RE:re CEO's letter to shareholdersDear Algonquin Shareholders, I am reaching out in light of our recently announced financial results and subsequent market reaction. We continue to be committed to being transparent and explaining why we believe in the underlying strength of our business and assets, why we are confident we can navigate the current environment and why we feel positioned to deliver long-term shareholder value. Algonquin remains focused on driving sustainable long-term profitable growth that supports an investment grade credit rating. Our dividend is an important component of our total shareholder return. We strive to provide a strong and sustainable dividend to our shareholders. We want to be clear about the rapid changes we are seeing in the capital and credit markets, given the inflation and interest rate environment. When the macro environment changes, we have to respond in order to position the company to deliver long-term profitable growth and shareholder value. We are in the process of identifying and implementing adjustments to address the new market conditions. Throughout our 34-year history, we have driven significant growth in our regulated and renewables businesses. We remain committed to executing on our three strategic pillars of growth, operational excellence and sustainability. Algonquin’s regulated business continues to be a primary growth driver. We’ve grown our regulated business through the years, and today have a diversified portfolio serving more than one million customer connections in the United States, Canada, Bermuda and Chile. The pending closing of the Kentucky Power Company acquisition will represent another key addition for our regulated business. This transaction is expected to add to our rate base, grow customer connections and provide an opportunity to be part of the energy transition in Kentucky. As the industry continues to see an energy transition, we believe we are well positioned to contribute to, and benefit from, the decarbonization transformation. Our diverse portfolio of operating power generation facilities primarily located across Canada and the United States, together with our proven ability to develop and construct new renewable energy facilities, provide us with a solid foundation and flexibility to create value strategically. I remain motivated and impressed by the company’s entrepreneurial spirit, customer focus and commitment to sustainability. I strongly believe in the company and continue to be excited by its future potential. I purchased a total of 131,000 Algonquin common shares on November 14 and 15, 2022, along with other members of our Board of Directors, who similarly put their own money behind their conviction in Algonquin. With our strong foundation, dedicated team, long-term prospects and commitment to creating shareholder value, we are confident we will navigate this changing environment and come out as a stronger, more resilient company. We highly value our shareholders and look forward to providing you with additional updates at our Investor Day in early 2023. Thank you for your continued support. Sincerely, Arun Banskota President and Chief Executive Officer N