Symbol:

CU.PR.J

Shares Outstanding as at Dec 15, 2021¹:

8,050,000

Key Terms:

The holders of the Cumulative Redeemable Second Preferred Shares Series HH (the "Series HH Preferred Shares") of Canadian Utilities Limited (the "Corporation") will be entitled to receive, as and when declared by the board of directors of the Corporation (the "Board of Directors"), fixed cumulative preferential cash at a rate of $1.1875 per annum, payable quarterly on the first day of March, June, September and December in each year.

On or after March 1, 2027, the Corporation may, on not less than 30 nor more than 60 days prior notice, redeem for cash the Series HH Preferred Shares, in whole or in part, at the Corporation’s option, by the payment of cash of $26.00 per share if redeemed during the 12 months commencing March 1, 2027, at $25.75 per share if redeemed during the 12 months commencing March, 2028, at $25.50 per share if redeemed during the 12 months commencing March 1, 2029,­­ at $25.25 per share if redeemed during the 12 months commencing March 1, 2030, and at $25.00 per share if redeemed on or after March 1, 2031, in each case together with all accrued and unpaid dividends to, but excluding, the date of redemption.

¹ Shares outstanding were 7,000,000 as at December 9^th and prior to the exercise of the Underwriter’s over-allotment option on December 15, 2021.

Prospectus:
Cumulative Redeemable Second Preferred Shares Series HH