BHE AltaLink Ltd. Files Originating Application in Connection With Internal Reorganization

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CALGARY, Alberta — AltaLink, L.P. (“ALP”) announces that in connection with its previously announced plans to undertake an internal reorganization (the “Internal Reorganization”), BHE AltaLink Ltd. (“BHEAL”) has filed an originating application (the “Originating Application”) with the Court of King’s Bench of Alberta seeking approval for the Internal Reorganization, which will be effected by way of a plan of arrangement (the “Plan of Arrangement”) under the Business Corporations Act (Alberta).

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In order to implement the Internal Reorganization pursuant to the Plan of Arrangement, BHEAL, ALP and certain other wholly-owned direct or indirect subsidiaries of BHEAL have entered into an arrangement agreement dated July 9, 2026 (the “Arrangement Agreement”).

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The Internal Reorganization will result in, among other things, AltaLink Ltd. (being the successor to ALP and BHEAL 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. Each of the entities involved in the Internal Reorganization are direct or indirect wholly-owned subsidiaries of BHEAL.

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A copy of the notice of Originating Application (the “Notice”) will be provided to relevant third parties in connection with the Internal Reorganization and will be made available under ALP’s profile on SEDAR+ and www.altalink.ca. Interested parties are encouraged to review the Notice together with other relevant documents related to the Internal Reorganization, including the Arrangement Agreement and the Plan of Arrangement (attached as Schedule “A” to the Arrangement Agreement), which will also be made available under ALP’s profile on SEDAR+ and ALP’s website.

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The application for the final order approving the Plan of Arrangement is expected to be heard by the Court in early September 2026 and further details regarding such hearing are included in the Notice.

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The Internal Reorganization is subject to approval by the Alberta Utilities Commission (the “AUC”). ALP, BHEAL and other wholly-owned entities of BHEAL filed the required application with the AUC on June 18, 2026, and are continuing to work cooperatively with the AUC in connection with its review.

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Subject to receipt of required regulatory, court and other approvals, the Internal Reorganization is expected to be completed in Q4 2026.

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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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