#1ATCO INVESTOR PRESENTATION FEBRUARY 2019#2LEGAL DISCLAIMER Statements made by representatives for ATCO Ltd. and Canadian Utilities Limited and information provided in this presentation may be considered forward-looking statements. By their nature, such statements are subject to numerous known and unknown risks and uncertainties and therefore actual results may differ materially from those currently anticipated. ATCO Ltd. and Canadian Utilities Limited disclaim any intention or obligation to update or revise such statements. Due to the nature of the Corporation's operations, quarterly revenues and earnings are not necessarily indicative of annual results. INVESTOR PRESENTATION FEBRUARY 2019 ATCO#3TABLE OF CONTENTS 1 ATCO Group Overview Page 5 2 Canadian Utilities Limited Page 11 Regulated Utility Businesses Page 13 Non-Regulated Businesses Page 23 3 Other ATCO Investments Page 30 Structures & Logistics Page 31 Neltume Ports Page 36 Commercial Real Estate Page 46 4 Appendix Page 48 INVESTOR PRESENTATION FEBRUARY 2019 ATCO#4Empty#5ATCO GROUP OVERVIEW 5#6With approximately 7,000 employees and assets of $23 billion, ATCO is a diversified corporation providing sustainable, innovative and comprehensive energy solutions globally. ORGANIZATIONAL STRUCTURE ATCO 100% 52.3% 40% STRUCTURES & LOGISTICS GLOBAL BUSINESS UNIT CU CANADIAN UTILITIES LIMITED An ATCO Company Modular Structures Frontec 100% 100% 100% NELTUME PORTS ATCO CORPORATE 100% ELECTRICITY GLOBAL BUSINESS UNIT PIPELINES & LIQUIDS GLOBAL BUSINESS UNIT CU CORPORATE (21日) (2)(B) (5) Electricity Distribution Natural Gas Distribution Retail Energy (2)(3) Electricity Transmission Natural Gas Transmission (2)(B) (4) Alberta PowerLine Storage & Industrial Water Electricity Generation International Electricity Generation International Natural Gas (2) Distribution (1) ATCO Investments 1. ATCO Investments includes commercial real estate investments held for sale, lease or development. 2. Regulated businesses include Natural Gas Distribution, Natural Gas Transmission, International Natural Gas Distribution, Electric Distribution, and Electric Transmission. ATCO (TSX: ACO.X/ACO.Y) ~$4 billion common equity capitalization Canadian Utilities (TSX: CU / CU.X) ~$9 billion common equity capitalization CU Inc. ~$7.5 billion debt capitalization 3. Canadian Utilities' 100 per cent owned subsidiary CU Inc. includes Natural Gas Distribution, Natural Gas Transmission, Electric Distribution, and Electric Transmission. 4. Alberta PowerLine General Partner Ltd. is the general partner of Alberta PowerLine Limited Partnership (Alberta PowerLine or APL), a partnership between Canadian Utilities Limited (80 per cent) and Quanta Services, Inc. (20 per cent). 5. Retail Energy, through ATCOenergy, was launched in early 2016 to provide retail, commercial and industrial electricity and natural gas service in Alberta. INVESTOR PRESENTATION FEBRUARY 2019 6 ATCO#7ATCO FOCUS: GLOBAL ESSENTIAL SERVICES 4 Energy Real Estate ATCO Housing Water श्र Agriculture INVESTOR PRESENTATION FEBRUARY 2019 7 Logistics & Transportation ATCO#8ATCO 26 year track record of increasing common share dividends* CONTINUED DIVIDEND GROWTH $1.62 per share Canadian Utilities Longest track record of annual dividend increases of any Canadian publicly traded company* $1.69 per share 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 * On January 10, 2019, ATCO declared a first