#1ATCO TM Investor Presentation ATCO Ltd. A ATCO ATCO TARE 5200 SW 84#2INVESTOR PRESENTATION Agenda Executive Leadership Introduction Financial Overview 3 4 ATCO Group Overview Environment, Sustainability and Governance Structures & Logistics Neltume Ports Aschor ATCO Land and Development Canadian Utilities Overview Utilities Energy Infrastructure Retail Energy Appendix 8 12 14 21 22 23 24 27 29 31 33 Legal Notice 35 ATCO Ltd. Investor Presentation 2#3EXECUTIVE COMMITTEE Nancy C. Southern Chair & Chief Executive Officer, ATCO Ltd. Dale Friesen Senior Vice President, Corporate Affairs & Chief Government Affairs Officer Katie J. Patrick Executive Vice President, Chief Financial & Investment Officer Adam M. Beattie President, Structures M. George Constantinescu Senior Vice President & Chief Transformation Officer Jim Landon President, Frontec Bob J. Myles Executive Vice President, Corporate Development Becky A. Penrice Executive Vice President, Corporate Services Sarah J. Shortreed Executive Vice President & Chief Technology Officer Wayne K. Stensby Executive Vice President, Puerto Rico Marshall F. Wilmot President, Retail & Chief Digital Officer ATCO Ltd. Investor Presentation 3#42015 CGOC² decision and global commodity price 2013 declines 2020 Calgary 2016 COVID-19 Pandemic Alberta wildfires FINANCIAL STRENGTH Continued Growth LONG-TERM TRACK RECORD OF ADJUSTED EARNINGS GROWTH THROUGH VARIOUS GLOBAL MACRO-ECONOMIC CYCLES $423 MILLION IN ADJUSTED EARNINGS IN 20221 2008- 2009 Financial Crisis Floods 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 YEAR 1. For additional information about adjusted earnings, please see the "Legal Notice" slide. 2. Generic Cost of Capital. 14 14 15 16 17 18 19 20 20 21 22 22 ATCO Ltd. Investor Presentation 4#5FINANCIAL STRENGTH Market Leading Dividend Growth 30 YEARS OF ANNUAL DIVIDEND INCREASES* DIVIDENDS DECLARED OF $1.85 PER SHARE IN 2022 22 22 ATCO Ltd. Investor Presentation 5 93 94 95 96 97 98 99 00 01 02 22 03 00 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 YEAR *ATCO has declared first quarter 2023 dividends of $0.4756 per share, or $1.90 per share annualized.#6STABLE, DIVERSIFIED EARNINGS Total 2022 Adjusted Earnings¹ Global portfolio of assets across energy, utilities, shelter, logistics, transportation, real estate and water creates a diversified stream of earnings. $14M Neltume Ports $423M $61M Structures & Logistics 1. For additional information about adjusted earnings, please see the "Legal Notice" slide. $348M Canadian Utilities ATCO Ltd. Investor Presentation 6#7STRONG CREDIT RATINGS DBRS S&P Global Ratings Fitch Ratings ATCO™ A (low) BBB+ BBB+ CU INC. An ATCO Company CU CANADIAN UTILITIES LIMITED An ATCO Company A (high) A- A- A BBB+ A- ATCO Ltd. Investor Presentation 7#8ATCO Group Overview For recent filings and further details please visit: atco.com KTO Blue Flame KITCHEN 8#9ATCO GROUP OVERVIEW Overview Based in Alberta, ATCO is one of Canada's premier corporations. With approximately 7,600 employees and assets of $24 billion, ATCO is a proven, diversified, and global corporation.1 We are publicly traded on the Toronto Stock Exchange under the tickers ACO.X (non-voting) and ACO.Y (voting). ATCO HAS FOUR MAIN INVESTMENTS: Structures & Logistics ATCO 1. Figures provided as at December 31, 2022. 2. Including Corporate Real Estate and ASHCOR. Neltume Ports Corporate² Canadian Utilities ATCO Ltd. Investor Presentation 9#10ATCO GROUP OVERVIEW Organizational Structure 100% STRUCTURES & LOGISTICS Business Unit ATCO STRUCTURES ATCO FRONTEC ATCO™ 40% 100% 52.9% NELTUME PORTS ATCO CORPORATE CU CANADIAN UTILITIES LIMITED An ATCO Company ATCO LAND & 1 (TSX: CU/CU.X) DEVELOPMENT ~$10 billion common equity capitalization as of Dec 31, 2022. 