Mr. Colin Jackson reports

ATCO LTD. AMENDS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted the notice filed by Atco Ltd. to amend its previously announced normal course issuer bid (NCIB). The amendment increases the maximum number of Class I non-voting shares (Class I shares) that may be repurchased under the NCIB from 1,014,881 Class I shares to 2,214,881 Class I shares. No other terms of the NCIB have changed. Purchases under the NCIB began on March 13, 2023, and will end on March 12, 2024, and are made by way of normal course purchases effected through the facilities of the exchange, other designated exchanges and/or alternative Canadian trading systems.

As of March 8, 2023, at the time the company's original NCIB application was accepted by the exchange, 101,488,182 Class I shares were issued and outstanding. The 2,214,881 Class I shares that may be repurchased under the amended NCIB represent approximately 2 per cent of the issued and outstanding Class I shares as of Feb. 28, 2023. Under the NCIB, as of Sept. 26, 2023, the company has repurchased 558,600 Class I shares, at a weighted-average price of $42.06.

In deciding to amend its NCIB, the company believes that, from time to time, the market price of its Class I shares may not fully reflect the value of its business, and that purchasing its own Class I shares represents an attractive investment opportunity and desirable use of available funds. The purchase of Class I shares, at appropriate prices, will also minimize any dilution resulting from the exercise of stock options.

Other than to reflect the increase in the maximum number of Class I shares that may be repurchased under the NCIB, the automatic securities purchase plan (ASPP) entered into by the company with a designated broker remains unchanged. The ASPP allows for the purchase of Class I shares under the NCIB at times when the company would ordinarily not be permitted to purchase Class I shares due to regulatory restrictions or self-imposed blackout periods.

Atco and its subsidiary and affiliate companies have approximately 19,000 employees and assets of $25-billion. Atco is a diversified global corporation with investments in the essential services of structures and logistics (work force and residential housing, innovative modular facilities, construction, site support services, work force lodging services, facility operations and maintenance, defence operations services, and disaster and emergency management services); utilities (electricity and natural gas transmission and distribution, and international operations); energy infrastructure (energy storage, energy generation, industrial water solutions and clean fuels); retail energy (electricity and natural gas retail sales, and whole-home solutions); transportation (ports and transportation logistics); and commercial real estate.

We seek Safe Harbor.