quarter dividend of $0.4048 per share, or $1.62 per share annualized. INVESTOR PRESENTATION FEBRUARY 2019 8 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 *On January 10, 2019, Canadian Utilities declared a first quarter dividend of $0.4227 per share, or $1.69 per share annualized. ATCO#9ATCO CREDIT RATINGS DBRS S&P INVESTOR PRESENTATION FEBRUARY 2019 9 A (low) CREDIT RATING (Stable) A- CREDIT RATING (Stable) ATCO#10Empty#11ATCO CANADIAN UTILITIES ENERGY INFRASTRUCTURE 11#12CU CANADIAN UTILITIES LIMITED An ATCO Company ORGANIZATIONAL STRUCTURE ATCO 52.3% CU CU ATCO any 100% CANADIAN UTILITIES LIMITED An ATCO Company 100% 100% ELECTRICITY GLOBAL BUSINESS UNIT PIPELINES & LIQUIDS GLOBAL BUSINESS UNIT Electricity Distribution 100% CORPORATE 貝醬 Natural Gas Distribution Retail Energy 이마 Electricity Transmission Natural Gas Transmission Alberta Powerline Electricity Generation International Electricity Generation Storage & Industrial Water Intemational Natural Gas Distribution 1. 2. 3. Regulated businesses include Natural Gas Distribution, Natural Gas Transmission, International Natural Gas Distribution, Electric Distribution, and Electric Transmission. CU Inc. includes Natural Gas Distribution, Natural Gas Transmission, Electric Distribution, and Electric Transmission. Alberta PowerLine General Partner Ltd. is the general partner of Alberta PowerLine Limited Partnership (Alberta PowerLine or APL), a partnership between Canadian Utilities Limited (80 per cent) and Quanta Services, Inc. (20 per cent). 4. Retail Energy, through ATCOenergy, was launched in early 2016 to provide retail, commercial and industrial electricity and natural gas service in Alberta. INVESTOR PRESENTATION FEBRUARY 2019 12 ATCO#13CANADIAN CU UTILITIES LIMITED An ATCO Company REGULATED UTILITIES ELECTRIC TRANSMISSION $5,227M Rate Base ELECTRIC DISTRIBUTION $2,476M Rate Base NATURAL GAS DISTRIBUTION $2,537M Rate Base NATURAL GAS TRANSMISSION $1,633M Rate Base INVESTOR PRESENTATION FEBRUARY 2019 13 INTERNATIONAL NATURAL GAS DISTRIBUTION $1,177M Rate Base ATCO#14CU CANADIAN UTILITIES LIMITED An ATCO Company REGULATED UTILITY GROWTH Regulated Adjusted Normalized Earnings $2.3B Regulated Capital Investment $1.2B $2.2B $1.1B $1.5B Mid-Year Rate Base $13.0B $12.5B $11.9B $10.3B $8.9B $318M $291M $252M $230M $190M 2013 2014 2013 2014 2015 2016 2017 2015 2016 2017 2013 2014 2015 2016 2017 INVESTOR PRESENTATION FEBRUARY 2019 14 ATCO#15CU CANADIAN UTILITIES LIMITED An ATCO Company UTILITIES ACHIEVE TOP TIER RETURNS ON EQUITY 14% 13% 12% 11% 10% 9% 8% 7% 6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Alberta Utility Average (excluding CU)* CU Inc. Average** INVESTOR PRESENTATION FEBRUARY 2019 15 2016 2017 AUC Approved CU Inc. ROE +2.33% on average above AUC approved ROE from 2007-2017 Alberta Utility average is a simple average and includes: AltaGas, AltaLink, Enmax Distribution, Enmax Transmission, EPCOR Distribution, EPCOR Transmission, and Fortis Alberta. **CU Inc. average is a simple average and includes: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Natural Gas Transmission. Further details on the individual ROEs can be found in this Appendix. ATCO#16CU CANADIAN UTILITIES LIMITED An ATCO Company AUSTRALIA UTILITY ATCO Gas Australia ROE +3.34% on average above ERA approved ROE from 2015-2017 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2015 2016 2017 Financial ROE Approved ROE