1. ATCO Land and Development Ltd. includes commercial real estate investments held for sale, lease or development. ASHCOR 2 2. Ashcor Technologies Ltd. (ASHCOR) is an Alberta-based company engaged in the processing and marketing of live ash and ash reclaimed from landfills. ATCO Ltd. Investor Presentation 10#11ATCO GROUP OVERVIEW Strategy Our essential services investments offer customers around the world tailored solutions to meet their individual needs and offer investors a stable and growing earnings profile, with exposure to favourable macroeconomic trends and a long-term investment horizon. SHELTER ENERGY MMUNIT INNOVATION ATCO™ OPERATIONAL EXCELLENCE A REAL ESTATE LOGISTICS & TRANSPORTATION GROWTH FINANCIAL STRENGTH AGRICULTURE WATER ATCO Ltd. Investor Presentation 11 111#12OUR COMMITMENT TO ESG ATCO's Commitment to Sustainability For ATCO, sustainability is more than an aspiration; it is interwoven into our strategy, our day-to-day operations, the products and services we provide, and the fabric of our people. It manifests across our family of companies in both how we conduct our day-to-day activities and in the contributions we make to society through both our operations and the community spirit of our people. Our enduring and holistic commitment is clearly reflected in our efforts to cost-effectively and reliably accelerate the energy transition; enhance our environmental performance and reduce our greenhouse gas emissions; champion the safety, inclusivity, and equity of our people, communities, and customers; foster Indigenous and community partnerships based on trust, equity and mutual respect; and ensure uninterrupted, resilient, and reliable access to essential products and services. Always there. Anywhere. OUR STRATEGIC FOCUS ESSENTIAL SERVICES FOR LIFE AND PROSPERITY 4 ENERGY TRANSITION CLIMATE CHANGE & ENVIRONMENT STEWARDSHIP INDIGENOUS & COMMUNITY PARTNERHIPS ဂိ PEOPLE ATCO Ltd. Investor Presentation 12#13OUR COMMITMENT TO ESG Strategic 2030 ESG Targets Supporting the energy transition and reducing GHG emissions Reducing net operational GHG emissions to earnings intensity by 30 per cent (Scope 1 and 2). CO2 Reducing our customers' GHG emissions by 2 million tonnes through continued participation in renewable energy, cleaner fuels, energy efficiency and energy infrastructure and storage projects. H2 Owning, developing or managing over 1,000-megawatts (MW) of renewable energy. Deriving 20 per cent of revenues from transitional product categories (e.g., renewable natural gas and hydrogen). Promoting inclusive growth in our workforce and communities 8 oto Increasing net economic benefits to our Indigenous partners by 40 per cent. Achieving and maintaining a minimum of 30 per cent female representation at the Board of Directors and senior leadership levels. Achieving and maintaining a minimum of 25 per cent minority representation within the ATCO Group workforce. Maintaining leading health and safety practices and performance. ATCO Ltd. Investor Presentation 13#14ATCO GROUP OVERVIEW Structures & Logistics Overview Structures and Logistics is comprised of two business units: NORTH AMERICA 1 2 STRUCTURES Workforce Housing Space Rentals Permanent Modular Construction Manufacturing Solutions FRONTEC Operational Support Services Disaster & Emergency Management Remote Accommodations / Camps GLOBAL HEAD OFFICE MANUFACTURING FACILITIES STRUCTURES OFFICE/OPERATIONS FRONTEC OFFICE/OPERATIONS WITH SALES OFFICES AROUND THE WORLD AND OPERATIONS ON FOUR CONTINENTS, ATCO STRUCTURES & LOGISTICS HAS THE EXPERTISE TO RAPIDLY DELIVER TURNKEY SOLUTIONS ANYWHERE THEY ARE NEEDED. HUNGARY BOSNIA AND KOSOVO HERZEGOVINA AUSTRALIA ATCO Ltd. Investor Presentation 14#15ATCO GROUP OVERVIEW ATCO Structures & Logistics Adjusted Earnings¹ 15% YOY Growth એમ. પ $53M $61M ATCO 2021 2022 1. For additional information about adjusted earnings, please see the "Legal Notice" slide. ATCO Ltd. Investor Presentation 15#16ATCO GROUP OVERVIEW ATCO Structures: Workforce Housing Streamlining our manufacturing platform to scale quickly and profitably when needed to capture workforce housing contracts. . FLORIDA STATE GOVERNMENT SUPPORT ACCOMMODATIONS Executed a $12 million rental contract with 63 units of accommodations for the National Guard. • The contract commenced in November 2022 for an initial term of 9 months with options for extension in 2023. Trans Mountain Expansion Project Camp, Valemount, BC Global Workforce Housing TRANS MOUNTAIN EXPANSION PROJECT Metrics 2022 2021 . Completed handover of three workforce housing rental contracts since 2020 to accommodate 1,700 persons in total. Number of units 2,652 2,879 Rental contracts for the camps will continue through 2023. CHINA LAKE MILITARY REBUILD PROJECT • In the third quarter of 2021, completed