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ALTAGAS LTD. Annual Information Form

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ALTAGAS LTD. Annual Information Form ALTAGAS LTD. Annual Information Form For the year ended December 31, 2015 Dated: March 23, 2016 TABLE OF CONTENTS GENERAL INFORMATION ..................................................................................................................................................... 2 GLOSSARY ............................................................................................................................................................................ 6 METRIC CONVERSION ....................................................................................................................................................... 11 CORPORATE STRUCTURE .................................................................................................................................................. 11 OVERVIEW OF THE BUSINESS ........................................................................................................................................... 14 ALTAGAS’ VISION AND OBJECTIVE .................................................................................................................................... 14 ALTAGAS' STRATEGY .......................................................................................................................................................... 14 ALTAGAS’ GEOGRAPHIC FOOTPRINT ................................................................................................................................ 18 GENERAL DEVELOPMENT OF ALTAGAS' BUSINESS ......................................................................................................... 20 BUSINESS OF THE CORPORATION .................................................................................................................................... 22 OPERATING BUSINESSES .................................................................................................................................................. 22 GAS BUSINESS ................................................................................................................................................................... 23 GAS BUSINESS – EXTRACTION ......................................................................................................................................... 23 GAS BUSINESS – FIELD GATHERING AND PROCESSING AND TRANSMISSION ............................................................. 26 GAS BUSINESS – ENERGY SERVICES ............................................................................................................................... 30 GAS BUSINESS – ENERGY EXPORT .................................................................................................................................. 31 POWER BUSINESS ............................................................................................................................................................. 31 UTILITIES BUSINESS .......................................................................................................................................................... 34 2015 AUI REGULATORY OVERVIEW .................................................................................................................................. 38 2015 HERITAGE GAS REGULATORY OVERVIEW .............................................................................................................. 40 2015 PNG REGULATORY OVERVIEW ................................................................................................................................ 44 2015 SEMCO GAS REGULATORY OVERVIEW ................................................................................................................... 46 2015 ENSTAR REGULATORY OVERVIEW .......................................................................................................................... 48 2015 CINGSA REGULATORY OVERVIEW ........................................................................................................................... 49 CORPORATE SEGMENT ..................................................................................................................................................... 50 CAPITAL STRUCTURE ......................................................................................................................................................... 50 EMPLOYEES ....................................................................................................................................................................... 51 DIRECTORS AND OFFICERS .............................................................................................................................................. 51 EXECUTIVE OFFICERS ........................................................................................................................................................ 54 RISK FACTORS ................................................................................................................................................................... 56 ENVIRONMENTAL REGULATION ........................................................................................................................................ 62 DIVIDENDS ......................................................................................................................................................................... 66 DIVIDEND REINVESTMENT AND OPTIONAL COMMON SHARE PURCHASE PLAN .......................................................... 67 MARKET FOR SECURITIES ................................................................................................................................................. 68 CREDIT RATINGS ................................................................................................................................................................ 70 MATERIAL CONTRACTS ...................................................................................................................................................... 71 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................................................................... 71 LEGAL PROCEEDINGS ....................................................................................................................................................... 72 REGULATORY ACTIONS ...................................................................................................................................................... 72 INTERESTS OF EXPERTS ................................................................................................................................................... 72 ADDITIONAL INFORMATION ............................................................................................................................................... 72 TRANSFER AGENTS AND REGISTRARS ............................................................................................................................ 72 SCHEDULE A: AUDIT COMMITTEE MANDATE ................................................................................................................. A-1 1 GENERAL INFORMATION Unless otherwise specifically herein provided, the information contained in this Annual Information Form (AIF) is stated as at December 31, 2015. All dollar amounts in this AIF are in Canadian dollars unless otherwise stated. Financial information is presented in accordance with United States generally accepted accounting principles (GAAP). This AIF contains references to net revenue and normalized EBITDA, which do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. Refer to “Non- GAAP Financial Measures” section of the Management Discussion and Analysis filed at www.sedar.com for more information about the non-GAAP measures and for the reconciliation to the closest GAAP measure. FORWARDFORWARD----LOOKINGLOOKING INFORMATION This AIF contains forward-looking statements. When used in this AIF the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “aim”, “seek”, “propose”, “estimate”, “focus”, “strive”, “forecast”, “expect”, “project”, “target”, “potential” and similar expressions suggesting future events or future performance, as they relate to the Corporation, are intended to identify forward-looking statements. In particular, this AIF 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 AltaGas’ expectations of growth in natural gas supply and demand for clean energy, prospects for growth of the gas segment in British Columbia and Alberta; the potential for growth and expansion opportunities for the power segment in California and across the United States; the potential for opportunities to develop new gas-fired and renewable generation in Alberta to replace coal; the potential for growth through acquisition and development of energy infrastructure; and the expectation that such growth in infrastructure will enable AltaGas to establish a western energy hub in northeast British Columbia, providing access to export markets off the west coast and access to new markets
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