INVESTOR PRESENTATION FEBRUARY 2019 16 Karratha WESTERN AUSTRALIA Geraldton Perth Albany NORTHERN TERRITORY SOUTH AUSTRALIA QUEENSLAND NEW SOUTH WALES Adelaide 2 Sydney VICTORIA Melbourne TASMANIA Kalgoorlie Brisbane ATCO Gas Australia Headquarters ATCO Gas Australia Service Area ATCO's Natural Gas Power Facilities Facility 1 Karratha 2 Osborne Generating Capacity Owned (MW) 980 86 90 ATCO#17CU CANADIAN UTILITIES LIMITED An ATCO Company GROWING A HIGH QUALITY EARNINGS BASE REGULATED ADJUSTED EARNINGS AS A PERCENTAGE OF TOTAL ADJUSTED EARNINGS Canadian Utilities INVESTOR PRESENTATION FEBRUARY 2019 65% 2013 17 99% 2017 ATCO#18CU CANADIAN UTILITIES LIMITED An ATCO Company REGULATED UTILITY EARNINGS IN 2018 Canadian Utilities Adjusted Earnings Electric Transmission earnings delayed due to Alberta regulatory backlog; _ on lower 2018 interim rates until rates decision which is expected in 2019 INVESTOR PRESENTATION FEBRUARY 2019 $195M $187M $230M $175M YTD 2017 YTD 2018 YTD 2017 YTD 2018 Transmission Utilities 18 Distribution Utilities Lower earnings mainly due to rate rebasing under Alberta's regulated model ATCO#19CU CANADIAN UTILITIES LIMITED An ATCO Company ALBERTA DISTRIBUTION UTILITIES PERFORMANCE BASED RATEMAKING Efficiency Carry-over Mechanism (ECM) Productivity Adjuster (X Factor) PBR (2013-2017) ECM up to 0.5% additional ROE for the years 2018 and 2019 based on certain criteria 1.16% PBR 2.0 (2018-2022) ECM up to 0.5% additional ROE for the years 2023 and 2024 based on certain criteria 0.30% Treatment of Capital Expenditures O&M Recovered through going-in rates inflated by I-X Significant capital expenditures not fully recovered by the I-X formula and meeting certain criteria recovered through a K Factor Based on approved 2012 forecast O&M levels; inflated by I-X thereafter over the PBR term Recovered through going-in rates inflated by I-X and a K Bar that is based on inflation adjusted average historical capital expenditures for the period 2013-2016. The K Bar is calculated annually and adjusted for the actual WACC Significant capital costs that are extraordinary, not previously incurred and required by a third party recovered through a "Type I" K Factor Based on the lowest annual actual O&M level during 2013- 2016, adjusted for inflation, growth and productivity to 2017 dollars; inflated by I-X thereafter over the PBR term INVESTOR PRESENTATION FEBRUARY 2019 19 ATCO#20CU CANADIAN UTILITIES LIMITED An ATCO Company OPERATING IMPROVEMENTS FROM PBR 1.0 FLOW INTO CUSTOMER RATES IN PBR 2.0 ELECTRIC DISTRIBUTION DEEMED REVENUE FOR OPERATING COSTS $200 $180 $160 (W$) $140 O&M cost improvements passed onto customers in 2018 $120 $100 $80 2012 2013 Revenue 2014 2015 2016 2017 2018 O&M Cost New Revenue -- New O&M INVESTOR PRESENTATION FEBRUARY 2019 20 20 ATCO#21CU CANADIAN UTILITIES LIMITED An ATCO Company Gas and Electric Distribution 2018 to 2022 Performance Based Regulation (PBR) 2.0 2017 2017 2018 to 2020 Generic Cost of Capital (GCOC) REGULATORY UPDATE Decision Received 2018 2019 2020 2018 2019 2020 Decision Received 2017 2018 Electric Transmission 2018 to 2019 General Tariff Application (GTA) 2017 Gas Transmission 2017 to 2018 General Rate Application (GRA) 2017 Decision Received Gas Distribution Australia 2020 to 2024 Access Arrangement (AA5) INVESTOR PRESENTATION FEBRUARY 2019 2018 2019 2020 Decision Expected 2019 to 2020 GRA filed 2019 to 2020 Decision