An anonymous director reports

ATCO LTD. NORMAL COURSE ISSUER BID

Atco Ltd.'s notice of intention to make a normal course issuer bid (NCIB) has been accepted by the Toronto Stock Exchange and the company intends to make an NCIB for certain of its outstanding Class I non-voting shares on the terms set forth in the notice. 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.

On Feb. 29, 2024, 99,733,891 Class I shares were issued and outstanding. Under the terms of the notice and the rules of the exchange, the company may acquire up to 1,994,677 Class I shares (being 2 per cent of the Class I shares issued and outstanding as at Feb. 29, 2024, excluding any Class I shares held by or on behalf of the company on such date), during the period commencing on March 13, 2024, and ending on March 12, 2025, or such earlier date on which the company completes its purchases of Class I shares under the NCIB or terminates the NCIB at its option.

The aggregate number of Class I shares that the company may purchase under the NCIB during any trading day is subject to a maximum daily purchase limit of 48,392 Class I shares (being 25 per cent of the average daily trading volume for the six calendar months preceding the date of the acceptance of the notice, which was equal to 193,568 Class I shares). Exceptions may be made to this daily purchase limit in accordance with the "block purchase" exemptions of the exchange policy.

Any Class I shares purchased pursuant to the notice will be cancelled. Class I shares will be purchased at the market price of the Class I shares at the time of purchase and will be purchased on behalf of the company by a registered investment dealer. Purchases will be made on the open market through the facilities of the exchange and/or alternative Canadian trading systems or by such other means as may be permitted by the applicable securities regulator. Any purchase of Class I shares pursuant to the NCIB will be financed out of cash and working capital of the company.

The company purchased 1,758,600 Class I shares at an average trading price of $38.31 during the most recent 12-month period preceding the date hereof pursuant to its existing normal course issuer bid, which commenced on March 13, 2023, and will expire on March 12, 2024, and which permitted the company to purchase up to a maximum of 2,214,881 Class I shares. All such purchases were made by means of open market transactions at the market price as at the time of purchase.

In connection with the NCIB, the company will also enter into an automatic securities purchase plan (ASPP) with a designated broker on or about the commencement date of the NCIB. The ASPP has been reviewed by the exchange and will facilitate the company's repurchase of Class I shares under the NCIB through the facilities of the exchange, subject to certain trading parameters. At its own discretion, the broker may repurchase Class I shares without the control or influence of the company. During the term of the ASPP, the company will not communicate any material undisclosed or non-public information to the trading staff of the broker; accordingly, the broker may make purchases under the ASPP at any time, including during self-imposed trading blackouts and regardless of whether there is material undisclosed or non-public information about the company at the time of purchase. The company may otherwise vary, suspend or terminate the ASPP only if it does not have material undisclosed or non-public information, the decision to vary, suspend or terminate the ASPP is not taken during a self-imposed trading blackout and any variation, suspension or termination is made in accordance with the terms of the ASPP.

Outside of these periods, the Class I shares will be repurchased by the company at its discretion under the NCIB.

About Atco Ltd.

As a global enterprise Atco and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $25-billion. Atco is committed to future prosperity by working to meet the world's essential energy, housing, security and transportation challenges. Atco Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. Atco Frontec provides operational support services to government, defence and commercial clients. Atco Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution, and international operations. Atco EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and clean fuels. Atco Australia develops, builds, owns and operates energy and infrastructure assets. Atcoenergy and Rumi provide retail electricity and natural gas services, home maintenance services, and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. Atco also has investments in ports and transportation logistics, the processing and marketing of fly ash, retail food services, and commercial real estate.

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