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All Dollar Amounts in This Annual Information Form Are in Canadian Dollars Unless Otherwise Stated

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All Dollar Amounts in This Annual Information Form Are in Canadian Dollars Unless Otherwise Stated ALTAGAS LTD. Annual Information Form For the year ended December 31, 2013 Dated: March 10, 2014 TABLE OF CONTENTS FORWARD-LOOKING INFORMATION .......................................................................................................................... 2 GLOSSARY ......................................................................................................................................................................... 4 METRIC CONVERSION .................................................................................................................................................... 8 CORPORATE STRUCTURE .............................................................................................................................................. 9 SUBSIDIARIES ................................................................................................................................................................. 10 OVERVIEW OF THE BUSINESS .................................................................................................................................... 11 ALTAGAS’ VISION AND OBJECTIVE .......................................................................................................................... 12 ALTAGAS’ STRATEGY .................................................................................................................................................. 12 ALTAGAS’ GEOGRAPHIC FOOTPRINT ....................................................................................................................... 18 GENERAL DEVELOPMENT OF ALTAGAS’ BUSINESS ............................................................................................ 20 HISTORICAL DEVELOPMENT ...................................................................................................................................... 20 BUSINESS OF THE CORPORATION ............................................................................................................................. 22 OPERATING BUSINESSES ............................................................................................................................................. 22 GAS BUSINESS ................................................................................................................................................................ 22 GAS BUSINESS – EXTRACTION AND TRANSMISSION ........................................................................................... 22 GAS BUSINESS – FIELD GATHERING AND PROCESSING ...................................................................................... 28 GAS BUSINESS – ENERGY SERVICES ........................................................................................................................ 32 POWER BUSINESS .......................................................................................................................................................... 32 UTILITIES BUSINESS ..................................................................................................................................................... 37 2013 AUI REGULATORY OVERVIEW .......................................................................................................................... 40 2013 HERITAGE GAS REGULATORY OVERVIEW .................................................................................................... 42 2013 PNG REGULATORY OVERVIEW ......................................................................................................................... 45 2013 SEMCO GAS REGULATORY OVERVIEW .......................................................................................................... 48 2013 ENSTAR REGULATORY OVERVIEW.................................................................................................................. 50 2013 CINGSA REGULATORY OVERVIEW .................................................................................................................. 51 CORPORATE SEGMENT ................................................................................................................................................. 51 ALTAGAS LTD. ................................................................................................................................................................ 52 EMPLOYEES ..................................................................................................................................................................... 53 DIRECTORS AND OFFICERS ......................................................................................................................................... 53 EXECUTIVE OFFICERS .................................................................................................................................................. 55 RISK FACTORS ................................................................................................................................................................ 57 RISKS RELATING TO THE CORPORATION ................................................................................................................ 57 ENVIRONMENTAL REGULATION ............................................................................................................................... 62 DIVIDENDS ...................................................................................................................................................................... 64 DIVIDEND REINVESTMENT PLAN .............................................................................................................................. 65 MARKET FOR SECURITIES ........................................................................................................................................... 66 SELECTED CONSOLIDATED FINANCIAL INFORMATION ..................................................................................... 67 CREDIT RATINGS ........................................................................................................................................................... 68 MATERIAL CONTRACTS ............................................................................................................................................... 69 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................................................. 69 LEGAL PROCEEDINGS ................................................................................................................................................... 69 INTERESTS OF EXPERTS ............................................................................................................................................... 69 ADDITIONAL INFORMATION....................................................................................................................................... 69 TRANSFER AGENTS AND REGISTRARS .................................................................................................................... 70 EFFECTIVE DATE ........................................................................................................................................................... 70 SCHEDULE A: AUDIT COMMITTEE MANDATE...................................................................................................... A-1 1 All dollar amounts in this Annual Information Form are in Canadian dollars unless otherwise stated. FORWARD-LOOKING INFORMATION This Annual Information Form contains forward-looking statements. When used in this Annual Information Form the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Corporation, are intended to identify forward-looking statements. In particular, this Annual Information Form contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements are set forth in respect of AltaGas' overall strategy under the heading "Overview of the Business", including with respect to the expected in-service date of a third cogeneration facility at the Harmattan Complex, and under the heading "Overview of the Business – AltaGas' Strategy", including with respect to: expectations for the WCSB; expectations for the optimization of existing assets and through the development of new infrastructure, including energy export opportunities; expectations for power and distribution opportunities; and expectations for the cost of natural gas in North America. In addition, forward-looking statements in respect of the strategies applicable to each of AltaGas' business segments are set forth under the following sub-headings: "Gas – Business Strategy", including in respect of the demand for natural gas, the viability of the WCSB, the demand for processing infrastructure, AltaGas' ability to capitalize on supply and demand fundamentals for natural gas and NGLs, the impact of the Co-stream Facility on utilization at the Harmattan Complex and opportunities to acquire or build gathering and processing infrastructure or tie-in new wells and increase volumes and capture operating synergies, the ability of AltaGas to capitalize on growing natural gas production in northeast British Columbia and northwest Alberta, the impact
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