Expected 2018 21 2019 2020 2019 Decision Expected 2020 ATCO#22CU CANADIAN UTILITIES LIMITED An ATCO Company RATE BASE GROWTH Regulated Capital Investment $2.3B $1.1B $1.2B $1.2B $1.2B $1.1B $1.5B $2.2B 2013 2014 2015 2016 2017 2018 2019 2020 INVESTOR PRESENTATION FEBRUARY 2019 22 22 Mid-Year Rate Base Expected to Grow ~4% per year $13.0B $12.5B $11.9B $10.3B $8.9B 2013 2014 2015 2016 2017 2018 2019 2020 ATCO#23CU CANADIAN UTILITIES LIMITED An ATCO Company ATCO Power NON-REGULATED BUSINESSES ELECTRICITY GENERATION ELECTRICITY GENERATION ELECTRICITY GENERATION CANADA 2,300 MW AUSTRALIA 176 MW INDUSTRIAL WATER SERVICES CANADA HYDROCARBON STORAGE CANADA 400,000 m³ 85,200 m³/day INVESTOR PRESENTATION FEBRUARY 2019 23 23 MEXICO 46 MW NATURAL GAS STORAGE CANADA 52 PJ ATCO#24CU CANADIAN UTILITIES LIMITED An ATCO Company LONG-TERM CONTRACTED CAPITAL INVESTMENT HYDROCARBON STORAGE NATURAL GAS COGENERATION HYDROELECTRIC GENERATION FORT MCMURRAY WEST 500 KV TRANSMISSION INVESTOR PRESENTATION FEBRUARY 2019 $1.0 BILLION (2018-2020) 24 ATCO#25CU CANADIAN UTILITIES LIMITED An ATCO Company ALBERTA POWERLINE Fort McMurray West 500 kV Transmission Project The design and planning phases were completed and construction commenced in August 2017. Tower assembly is proceeding ahead of schedule and line stringing is proceeding on schedule. The target energization date of June 2019 remains on track. INVESTOR PRESENTATION FEBRUARY 2019 25 25 FORT MCMURRAY EXISTING 939S LIVOCK SUBSTATION APPROVED MUSKWAA OPTICAL REPEATER SITE APPROVED FLORIDA. OPTICAL REPEATER SITE APPROVED BLOOMSBURY. OPTICAL REPEATER SITE APPROVED 951S THICKWOOD HILLS SUBSTATION A Fort McMurray West 500-KV Transmission Project Approved Route 510S SUNNYBROOK CONVERTER STATION EDMONTON * More information is available at www.albertapowerline.com. ATCO#26CU CANADIAN UTILITIES LIMITED An ATCO Company • MEXICO EXPANSION Mexico Attractiveness Energy Reform offers opportunities for energy infrastructure investment Attractive GDP growth forecast Acquired and built a total of 46 MW of electricity generation, including hydroelectric generation; contracted to build 26 MW of natural gas cogeneration INVESTOR PRESENTATION FEBRUARY 2019 Facility Type Distributed Generating Gomez Palacio Capacity Owned (MW) 11 MW Generation Hydroelectric Generation 35 MW Cogeneration 26 26 26 MW San Luis Potosi Mexico City Veracruzo ATCO#27CU CANADIAN UTILITIES LIMITED An ATCO Company STORAGE & INDUSTRIAL WATER GROWTH We build, own and operate non-regulated industrial water, natural gas storage, hydrocarbon storage, and NGL related infrastructure 85,200 m³/day water infrastructure capacity 400,000 m³ hydrocarbon storage capacity 52 PJ natural gas storage capacity 2 116 km pipelines Industrial Water Long-term commercial agreement to provide water services commencing in 2020 to Inter Pipeline's PDH plant Natural Gas & Hydrocarbon Storage Potential to develop up to 40 additional salt caverns for NGL and hydrocarbon storage Heartland Industrial Water System INVESTOR PRESENTATION FEBRUARY 2019 27 Heartland Salt Caverns ATCO#28CU CANADIAN UTILITIES LIMITED An ATCO Company Battle River COAL TO GAS CONVERSION STRATEGY Partial conversion (50%) completed on BR4 Mar 2018 ● • Proceeding with "Dual Fuel" conversion of BR5 with commercial operation date (COD) of Dec 2019 Proceeding with increasing natural gas interconnection to the site to support the conversion work with