installation of an initial $19 million contract to support the rebuild and expansion of the China Lake Military Base in southern California. Average Utilization 75% 71% The workforce housing rental contract for the initial installation is expected to be complete in the third quarter of 2023. Average rental $1,908 $1,801 rate (monthly) ATCO Ltd. Investor Presentation 16#17ATCO GROUP OVERVIEW ATCO Structures: Space Rentals We continue to expand our space rental fleet in existing space rental geographies and through continued strategic expansion in targeted regions of Canada and the US. • • BECHTEL PLUTO TRAIN II Awarded a $37 million space rentals contract to manufacture and install a parallel modular facility to the 2,500-person camp previously awarded. Delivery and handover began in the fourth quarter of 2022 and is expected to continue through the second quarter of 2023. HENSEL PHELPS Bechtel Pluto Train II, Australia Global Space Rentals Metrics 2022 2021 • Awarded a 40-unit space rentals contract for a data center in the Northwestern United States. Number of units 22,433 19,684 • The contract commenced in August 2022 for an initial term of 14 months. Average Utilization 79% 82% PLAQUEMINES LNG EXPORT FACILITY • Awarded a 50-unit space rentals contract to support the LNG export facility project in Plaquemines Parish, Louisiana. The 36-month contract term commenced in September 2022. Average rental rate (monthly) $627 $571 ATCO Ltd. Investor Presentation 17#18Triple M manufacturing facility, Lethbridge, Alberta ATCO GROUP OVERVIEW ATCO Structures: Permanent Modular Construction Diversifying our global customer base into non-traditional modular markets such as public education facilities, high density urban residential housing, hotels, and hospitals. TRIPLE M HOUSING ACQUISITION . • . • On December 7, 2022, acquired Triple M Housing, a leading North American manufacturer of factory-built, modular housing based in Lethbridge, AB. With the acquisition comes more than 300 highly trained production employees, an experienced management team, a 230,000 square foot climate-controlled manufacturing facility, and the extensive dealer network across Canada that retails Triple M products to the residential housing market. Triple M will operate as a specialized housing division for ATCO Structures within Canada. This acquisition establishes Structures' presence in the North American residential housing market and provides new capabilities in the construction and sale of single-family modular homes. Purchase Price $44M Transaction Close December 7, 2022 Immediately Accretive Triple M contributed immediate earnings to ATCO Structures following close in 2022 ATCO Ltd. Investor Presentation 18#19ATCO GROUP OVERVIEW ATCO Frontec Taking care of the details so our customers can focus on their core business. LODGING & SUPPORT SERVICES Safely operating accommodation facilities during even the most challenging times (COVID-19, etc.), increasing client confidence and camp occupancies. SPECIALIZED SITE SERVICES FOR MILITARY OPERATIONS Facility management and support services contracts for Government, Department of National Defence and NATO in both Canada and through our international operations in Europe. OPERATIONAL SUPPORT FOR ORGANIZATIONS IN CANADA'S NORTH Operating and maintaining facilities, bulk fuel and pipeline systems, water treatment, and construction services across the Arctic. • DISASTER & EMERGENCY MANAGEMENT Working directly with communities and organizations to build resiliency, and provide critical infrastructure, logistics and support services in response to catastrophic events. ATCO TURBO F-M 64 Canada ATCO Ltd. Investor Presentation PUSH 19 SESCUE#20ATCO GROUP OVERVIEW ATCO Frontec Leveraging our experience in remote locations and successfully building mutually beneficial partnerships. DEFENCE CONSTRUCTION CANADA (DCC) • . Secured two Facility Maintenance and Site Services contracts with DCC to maintain 15 Department of National Defence sites and associated infrastructure. Together, the two contracts have a combined revenue of $25 million and a 5-year base period. NORTH WARNING SYSTEM (NWS) - NASITTUQ CONTRACT • Awarded by the Government of Canada, a seven-year contract to operate and maintain