#1ATCO & CU CANADIAN UTILITIES LIMITED An ATCO Company INVESTOR PRESENTATION February 2021#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 2021 2 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#3TABLE OF CONTENTS 1 ATCO Group Overview Page 4 2 Financial Strength Page 6 3 - Sustainability – ESG Highlights Page 12 4 Canadian Utilities Limited Page 16 Regulated Utility Businesses Page 21 Puerto Rico T&D Contract Page 27 Energy Infrastructure Businesses Page 36 5 ATCO Investments Page 40 Structures & Logistics Page 42 Neltume Ports Page 51 Commercial Real Estate Page 55 5 Appendices Page 58 INVESTOR PRESENTATION FEBRUARY 2021 3 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#4ATCO GROUP OVERVIEW#5100% STRUCTURES & LOGISTICS BUSINESS UNIT ATCO Structures ATCO Frontec ORGANIZATIONAL STRUCTURE ATCO (TSX: ACO.X/ACO.Y) $5 billion common equity capitalization INVESTOR PRESENTATION FEBRUARY 2021 40% 100% NELTUME PORTS ATCO CORPORATE ATCO Land and Development ASHCOR 52.2% CU CANADIAN UTILITIES LIMITED An ATCO Company (TSX: CU / CU.X) ~$9 billion common equity capitalization 5 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#6ATCO FINANCIAL STRENGTH#7ATCO TRACK RECORD OF EARNINGS $365 million in 2019 Canadian Utilities 2016 Alberta wildfires Long track record of earnings growth through various global macro-economic cycles 2015 GCOC decision and global commodity price declines 2013 Calgary Floods 33 93 95 97 40 2008-2009 Financial crisis Long track record of earnings growth through various regulatory and macro-economic cycles 2016 Alberta wildfires 2015 GCOC decision and global commodity price declines 2013 Calgary Floods 2008-2009 Financial crisis $608 million in 2019 1980-85 NEP 99 01 03 05 07 09 11 13 15 17 19 80 82 84 86 88 90 92 94 96 98 00 02 50 04 06 08 10 12 14 16 18 19 INVESTOR PRESENTATION FEBRUARY 2021 7 * In June 1980 ATCO acquired a majority interest in Canadian Utilities CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#8TRACK RECORD OF SUCCESS: DIVIDENDS ATCO $1.79 per share 28 years of annual dividend increases* 93 94 95 96 97 98 99 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 10 11 12 13 14 15 16 17 18 19 20 21 72 * On January 14, 2021, ATCO declared a first quarter dividend of $0.4483 per share, or $1.79 per share annualized. INVESTOR PRESENTATION FEBRUARY 2021 Canadian Utilities 49 years of annual dividend increases* Longest track record of annual dividend increases of any Canadian publicly traded company 76 80 84 88 92 96 0 '04 '08 12 $1.76 per share 16 20 21 8 *On January 14, 2021, Canadian Utilities declared a first quarter dividend of $0.4398 per share, or $1.76 per share annualized. CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#9ATCO Q3 2020 YTD EARNINGS $264 M Forgone earnings from businesses sold in 2019 $44 M $230 M Normalized Q3 2019 YTD adjusted earnings. $220 M Q3 2019 YTD Q3 2020 YTD INVESTOR PRESENTATION FEBRUARY 2021 9 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#10STRONG CREDIT RATINGS ATCO Ltd. A (low) Stable Canadian Utilities Limited (CU) A Stable A (high) Stable DBRS CU Inc. ATCO Ltd. A- Negative S&P Global Ratings Canadian Utilities Limited A- Negative CU Inc. A- Stable INVESTOR PRESENTATION FEBRUARY 2021 10 "ATCO's rating is supported by the credit strength of CU, which is an intermediate holding company with a sizable portion of low-risk, well-diversified regulated businesses that has generated strong and predictable cash flows." "Our view of ATCO's business risk profile as excellent has not changed, largely reflecting the Company's lower-risk regulated electric and natural gas utility operations, large customer base, regulatory and geographic diversity, and effective management of regulatory risk." CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#11$160M $200M DEBT MATURITY PROFILE $125M $120M $125M $100M $200M $185M $160M $220M $200M $150M 2021 2022 2023 2024 2028 .... 2034 2035 2036 2037 2038 2039 CU Inc. CU INVESTOR PRESENTATION FEBRUARY 2021 11 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#12ATCO SUSTAINABILITY Environment, Social and Governance#132019 SUSTAINABILITY REPORT-ESG HIGHLIGHTS Energy Stewardship 3.5% hydrogen successfully blended with natural gas as part of the Clean Energy Innovation Hub in Australia, with a long-term goal of blending up to 15% hydrogen. Environmental Stewardship 23% Safety 23 electric vehicle charging stations installed in Alberta through the Peaks to Prairies project. reduction in our direct GHG emissions in 2019, equal to almost 2.5 million tonnes. 