COD Nov 2019 with firm gas transport commitment for Nov 2021 Pursuing further conversion opportunity on BR3 & BR4 Battle River Generating Station Sheerness Proceeding with increasing natural gas interconnection to the site with COD Nov 2019 and firm natural gas transport commitment for Apr 2022 Pursuing the opportunity of "Dual Fuel" conversion of both units to align with natural gas transport commitment or earlier. Sheerness Generating Station INVESTOR PRESENTATION FEBRUARY 2019 28 ATCO#29OTHER ATCO INVESTMENTS ATCO 29 29#30ATCO MODULAR STRUCTURES STRUCTURES & LOGISTICS ATCO STRUCTURES & LOGISTICS Modular Structures - Permanent modular camps - Relocatable modular buildings Workforce Housing & Space Rentals Mobile office trailers 2 ATCO ATCO FRONTEC INVESTOR PRESENTATION FEBRUARY 2019 Logistics and Facility O&M Services - Facility operations - Maintenance services - Supply chain management 30 Lodging & Support Services - Lodging, catering - Maintenance - Waste management ATCO#31STRUCTURES & LOGISTICS W Cda. Utilization rate: 54% E Cda. Utilization rate: 77% Chile Utilization rate: 77% INVESTOR PRESENTATION FEBRUARY 2019 31 Global Rental Utilization 2016 YE 57% Current 68% Total Increase 11% W Australia Utilization rate: 47% E Australia Utilization rate: 75% ATCO#32STRUCTURES & LOGISTICS Diversifying the global customer base into non-traditional modular markets such as public education facilities, high density urban residential housing and correctional facilities $16M YTD Q1 2018 $44M YTD Q2 2018 $65M YTD Q3 2018 Revenue from Permanent Modular Construction ($Millions) INVESTOR PRESENTATION FEBRUARY 2019 32 Melbourne Girls Grammar Melbourne, Australia SKIDWORE ALL 130-student dormitory Langley, Canada ATCO#33ATCO SABINCO (ULTRAMAR PARTNERSHIP) New 100,000 sq. ft. Chilean Manufacturing Facility further cements the business foundation we are re-establishing in South America. Ranked #3 in Overall Modular Construction vs Main Competitors Ranked #2 in Space Rental Market Share vs Main Competitors INVESTOR PRESENTATION FEBRUARY 2019 ■Mining 2% 7% Arica Iquique Antofagasta Copiapó 12% ■Energy ■Infrastructure Curauma Santiago ■Construction Industrial ■Others 47% 15% Talcahuano 8 Sales Offices 17% Puerto Montt Diversified customer base led by copper mining 33 ATCO#34STRUCTURES & LOGISTICS KEY HIGHLIGHTS Diversifying our customer base into new market segments and rebuilding our customer lead list Lowering operating costs and increasing rental utilization Expanding geographically in new global markets with long-term growth potential INVESTOR PRESENTATION FEBRUARY 2019 11,613 10,613 2016 Q3 2018 Total Rental Fleet Utilized 34 ATCO#35NELTUME PORTS OVERVIEW Neltume Ports is a leading port operator and developer with a diversified range of terminals across South America and is headquartered in Santiago, Chile 16 port terminals in 4 countries: Chile, Uruguay, Argentina and Brazil 2 stevedoring companies in Chile, 1 in Uruguay Approximately 3,900 employees Approximately 51 M of tonnes transported annually. Diversified volumes - minerals, consumer goods, pulps, agriculture, etc. Diversified cargo types - containers, bulk, break-bulk Mineral Focused Ports A Puerto Angamos Terminal Graneles del Norte Puerto Mejillones Terminal Mejillones Key Container Ports (Chile) B Terminal Pacifico Sur C Terminal Puerto Coquimbo D Terminal Puerto Arica E Puerto Coronel Container & Agri Bulk (Uruguay) F Montecon Terminales Graneleras Uruguayas Ontur Other/Multipurpose G Terminal Puerto Rosario- Argentina H Sagres-Four Ports (TLRG, TLP, TPP, TLG)- Brazil A C H G B F E Current Operations Stevedoring Ultraport & Tunquen (Chile) Rio Estiba (Uruguay) INVESTOR PRESENTATION FEBRUARY 2019 35 55 ATCO#36■Container Break Bulk Bulk NELTUME PORTS OPERATIONS BY CARGO TYPE 33% Approx. 