Mr. Jon Morrison reports

ALTAGAS ANNOUNCES CLOSING OF HYBRID NOTE OFFERING

AltaGas Ltd. has closed its previously announced offering of $200-million of 8.90 per cent fixed-to-fixed rate subordinated notes, Series 3, due Nov. 10, 2083.

The Company intends to use the net proceeds of the Offering to redeem or repurchase its outstanding cumulative redeemable five-year rate reset preferred shares, series E (TSX: ALA.PR.E) (the "Series E Preferred Shares). Series E Preferred Share dividends are not deductible for tax purposes and are subject to part 6.1 tax at 40 percent. As a result of the Offering, based on current rates, AltaGas expects to save approximately $10 million or $0.01 of annual earnings per share during the initial five-year term of the subordinated notes due to lower taxes and financing charges relative to what the reset rate would have been on the Series E Preferred Share dividends.

The subordinated notes are being offered through a syndicate of underwriters, co-led by CIBC Capital Markets and RBC Capital Markets, under AltaGas' short form base shelf prospectus dated March 31, 2023, as supplemented by a prospectus supplement dated November 7, 2023.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the subordinated notes in any jurisdiction. The subordinated notes have not been approved or disapproved by any regulatory authority. The subordinated notes 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 within the United States, or to or for the account of United States persons.

ABOUT ALTAGAS

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.

We seek Safe Harbor.