775 tonnes of GHG emissions avoided at ATCO operations by switching to renewable energy sources. 27% reduction in employee lost-time incident frequency in 2019. Community & Indigenous Relations $9.3M Invested in communities through gifts-in-kind, sponsorships, donations and our matching contribution to the employee-led ATCO Employees Participating in Communities (ATCO EPIC) program. Governance 33% of ATCO directors 36% elected in 2019 are of Canadian Utilities directors elected in 2019 are women. women. INVESTOR PRESENTATION FEBRUARY 2021 50 partnerships, joint ventures, and 13 relationship agreements with Indigenous communities. 40% equity interest in APL Fort McMurray West 500-kV Transmission line purchased by seven Indigenous communities along the route. DADS Each business unit has a Designated Audit Director who oversees financial and operating results, risk management and reports regularly to the Audit & Risk Committee of the Board of Directors. CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#14CANADIAN CU UTILITIES LIMITED An ATCO Company CHANGING ELECTRICITY GENERATION PORTFOLIO 2019 GENERATION BUSINESS CHANGES In September 2019, Canadian Utilities sold the entire Canadian fossil fuel-based electricity generation business for aggregate proceeds of $821 million. Sold 12 coal-fired and natural gas-fired electricity generation assets located in Alberta, British Columbia, Saskatchewan and Ontario, with generating capacity of approximately 2,300 MW. 2020 GENERATION BUSINESS Expanding Renewable Electricity Generation Capabilities Natural Gas 185 MW (75%) Hydro 59 MW (24%) INVESTOR PRESENTATION FEBRUARY 2021 14 Solar 3 MW (1%) CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#15CANADIAN CU UTILITIES LIMITED An ATCO Company CANADIAN UTILITIES DIRECT GREENHOUSE GAS EMISSIONS Direct GHG Emissions (million tonnes CO2e) 20 20 15 10 5 0 2008 GHG Emissions INVESTOR PRESENTATION FEBRUARY 2021 2015 2016 2017 2018 2019 GHG Emissions Related to Assets Divested in Q3-2019 15 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#16ATCO CANADIAN UTILITIES#17CANADIAN CU UTILITIES LIMITED An ATCO Company CANADIAN UTILITIES KEY THEMES Protect the core utility assets by investing in activities to advance the energy transition and ensure long term resiliency Optimize energy infrastructure assets and add new growth platforms Geographic diversification: Outside Alberta, North America, Latin America, & Australia Drive cash flow and earnings to improve financial strength and growth capacity INVESTOR PRESENTATION FEBRUARY 2021 17 OPTIMIZE INVEST IN NON-REG ASSETS AND GROW THE CORE DRIVE CASH FLOW AND EARNINGS CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#18CANADIAN CU UTILITIES LIMITED An ATCO Company CU Inc. ~$8 billion debt capitalization ORGANIZATIONAL STRUCTURE CU INC. 100% An ATCO Company CU CANADIAN UTILITIES LIMITED An ATCO Company Canadian Utilities (TSX: CU / CU.X) ~$9 billion common equity capitalization 100% UTILITIES BUSINESS UNIT 100% ENERGY INFRASTRUCTURE BUSINESS UNIT 100% CORPORATE Electricity Distribution Electricity Transmission International Electricity Operations Natural Gas Distribution Natural Gas Transmission International Natural Gas Distribution INVESTOR PRESENTATION FEBRUARY 2021 Electricity Generation Storage & Industrial Water 18 Retail Energy CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#19CANADIAN CU UTILITIES LIMITED An ATCO Company Q3 2020 YTD EARNINGS Forgone earnings from businesses sold in 2019 $432 M $83 M $349 M Normalized Q3 2019 YTD adjusted earnings $349 M Q3 2019 YTD Q3 2020 YTD INVESTOR PRESENTATION FEBRUARY 2021 19 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#20CANADIAN CU UTILITIES LIMITED An ATCO Company HIGH QUALITY EARNINGS Q3 2020 YTD EARNINGS $349 M $16 M Energy Infrastructure Utilities The bulk of our adjusted earnings come from our 5 utilities Corporate & Other $389 M -$56 M INVESTOR PRESENTATION FEBRUARY 2021 20 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#21CANADIAN CU UTILITIES LIMITED An ATCO Company REGULATED UTILITIES ELECTRICITY TRANSMISSION $5.3B Rate Base