19% 48% 51 M Tonnes *Based on 100% of volumes of ports where Neltume Ports has an ownership stake INVESTOR PRESENTATION FEBRUARY 2019 64% BY GEOGRAPHY 5% Approx. 51 M Tonnes 11% Brazil 20% Uruguay ■Chile ■ Argentina 36 ATCO#37PORT OVERVIEW PORT PERCENT OWNERSHIP COUNTRY TERMINAL TYPE Puerto Angamos (PANG) KEY CARGO Montecon (MON) Terminal Puerto Arica 35% CHL Container Mixed Terminal Puerto Angamos 40% CHL Multi Copper Terminal Graneles del Norte 40% CHL Dry Bulk Coal Puerto Mejillones 50% CHL Dry Bulk Coal/Copper Terminal Mejillones 50% CHL Liquid Bulk Sulfuric Acid Terminal Puerto Coquimbo 70% CHL Multi Copper Terminal Pacifico Sur 60% CHL Container Fruit/Wine Terminal Pacifico Sur (TPS) Puerto Coronel 17% CHL Multi Pulp/Wood Terminal Puerto Rosario 50% ARG Multi Roll-on Roll-off Montecon 100% URY Container Terminales Graneleras 33% URY Dry Bulk Mixed Soy Beans Uruguayas NYKC Terminal Ontur 20% URY Multi Agri./Pulp Sagres - Four Ports (TLRG, TLP, 86% BRA Multi Pulp/Wood KLINE TPP, TLG) INVESTOR PRESENTATION FEBRUARY 2019 37 ATCO#38STRONG VOLUME GROWTH Consistent and growing volumes support stability of cash flows 2010 - 2017 12% Cargo CAGR 7% Container CAGR 50.8 33.8 35.7 35.8 35.5 29 29 2476 26.7 2320 2228 2147 22.5 2047 1767 1814 1546 2010 2011 2012 2013 2014 2015 2016 2017 ICargo (M tonnes) Containers (k TEUs) *Based on 100% of volumes of ports where Neltume Ports has an ownership stake INVESTOR PRESENTATION FEBRUARY 2019 38 ATCO#39GROWTH DRIVEN BY MACROECONOMIC TAILWINDS Strong macro economic growth indicators: Latin American GDP to outpace Canadian GDP growth FORECASTED AGGREGATE GROWTH 16% • Chile has been one of Latin America's fastest-growing economies averaging 3.5% GDP growth over the last 8 years. 14% 12% • Global trends in electrification and energy will drive continued demand to copper and other energy products. 10% 8% 6% Correlation between GDP and cargo throughput growth: • • In South America, independent studies have shown that container port throughput grows by a multiple of 1.6x-3x GDP growth. Neltume Ports has several container ports whose level of activity is highly correlated with GDP and well positioned to capture the continued growth in the region. 4% 2% 0% INVESTOR PRESENTATION FEBRUARY 2019 39 2018F 2019F 2020F 2021F South & Central America Canada Cargo Throughput Source: IMF World Economic Outlook, April 2018 Cargo Throughout Forecast: Drewry Economic Intelligence Research; Independent third party studies ATCO#40GROWTH DUE TO RISING COPPER GLOBAL DEMAND 26 GLOBAL FORECASTED COPPER CONSUMPTION Exposure to Growing Copper Global Demand: • • Chile represents approximately 28% of global copper production and owns the largest copper reserves in the world. Copper supply deficit starting in 2020 is expected to spur new copper mine investment. The Wood Mckenzie Group Estimates that global copper demand will grow by nearly 2% annually. Several of Neltume's ports (Angamos, Mejillones and Coquimbo) are focused on the Chilean copper industry and well positioned to capture