the North Warning System (NWS) in the Canadian Arctic, along with three facilities in Ontario. Nasittuq Corporation (Nasittuq), a partnership between ATCO Frontec and the Pan Arctic Inuit Logistics Corporation (PAIL), will operate and maintain the 47 remote NWS sites. CANADIAN FORCES STATION (CFS) ALERT CONTRACT RENEWAL • • Awarded $122 million contract to continue providing support services at the Canadian Forces Station (CFS) Alert by Public Services and Procurement Canada, on behalf of the Department of National Defence. Nasittuq has been the incumbent provider since 2012 for this contract, and the new contract is set to commence in June 2023. Mewata Armoury, Department of National Defence North Warning System, Canadian Arctic ATCO Ltd. Investor Presentation 20 20#21ATCO GROUP OVERVIEW Neltume Ports • ATCO acquired a 40% ownership interest in Neltume Ports in 2018. • Neltume Ports is a port operator and developer with a diversified portfolio of 17 multi-purpose, bulk cargo and container port facilities and six port operations services businesses, located primarily in Chile with additional operations in Uruguay, Argentina, Brazil and the US. *Based on 100% of volumes of ports where Neltume Ports has an ownership stake. DIVERSIFIED BY CARGO TYPE AND GEOGRAPHY BY CARGO TYPE IN 2022 BY GEOGRAPHY IN 2022 25% 26% APPROX 46M TONNES 49% 65% 3% 17% APPROX 46M TONNES 15% Container Break Bulk ■Bulk ■Brazil Uruguay Chile Argentina ATCO Ltd. Investor Presentation 21 2#22ATCO GROUP OVERVIEW Ashcor We develop innovative means to repurpose ash, both "live" ash and reclaimed ash, enabling it to play a vital role in solving infrastructure and environmental challenges. We are a trusted ash expert and a pioneer in our industry. COMMON USES FOR OUR ASH: Ready Mixed Concrete Oil Well Servicing Soil Stabilization Roller Compacted Concrete LEED, CSA & ASTM CERTIFIED GREENER SOLUTIONS BENEFICIATION ATCO Ltd. Investor Presentation 222#23ATCO GROUP OVERVIEW ATCO Land and Development • Invests in, and holds, high-value land in areas where ATCO's global expertise, vision, and brand can be leveraged for use by ATCO's own companies and in conjunction with partners. • The current portfolio for ATCO Land and Development includes: • • 11 commercial real estate properties, including 380,000 square feet of office property. 20,000 square feet of industrial property. • 315 acres of land. ATCO Ltd. Investor Presentation 23#24ATCO Canadian Utilities Overview For the standalone Canadian Utilities Limited Investor Presentation and further details please visit: canadianutilities.com +4 24#25CANADIAN UTILITIES OVERVIEW Canadian Utilities Limited Canadian Utilities is an ATCO company with approximately 5,000 employees and assets of $22 billion.1 We are publicly traded on the Toronto Stock Exchange under the tickers CU (non-voting) and CU.X (voting). As a diversified global energy infrastructure corporation, Canadian Utilities offers comprehensive solutions and operational excellence in Utilities, Energy Infrastructure, and Retail Energy. Utilities 1. Figures as at December 31, 2022. Energy Infrastructure Retail Energy ATCO Ltd. Investor Presentation 25#26CANADIAN UTILITIES OVERVIEW Strategy • • • • Build on our core utility business and invest in activities aimed at advancing the energy transition and ensuring long-term resiliency. Optimize our energy infrastructure assets and add new growth platforms. Leverage our expertise in key markets, including Alberta, North America, Latin America, & Australia to drive growth across geographies. Drive cash flow and earnings to improve financial strength and growth capacity. DRIVE CASH FLOW AND EARNINGS OPTIMIZE NON-REG ASSETS AND GROW CANADIAN CU UTILITIES LIMITED An ATCO Company LEVERAGE EXPERTISE ACROSS GEOGRAPHIES INVEST IN THE CORE ATCO Ltd. Investor Presentation 26 26#27CANADIAN UTILITIES OVERVIEW Regulated Utilities Electricity Transmission | $5.1B Rate Base Electricity Distribution | $3.0B Rate Base Natural Gas Transmission | $2.5B Rate Base tec Natural Gas Distribution | $3.0B Rate Base LUMA Int'l Natural Gas Distribution | $1.3B Rate Base Int'l Electricity Operations | LUMA Energy *2022 Mid-Year Rate Base is described in Canadian Utilities Limited's Management's Discussion and Analysis for the year-ended December 31, 2022. ATCO Ltd. Investor Presentation 27#28CANADIAN UTILITIES OVERVIEW Regulated Utilities: Returns On Equity CU INC. IS COMPRISED OF OUR ALBERTA UTILITY COMPANIES AND ACHIEVES TOP-TIER RETURNS ON EQUITY CU Inc.'s average ROE is 2.1% above average AUC approved over last 10 years. 