ELECTRICITY DISTRIBUTION $2.7B Rate Base NATURAL GAS DISTRIBUTION $2.8B Rate Base NATURAL GAS TRANSMISSION $2.0B Rate Base (1) 2019 Mid Year Rate Base filed with regulator and included in 2019 Management's Discussion and Analysis INVESTOR PRESENTATION FEBRUARY 2021 21 INTERNATIONAL NATURAL GAS DISTRIBUTION $1.2B Rate Base CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#22CANADIAN CU UTILITIES LIMITED An ATCO Company 8.9% 8.5% ALBERTA UTILITIES ACHIEVE TOP TIER RETURNS ON EQUITY 10.8% 10.7% 9.1% 8.5% CU Inc.'s average ROE +2.3 per cent above average AUC approved over last 10 years (+2.2 per cent over last 3 years) Operational excellence and lower costs benefit our customers and share owners 10 Year Average (2010-2019) AUC Approved Alberta Utility Average 3 Year Average (2017-2019) ■CU Inc. Average (1) Alberta Utility Average (excluding CU) is a simple average and includes AltaGas, AltaLink, 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. INVESTOR PRESENTATION FEBRUARY 2021 22 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#23CANADIAN CU UTILITIES LIMITED An ATCO Company ALBERTA UTILITIES - OPERATIONAL EXCELLENCE Electricity Distribution Electricity Transmission Natural Gas Distribution Costs per KM of Line Costs per KM of Line Costs per Customer $2,800 20% Lower $2,180 $151 $14,013 38% Lower 57% Lower Industry ATCO Average $8,656 Industry ATCO Average $65 Industry ATCO Average (1) 2019 data Operational excellence and lower costs benefit our customers and share owners INVESTOR PRESENTATION FEBRUARY 2021 23 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#24CANADIAN CU UTILITIES LIMITED An ATCO Company Electricity Transmission 2020- 2022 General Tariff Application (GTA) Natural Gas Transmission 2021- 2023 General Rate Application (GRA) Application Filed 2020 2021 Generic Cost of Capital (GCOC) AUC Suspends Proceeding AUC Finalizes 8.5% ROE & 37% Equity Thickness For 2021 Natural Gas Transmission- Pioneer Pipeline Acquisition REGULATORY UPDATE 2021 Decision Expected Decision Expected 2022 GCOC Proceeding Expected to Commence Application Filed Decision Expected INVESTOR PRESENTATION FEBRUARY 2021 2022 2023 24 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#25CANADIAN CU UTILITIES LIMITED An ATCO Company REGULATORY UPDATE (Per cent of 2019 Consolidated Mid-Year Rate Base) Electricity Transmission (38%) and Natural Gas Transmission (14%) Rates are spread across all customers in the province. Changes in customers' demand and use are reflected in customer transmission rates over time. We do not expect material changes in 2020 revenue as a result of the current COVID-19 or macroeconomic global market conditions, including oil price changes. Natural Gas Distribution (20%) Operates on a revenue mechanism under PBR. Natural Gas Distribution has some protections/adjustments on future revenue variances associated with changes in volumes or customer counts. Future changes in customer counts may impact Natural Gas Distribution's revenue stream however, the majority of customers are residential and customer counts are not expected to change materially from the PBR2 forecast. At this time, we do not expect material changes in 2020 revenue as a result of the current COVID-19 or macroeconomic global market conditions, including oil price changes. We continue to monitor the situation. Under PBR, there is also the opportunity to file for Z or Y factors that could include recovery of lost revenue related to events outside the control of the utility. Electricity Distribution (19%) Operates on a price mechanism under PBR. While the price mechanism does not offer the same adjustment or updates as the revenue mechanism for future years, Electricity Distribution's rate structure currently in place utilizes a variety of mechanisms (ratchets, rate min, contract min, fixed cost recovery) to limit the exposure to demand reductions for our industrial and commercial customers. At this time, we continue to monitor and assess any changes in 2020 revenue as a result of the current COVID-19 or macroeconomic global market conditions. Under PBR, there is also the opportunity to file for Z or Y factors that could include recovery of lost revenue related to events outside the control of the utility. International Natural Gas Distribution (9%) New 5-year Access Arrangement (AA5) effective January 1, 2020. AA5 ROE is 5.02 per cent compared to 7.21 per cent in previous access arrangement. The AA5 common equity ratio is 45 per cent compared to 40 per cent in the previous access arrangement. AA5 also includes rebasing of revenues for the recovery of operating costs, the approved capital expenditure program and forecast for demand and throughput. Variables that may impact financial results include Australia's inflation rate and the exchange rate to the Canadian dollar. INVESTOR PRESENTATION FEBRUARY 2021 25 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#26CANADIAN CU UTILITIES LIMITED An ATCO Company PIONEER PIPELINE ACQUISITION On September 30, 2020 we announced the purchase of the Pioneer Natural Gas Pipeline from Tidewater Midstream & Infrastructure Ltd. for a purchase price of $255 million. The 131-km pipeline transports natural gas to TransAlta's generating units at Sundance and Keephills in the Wabamun area west of Edmonton facilitating the conversion of these coal plants to cleaner-burning natural gas. - The acquisition is subject to customary conditions including regulatory approvals to add a net amount of approximately $200 million of capital to rate base. Approvals are expected by the second quarter of 2021. INVESTOR PRESENTATION FEBRUARY 2021 NGTL Pipeline Proposed NGTL Interconnect Brazeau River Complex Pioneer Pipeline 26 Pioneer Natural Gas Pipeline Acquisition NGTL Natural Gas Transmission Sundance Power Plant Pioneer Pipeline Hwy 759 Genesee Power Plant Pembina-Keephills Pipeline Pembina-Keephills Pipeline NGTL Pipeline ATCO Pipelines Hwy 16 N Keephills Power Plant ATCO Footprint CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#27CANADIAN CU UTILITIES LIMITED LUMA An ATCO Company PUERTO RICO ELECTRIC T&D CONTRACT In June 2020, the Puerto Rico Public-Private Partnerships Authority (P3A) selected LUMA Energy, LLC (LUMA) to manage and modernize Puerto Rico's electric transmission and distribution (T&D) system ≫ 16-year contract to operate the T&D system: → One-year transition period began June 22, 2020 → 15-year fee-for-service Operating & Maintenance (O&M) period commencing in mid-2021 > O&M contract provides long-term contracted cash flows and earnings with no required capital investment by LUMA > Leverages collective expertise to create a reliable, resilient, affordable and sustainable electricity system focused on providing outstanding customer service to the people of Puerto Rico INVESTOR PRESENTATION FEBRUARY 2021 27 LUMA CU 50% CANADIAN UTILITIES LIMITED An ATCO Company QUANTA 50% CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#28CANADIAN CU UTILITIES LIMITED An ATCO Company PUERTO RICO ELECTRIC T&D SYSTEM OVERVIEW ≫ One of the largest US public utilities serving nearly 1.5 million customers » Puerto Rico Electric Power Authority (PREPA) currently owns and operates the T&D system and generation. facilities. → LUMA will operate the T&D system, while PREPA will continue to operate generation assets. ≫ Network of ~30,000-km of transmission and distribution FLORIDA Puerto Rico Electric Power Authority CUBA lines = HAITI DOMINICAN REPUBLIC LUMA PUERTO RICO INVESTOR PRESENTATION FEBRUARY 2021 28 ATCO CU CANADIAN UTILITIES LIMITED An ATCO Company#29CANADIAN CU UTILITIES LIMITED An ATCO Company CU CANADIAN UTILITIES LIMITED An ATCO Company QUANTA IEM. • . . LUMA CONSORTIUM 50 per cent joint venture owner Operator of world-class utility businesses delivering safe, reliable and affordable energy to customers Market capitalization of C$9B 50 per cent joint venture owner Industry-leading contractor building reliable energy infrastructure and providing skilled workforce training Market capitalization of C$7B Sub-contractor to LUMA 34 years+ experience supporting disaster response and recovery programs funded by federal, state and local sources with US$51B deployed to date INVESTOR PRESENTATION FEBRUARY 2021 29 LUMA Purpose-built utility company LUMA Best-in-class operational and customer service expertise Superior electric utility services and project execution capabilities Long-time partners with track record of superior performance Specialized partner with best-in-class disaster relief funding experience CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#30CANADIAN CU UTILITIES LIMITED An ATCO Company