this future export activity as they have some of the lowest average cash costs in the world. M TONNES 25 24 23 INVESTOR PRESENTATION FEBRUARY 2019 22 2017 2018F 2019F 2020F 2021F 2022F 2023F 40 40 ATCO#41BROWNFIELD GROWTH POTENTIAL A portion of ATCO's investment may be used for berth expansions or additions of multi- purpose berths. Berth expansions create increased draft that allows terminals to receive bigger ships & larger volumes. Berth extensions or adding berths create additional growth potential. INVESTOR PRESENTATION FEBRUARY 2019 41 9.4m .4m] I 14m ATCO#42GROWTH BY ACQUISITION AND CONSTRUCTION Construction of Puerto Mejillones Awarded port Tender of TPS Construction of TGN Awarded port tender of TPA Acquisition of Rio Estiba and Increased participation in Montecon, Sagres and Ontur via the takeover of Schandy Partnership TPS/MSC 2017 2018 2006 2010 2012 2016 Construction of TPR and Awarded Port Tender of TPC Increased participation in TGU 1995 1996 2000 2003 2004 Acquisition of Acquisition Puerto Coronel of Montecon Construction of Puerto Angamos INVESTOR PRESENTATION FEBRUARY 2019 22 42 ROLLDOCK ATCO#43NELTUME PORTS INVESTMENT STRATEGIC RATIONALE Investment with a trusted long-term partner with shared values Portfolio, industry, and geographic diversification INVESTOR PRESENTATION FEBRUARY 2019 43 میرا Exposure to growing global Strong macro trade and transportation factors and economic tailwinds ATCO#44NELTUME PORTS INVESTMENT FINANCIAL HIGHLIGHTS • The Neltume Ports investment is expected to be accretive to earnings per share in the first full year of ownership and thereafter. Neltume Ports generated approximately $120M CAD of EBITDA in 2017. ATCO funded its investment in Neltume Ports with a combination of cash on-hand (approx. $110M) and funds from committed credit facilities. ATCO refinanced a portion of this initial financing through a $200M hybrid instrument capital markets transaction. Funds from ATCO's investment in Neltume Ports will be used by the partnership to finance opportunities for growth. ECON 15 KALMAR INVESTOR PRESENTATION FEBRUARY 2019 44 ATCO#45ATCO CORPORATE: COMMERCIAL REAL ESTATE ATCO Investments Ltd. (AIL), a subsidiary of ATCO Ltd., currently owns 15 commercial real estate properties throughout Alberta • 417,000 Square footage of saleable or leasable office space 90,000 square footage of saleable or leasable industrial space 431 acres of land In Q3 2018, ATCO Investments concluded two commercial real estate sale transactions for a net gain of approximately $13M. INVESTOR PRESENTATION FEBRUARY 2019 45 Calgary office space ATCO Edmonton industrial space Ft. McMurray office space Heartland industrial land CLS 63 NORTH F ATCO#46Geographic Diversification KEY HIGHLIGHTS EPS Accretion Global Essential Services INVESTOR PRESENTATION FEBRUARY 2019 46 Real Estate Water 4 Energy ATCO Housing Agriculture Logistics & Transportation ATCO#47ATCO APPENDIX 47#48ELECTRICITY DISTRIBUTION & TRANSMISSION We build, own and operate electrical distribution and transmission facilities 256,000 farm, business and residential customers in 241 Alberta communities Approximately 11,000 km of transmission lines, and delivers power to and operates 4,000 km of lines owned by Rural Electrification Associations, and 72,000 km of distribution lines Subsidiaries: ATCO Electric Yukon Northland Utilities 1 Old Crow 1. Inuvik YUKON 20 20 3. 