1. Alberta Utility Peer Average (excluding CU Inc.) is a simple average and includes AltaGas, Alta Link, Enmax Distribution, Enmax Transmission, EPCOR Distribution, EPCOR Transmission, and Fortis Alberta. 2. CU Inc. Average is a simple average and includes Electric Distribution, Electric Transmission, Natural Gas Distribution, and Natural Gas Transmission. *2022 Achieved ROE's will be published in Q2 2023 as per normal regulatory process. CU INC. An ATCO Company 10 YEAR AVERAGE (2012-2021) 10.6% 8.5% 9.1% AUC Approved Alberta Utility Peer Average¹ CU Inc. Average² ATCO Ltd. Investor Presentation 28#29CANADIAN UTILITIES OVERVIEW Energy Infrastructure Businesses Electricity Generation Canada | 256 MW Electricity Generation Australia | 177 MW Electricity Generation Latin America | 47 MW Industrial Water Services Canada | 85,200 m³/day Hydrocarbon Storage Canada | 550,000 m³ Natural Gas Storage Canada | 117 PJ *Operating assets as of December 31, 2022, except for "Electricity Generation Canada" which includes 232MW of renewable generation operating assets acquired on January 3, 2023. ATCO Ltd. Investor Presentation 29#30CANADIAN UTILITIES OVERVIEW Energy Transition: Leading The Way We recognize clean energy as being the future and we're proud to lead the energy transition. OUR ENERGY TRANSITION STRATEGY IS BROKEN DOWN INTO THREE KEY COMPONENTS: Renewable Generation . Investing in solar and wind infrastructure throughout Alberta and Ontario. • • Reducing reliance on diesel in remote communities through solar generation. Delivery of hydro electricity in Alberta and Mexico. • Clean Fuels Energy Storage Our hydrogen focused Clean Energy Innovation Hub and Clean Energy Innovation Park projects in Australia. Hydrogen blending projects in Alberta and Australia. Renewable Natural Gas (RNG) generation utilizing agriculture and municipal waste. • Expanding and optimizing existing storage assets to ensure reliability of our energy system. Investing in storage infrastructure as a key enabling factor for decarbonization. Supporting large industrial and energy customers in achieving their decarbonization goals. ATCO Ltd. Investor Presentation 30#31CANADIAN UTILITIES OVERVIEW Retail Energy RETAIL IS COMPRISED OF THREE SEGMENTS: ATCO ENERGY Blue Flame KITCHEN™ RÜMİ POWERED BY ATCO Home Energy Business Energy Large Commercial Energy Cooking Classes & Programs Events & Catering BFK Café Home Products Repair & Maintenance Services Home Management Advice ATCOenergy offers flexible electricity and natural gas plans, flexible payment options, and local support to residential and business customers. ATCO Ltd. Investor Presentation 31#32ATCO For the standalone Canadian Utilities Limited Investor Presentation and further details please visit: canadianutilities.com 32 32#33Appendix 33 33#34APPENDIX NELTUME PORT - FURTHER INFORMATION1 Port % Ownership Country Terminal Туре Key Cargo Terminal Puerto Arica 50% CHL Container Terminal Puerto Angamos 40% CHL Multi Mixed Copper Terminal Graneles del Norte 40% CHL Dry Bulk Coal/Copper Puerto Mejillones 50% CHL Dry Bulk Terminal Mejillones 50% CHL Liquid Bulk Terminal Puerto Coquimbo 70% CHL Multi Zinc/Copper Sulfuric Acid Copper Terminal Pacifico Sur 60% CHL Container Fruit/Wine Puerto Coronel 25% CHL Multi Pulp/Wood Terminal Puerto Rosario 50% ARG Multi Mixed Montecon 100% URY Container Mixed Terminales Graneleras 54% URY Dry Bulk Soy Beans Uruguayas Terminal Ontur 28% URY Multi Agri./Pulp - Sagres Four Ports 90% BRA Multi Pulp/Wood (TLRG, TLP, TPP, TLG) Automobile International Terminal 50% US ST Roll-on Vehicles Roll-off NYKC 1. As at December 31, 2022. Puerto Angamos (PANG) Montecon (MON) Terminal Pacifico Sur (TPS) ALCO Ltd. Investor Presentation#35Legal Notice Forward-Looking Information Advisory Statements made by company representatives and information provided in this presentation may be considered forward-looking information. Such information includes, but is not limited