KEY CONTRACT TERMS & OBJECTIVES LUMA Operating and maintenance services contract that leverages CU's and Quanta's best-in-class capabilities to deliver significant benefits to the people of Puerto Rico ≫ ~One-year transition period underway - efficient and effective transition of operations from PREPA to LUMA - ≫ ~15-year operating period – LUMA assumes responsibility for all in-scope operational matters working with local workforce and management. ≫ System operating costs and capital expenditures are pass-through and paid from PREPA's pre-funded service accounts. ≫ Significant planned capital program to rebuild the T&D system post-hurricane Irma and Maria with funding through US federal disaster relief agencies – no required capital investment by LUMA. The PREPA retains ownership of all assets. - INVESTOR PRESENTATION FEBRUARY 2021 30 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#31CANADIAN CU UTILITIES LIMITED An ATCO Company LUMA Front-End KEY CONTRACT TERMS & OBJECTIVES Transition Period (2020-2021) » Preparatory work to enable full transition of operations to LUMA. CU and Quanta work alongside PREPA to realize improvements and achieve an efficient and effective transition of operations. O&M Services Period (2021 - 2035) > LUMA assumes responsibility for all in-scope operational matters to transform the T&D system into an efficient and modern utility. This work will include utility operations and customer service, disaster recovery and storm-hardening capital programs. > Back-end transition period begins one year before end of contract term. INVESTOR PRESENTATION FEBRUARY 2021 31 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#32CANADIAN CU UTILITIES LIMITED An ATCO Company Transition Period Contract Year 1 Contract Year 2 Contract Year 3 Contract Year 4+ COMPENSATION ($US millions) Front-End Service Fee 60 LUMA Fixed Fee (Paid Monthly) Potential Incentive Fee 70 23 90 100 105 All compensation figures above are at the LUMA level. Canadian Utilities Limited holds a 50 per cent interest in LUMA. Fixed Fee and Incentive Fee are escalated annually at US CPI. INVESTOR PRESENTATION FEBRUARY 2021 32 13 17 19 20 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#33CANADIAN CU UTILITIES LIMITED An ATCO Company Federal relief funding Counterparties to O&M Agreement oversight Regulatory and KEY ORGANIZATIONS LUMA IS WORKING WITH Puerto Rico Electric Power Authority U.S. DEPARTMENT O HOMELAND OF ALIND FEMA . Corporation responsible for power generation and T&D in Puerto Rico • VILL Puerto Rico Energy Bureau Counterparty to O&M Agreement Owner of all assets and retains all existing liabilities Coordinates US federal government's role in disaster response and recovery P3 Public-Private Partnerships (P3) Authority • LUMA Government agency responsible for administering P3s in Puerto Rico. Counterparty to and administrator of O&M Agreement • Agency set up as recipient of federal relief funding from FEMA Coordinates with sub-recipients, such as PREPA, to distribute funds . Provider of federal funding to Puerto Rico CORE B • . for planned capital program to rebuild from 2017 hurricanes Entity responsible for regulatory oversight of the electrical system Approves all rates and applications using a Fair and Reasonable Doctrine CENTRAL OFFICE FOR RECOVERY, RECONSTRUCTION AND RESILIENCY Financial Oversigh & Manageme # Rico for Puerto FOMB Board 33 • . Financial oversight board responsible for managing Title III bankruptcy process and fiscal plans in Puerto Rico Interaction with LUMA as Puerto Rico bankruptcy process concludes ATCO CUTILITIES LIMITED CANADIAN An ATCO Company INVESTOR PRESENTATION FEBRUARY 2021#34CANADIAN CU UTILITIES LIMITED An ATCO Company LUMA - TOP RISKS AND RISK MITIGATION ≫ Transition and Operating Cost Risks LUMA was selected, in part, due to its well designed and thorough transition plan. LUMA LUMA is working with P3A, PREPA and PREB to finalize key items for full transition and to build a roadmap to a safe and reliable T&D system. The agreement contains clauses for contract default events by both the owner or operator. There are termination fee clauses in the event of contract default. There have been no actions to date that would trigger the contract default clauses. >> PREPA Bankruptcy & Credit Worthiness PREPA is required to maintain a