5 6 7° NORTHWEST TERRITORIES 8 10 19 Whitehorse •11 12 13 Yellowknife 18 14- 17 23 16 Area served by ATCO Electric 15 2122 BRITISH COLUMBIA 2 Beaver Creek 14 Watson Lake/Upper Liard 13 Swift River 3 Stewart Crossing 4 Keno 15 Lower Post, BC 16 Sambaa K'e ALBERTA Fort McMurray Grande Prairie Edmonton Lloydminster 18 Fort Providence Jasper 19 Yellowknife/N'dilo 20 Wekweèti 21 Kakisa 5 Pelly Crossing 6 Destruction Bay/Burwash Landing 7 Carmacks 8 Ross River 17 Dory Point 9 Haines Junction 10 Whitehorse/Marsh Lake 11 Carcross/Tagish 12 Teslin 22 Enterprise 23 Hay River/K'atl'odeeche First Nation Calgary Lethbridge INVESTOR PRESENTATION FEBRUARY 2019 48 ATCO#49FINANCIAL STRENGTH: ELECTRIC DISTRIBUTION RETURN ON EQUITY 14% ROE +2.88% on average above AUC approved ROE from 2007-2017 and +3.03% on average in the last 5 years 13% 12% 11% 10% 9% 8% 7% 6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -Electric Distribution AUC Approved INVESTOR PRESENTATION FEBRUARY 2019 49 ATCO#50FINANCIAL STRENGTH: ELECTRIC TRANSMISSION RETURN ON EQUITY 14% 13% 12% 11% 10% 9% 8% 7% 6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 AUC Approved INVESTOR PRESENTATION FEBRUARY 2019 Electric Transmission 50 ROE +0.83% on average above AUC approved ROE from 2007-2017 ATCO#51NATURAL GAS DISTRIBUTION We build, own and operate natural gas distribution facilities in Alberta Alberta's largest natural gas distribution company Serves approximately 1.2M customers in nearly 300 Alberta communities We build, maintain, and operate 41,000 km of natural gas distribution pipelines Grande Prairie INVESTOR PRESENTATION FEBRUARY 2019 51 ALBERTA Fort McMurray Edmonton Lloydminster ATCO Gas service area (broadly Calgary Lethbridge identified) ** ATCO#52FINANCIAL STRENGTH: NATURAL GAS DISTRIBUTION RETURN ON EQUITY 17% ROE +3.11% on average above AUC approved ROE from 2007-2017 and +4.23% on average in the last 5 years 16% 15% 14% 13% 12% 11% 10% 9% 8% 7% 6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -Natural Gas Distribution -AUC Approved INVESTOR PRESENTATION FEBRUARY 2019 62 52 ATCO#53NATURAL GAS TRANSMISSION We build, own and operate key high-pressure natural gas transmission facilities in Alberta Transports clean, efficient energy from producers and other pipelines to utilities, power generators and major industries Owns and operates 9,400 km of pipeline Delivers a peak of 3.7B cubic ft/day of natural gas to customers ~ 3,500 receipt and delivery points Interconnections facilitate access to multiple intra-Alberta and export markets 24/7 monitoring of pipelines and facilities via a specialized control centre INVESTOR PRESENTATION FEBRUARY 2019 53 ALBERTA Fort McMurray Grande Prairie Edmonton Lloydminster ATCO Pipelines Calgary Lethbridge Central Area ATCO Footprint ATCO#54FINANCIAL STRENGTH: NATURAL GAS TRANSMISSION RETURN ON EQUITY 14% ROE +2.11% on average above AUC approved ROE from 2007-2017 13% 12% 11% 10% 9% 8% 7% 6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -Natural Gas Transmission -AUC Approved INVESTOR PRESENTATION FEBRUARY 2019 54 ATCO#55FINANCIAL STRENGTH: BALANCE SHEET AS AT Q3 2018 ATCO Canadian Utilities 59% 9% 32% 62% 10% 28% Debt (net of cash) Preferred Shares Equity Debt (net of cash) Preferred Shares Equity INVESTOR PRESENTATION FEBRUARY 2019 55 55 ATCO#56ATCO www.ATCO.com www.canadianutilities.com Tel: 403.292.7500 Investor Relations 5302 Forand Street SW Calgary, Alberta T3E 8B4 Canada 56