AltaLink, L.P. Announces Update to Internal Reorganization

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CALGARY, Alberta — AltaLink, L.P. (“ALP”) announces that, in connection with its previously announced internal reorganization (the “Internal Reorganization”), it has entered into an amending agreement dated August 27, 2026 (the “Amending Agreement”) with BHE AltaLink Ltd. (“BHEAL”) and certain other wholly-owned direct or indirect subsidiaries of BHEAL (collectively, the “AltaLink Entities”) to amend the arrangement agreement dated July 9, 2026 (the “Arrangement Agreement”) and the plan of arrangement attached thereto (as amended, the “Plan of Arrangement”).

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The Amending Agreement, including the Plan of Arrangement attached as Schedule “A” to the Amending Agreement, reflects certain changes to the timing and manner of implementation of certain corporate steps and transactions in connection with the Internal Reorganization (the “Amendments”).

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The Amendments are administrative and non-substantive in nature, and the Internal Reorganization will still result in, among other things, AltaLink Ltd. (being the successor to ALP and certain AltaLink Entities under the Plan of Arrangement) becoming the regulated transmission utility and holding, directly or indirectly, all of the assets and liabilities presently held by ALP.

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The Amending Agreement is not expected to impact: (a) the application for the final order approving the Internal Reorganization, which is still expected to be heard by the Court of King’s Bench of Alberta (the “Court”) on September 4, 2026, or as soon thereafter as counsel may be heard, or (b) the completion of the Internal Reorganization, which is still expected to be completed in Q4 2026, subject to the receipt of required regulatory, court and other approvals.

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A copy of the Amending Agreement, the Plan of Arrangement (attached as Schedule “A” to the Amending Agreement) and the amended notice of originating application will be made available under ALP’s profile on SEDAR+ and ALP’s website, www.altalink.ca. Further details regarding the Internal Reorganization are set out in the notice of originating application and originating application filed with the Court in connection with the Internal Reorganization and the Arrangement Agreement, each of which are also available under ALP’s profile on SEDAR+ and ALP’s website, www.altalink.ca.

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About AltaLink, L.P.

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Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink, L.P. is Alberta’s largest electricity transmission provider, with approximately 13,400 kilometres of transmission lines and more than 310 substations. AltaLink, L.P. is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy.

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This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink, L.P.’s securities in any jurisdiction, including but not limited to, the United States. AltaLink’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “intends”, “projects”, “plans”, “anticipates”, and similar expressions, are forward-looking information that represents management of AltaLink, L.P.’s internal projections, expectations or beliefs concerning, among other things, the Internal Reorganization and the timing and impacts thereof, future operating results and various components thereof or the economic performance of AltaLink, L.P.. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink, L.P.’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in AltaLink, L.P.’s filings with the Canadian securities authorities. Accordingly, holders of AltaLink, L.P. securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink, L.P. disclaims any responsibility to update these forward-looking statements.

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Contacts

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For more information please contact:

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Investor Relations

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Paul Zimba

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Vice President, Treasury and Planning

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AltaLink Management Ltd.

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Phone:

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403.988.8155

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E-mail:

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Media Relations

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Scott Schreiner

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Vice President, External Engagement

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AltaLink Management Ltd.

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Phone:

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403.880.0275

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E-mail:

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