to, references to: strategic plans, goals and targets, including those described on the slide titled "Strategic 2030 ESG Targets"; the value or revenue that is expected in relation to contracts; the expected commencement and completion dates and term of contracts; the timing of various contract deliverables; and growth plans. Such forward-looking information is considered to be reasonable based on the information that is available on the date of this presentation and the processes used to prepare such information; however, such information does not constitute a guarantee of future performance and no assurance can be given that the information will prove to be correct. Forward-looking information should not be unduly relied upon. Such information involves a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those anticipated by such forward- looking information. The forward-looking information reflects Management's beliefs and assumptions with respect to, among other things, the development and performance of technology and technological innovations and the ability to otherwise access and implement technology necessary to achieve GHG emissions reductions and other environmental, social and governance targets; continuing collaboration with certain regulatory and environmental groups; the performance of assets and equipment; demand levels for oil, natural gas, gasoline, diesel and other energy sources; certain levels of future energy use; future production rates; future revenue and earnings; the ability to meet current project schedules, and other assumptions inherent in Management's expectations with respect to the forward-looking information identified herein. Actual results could differ materially from those anticipated in the forward-looking information as a result of, among other things, risks inherent in the performance of assets; capital efficiencies and cost savings; applicable laws and government policies; regulatory decisions; competitive factors in the industries in which the company operates; prevailing economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services, and infrastructure; the development and execution of projects; prices of electricity, natural gas, natural gas liquids, and renewable energy; the development and performance of technology and new energy efficient products, services, and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture, and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; potential termination or breach of contract by contract counterparties; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; and other risk factors, many of which are beyond the control of the company. Due to the interdependencies and correlation of these factors, the impact of any one material assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks faced by the company see "Business Risks and Risk Management" in ATCO Ltd.'s Management's Discussion and Analysis for the year-ended December 31, 2022 (MD&A). The forward-looking information contained herein reflects Management's expectations as of the date of this presentation and is subject to change after such date. The company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. ATCO Ltd. Investor Presentation 35 55#36Legal Notice Other Financial Measure Disclosure Advisory This presentation includes references to consolidated adjusted earnings, which is considered to be a "total of segments measure" as that term is defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. The most directly comparable measure reported in accordance with International Financial Reporting Standards is Earnings Attributable to Class I and Class II shares, which was $370 million as at December 31, 2022. For additional information, see "Other Financial and Non-GAAP Measures" and "Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II Shares" in the MD&A, which is available on SEDAR at www.sedar.com. The information provided in the MD&A under the heading "Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II Shares" is incorporated by reference herein. ATCO Ltd. Investor Presentation 36#37ATCO TM ATCO.com canadianutilities.com Tel: 403.292.7500 Investor Relations Investor [email protected] 5302 Forand Street SW Calgary, Alberta T3E 8B4 Canada 37