CU: Quick Take: The AUC approves the facility application for the Yellowhead Pipeline project

Research evidence excerpt

CU: Quick Take: The AUC approves the facility application for the Yellowhead Pipeline project

Canadian Utilities Limited

Underperform (U): Returns expected to be materially below sector average over 12 months.

Restricted (R): RBC policy precludes certain types of communications, including an investment recommendation, when RBC is

acting as an advisor in certain merger or other strategic transactions and in certain other circumstances.

Not Rated (NR): The rating, price targets and estimates have been removed due to applicable legal, regulatory or policy constraints

which may include when RBC Capital Markets is acting in an advisory capacity involving the company.

Risk Rating

The Speculative risk rating reflects a security's lower level of financial or operating predictability, illiquid share trading volumes,

high balance sheet leverage, or limited operating history that result in a higher expectation of financial and/or stock price volatility.

Distribution of ratings

For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating categories -

Buy, Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of Outperform (O),

Sector Perform (SP), and Underperform (U) most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are

not the same because our ratings are determined on a relative basis.

RBC Capital Markets, Equity Research

As of 30-Jun-2026

Investment Banking

Serv./Past 12 Mos.

Rating Count Percent Count Percent

BUY [Outperform] 927 57.94 290 31.28

HOLD [Sector Perform] 626 39.12 161 25.72

SELL [Underperform] 47 2.94 3 6.38

Rating and price target history for: Canadian Utilities Limited, CU CN as of 17-Jul-2026 (in CAD)