ALTAGAS ANNOUNCES REVIEW OF HYBRID SUBORDINATED DEBT OFFERING

CALGARY, Alta., August 3, 2022 /CNW/ – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX: ALA) announced today that it is considering an offering of hybrid subordinated debt securities under its short form base shelf prospectus dated February 22, 2021.

If a successful Offering is secured and completed, the Company intends to use the net proceeds of the Offering to repurchase or redeem its Five-Year Rate Reset Cumulative Redeemable Preferred Shares, Series C (TSX: ALA.PR.U) . There is no certainty that AltaGas will ultimately complete the contemplated offer or as to when or on how such an offer may be completed.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the hybrid subordinated debt securities in any jurisdiction. The hybrid subordinated debt securities considered to be offered have not been approved or disapproved by any regulatory authority. The hybrid subordinated debt securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in United Statesor for the benefit or on behalf of, United States people.

ABOUT ALTAGAS

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable energy sources. The Company operates a diversified, low-risk, high-growth utility and midstream business that is focused on creating resilient and sustainable value for its stakeholders.

For more information, visit www.altagas.ca or contact one of the following services:

Jon Morrison
Senior Vice President, Investor Relations and Corporate Development
[email protected]

Adam McKnight
Director, Investor Relations
[email protected]

Investor requests
1-877-691-7199
[email protected]

Media inquiries
1-403-206-2841
[email protected]

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements. Words such as “will”, “continue”, “ongoing”, “believes”, “opportunities” and similar expressions suggesting future events or future performance, with respect to the Company or any company affiliated with the Company , are intended to identify More specifically, this press release contains forward-looking statements regarding AltaGas’s consideration of an offering of hybrid subordinated debt securities and the use of the net proceeds of any successful offering of hybrid subordinated debt securities.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. These statements reflect AltaGas’ current views with respect to future events based on certain important factors and assumptions are subject to certain risks and uncertainties, including, without limitation, market changes, competition, governmental or regulatory developments, general economic conditions and other factors set forth in AltaGas’ public disclosure documents.

Many factors could cause AltaGas’ actual results, performance or achievements to differ from those described in this press release, including, without limitation, those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those described in this press release, and such forward-looking statements should not be unduly invoked. These statements speak only as of the date of this press release. AltaGas does not intend and undertakes no obligation to update these forward-looking statements, except as required by law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

SOURCE AltaGas Ltd.

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John A. Bogar