LUMA Opportunity Highlights

CANADIAN CU UTILITIES LIMITED An ATCO Company LUMA - TOP RISKS AND RISK MITIGATION ≫ Transition and Operating Cost Risks LUMA was selected, in part, due to its well designed and thorough transition plan. LUMA LUMA is working with P3A, PREPA and PREB to finalize key items for full transition and to build a roadmap to a safe and reliable T&D system. The agreement contains clauses for contract default events by both the owner or operator. There are termination fee clauses in the event of contract default. There have been no actions to date that would trigger the contract default clauses. >> PREPA Bankruptcy & Credit Worthiness PREPA is required to maintain a minimum balance in restricted accounts to ensure that LUMA's fees and reimbursable expenses are paid on a monthly basis. PREPA generates $3 billion in annual revenues and has over $500 million in cash. If full transition requirements are met but PREPA remains in bankruptcy, LUMA has the ability to operate under a Supplemental Agreement for 18 months and collect fixed fees. If PREPA remains in bankruptcy at the end of the 18 months, the agreement will automatically terminate unless an extension is requested by P3A and mutually agreed by the parties. In the event of a termination, LUMA will receive termination fees. Hurricane/Weather Risk ATCO, Quanta and IEM's previous emergency and disaster response capabilities were a major factor in LUMA's selection by the P3A. T&D system ownership remains with PREPA, retaining eligibility for future disaster relief funding. INVESTOR PRESENTATION FEBRUARY 2021 34 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company

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