minimum balance in restricted accounts to ensure that LUMA's fees and reimbursable expenses are paid on a monthly basis. PREPA generates $3 billion in annual revenues and has over $500 million in cash. If full transition requirements are met but PREPA remains in bankruptcy, LUMA has the ability to operate under a Supplemental Agreement for 18 months and collect fixed fees. If PREPA remains in bankruptcy at the end of the 18 months, the agreement will automatically terminate unless an extension is requested by P3A and mutually agreed by the parties. In the event of a termination, LUMA will receive termination fees. Hurricane/Weather Risk ATCO, Quanta and IEM's previous emergency and disaster response capabilities were a major factor in LUMA's selection by the P3A. T&D system ownership remains with PREPA, retaining eligibility for future disaster relief funding. INVESTOR PRESENTATION FEBRUARY 2021 34 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#35CANADIAN CU UTILITIES LIMITED LUMA An ATCO Company OPPORTUNITY HIGHLIGHTS ≫ LUMA has been selected to plan and execute a historic transformation and modernization of the electricity system working with the local workforce, PREPA and other parties to provide significant benefits to the people of Puerto Rico. > Long-term contracted cash flows and earnings with no required capital investment ≫ Continues Canadian Utilities' geographic expansion and diversification strategy into the US and Latin America ≫ Strong relationship and joint project management with well-known and industry-leading partner in Quanta > Developing operating contract model and next generation energy expertise that can be used as a blueprint for future opportunities ≫ Positioned to provide other services to the people of Puerto Rico INVESTOR PRESENTATION FEBRUARY 2021 35 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#36CANADIAN CU UTILITIES LIMITED An ATCO Company ENERGY INFRASTRUCTURE BUSINESSES ATCO Power ELECTRICITY GENERATION ELECTRICITY GENERATION ELECTRICITY GENERATION CANADA 24 MW AUSTRALIA 176 MW LATIN AMERICA 47 MW INDUSTRIAL WATER SERVICES CANADA HYDROCARBON STORAGE 85,200 m³/day INVESTOR PRESENTATION FEBRUARY 2021 CANADA 400,000 m³ 36 NATURAL GAS STORAGE CANADA 52 PJ ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#37CANADIAN CU UTILITIES LIMITED An ATCO Company ELECTRICITY GENERATION PORTFOLIO RUN-OF-RIVER HYDRO (24%) 1 OLDMAN RIVER 2 VERACRUZ NORTH AMERICA 2 6 Highly Contracted Portfolio Long-Term Contracted 220 MW (89%) Merchant 27 MW (11%) AUSTRALIA INVESTOR PRESENTATION FEBRUARY 2021 37 ● NATURAL GAS (75%) 3 SAN LUIS POTOSI 4 KARRATHA 5 OSBORNE Solar (1%) 6 CABRERO TOTAL CAPACITY SHARE (MW) 24 35 9 86 90 90 247 3 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#38CANADIAN CU UTILITIES LIMITED An ATCO Company STORAGE & INDUSTRIAL WATER We build, own and operate energy infrastructure assets across Alberta and the Northwest Territories ☐ We provide integrated water services including pipeline transportation, storage, water treatment, recycling and disposal to a number of our industrial customers. The natural gas storage facility is a natural gas reservoir with a seasonal storage cycle capacity of 52 petajoules. The facility is connected to multiple transmission pipeline systems. The hydrocarbon storage facility consists of four storage caverns under long-term contract with a storage capacity of 400,000 cubic metres. A fifth storage cavern is under construction with full operation targeted for late 2021. The 116-km Muskeg River non-regulated natural gas pipeline provides natural gas transportation service under a long-term commercial agreement to meet the needs of the Muskeg River Mine facilities and other facilities in the Fort McMurray area. INVESTOR PRESENTATION FEBRUARY 2021 INDUSTRIAL WATER SERVICES 1 ALBERTA HEARTLAND INDUSTRIAL WATER SYSTEM HYDROCARBON STORAGE 2 SALT CAVERN STORAGE FACILITY NATURAL GAS STORAGE FACILITY 3 CARBON NATURAL GAS STORAGE FACILITY GAS GATHERING & PROCESSING FACILITIES 4 IKHIL GAS PLANT NON-REGULATED NATURAL GAS TRANSMISSION 5 MUSKEG RIVER PIPELINE 38 INUVIK NORTHWEST TERRITORIES ALBERTA'S INDUSTRIAL HEARTLAND REGION ALBERTA FORT MCMURRAY 5 EDMONTON CALGARY EDMONTON 2 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#39CANADIAN CU UTILITIES LIMITED An ATCO Company 8.9% 8.5% CANADIAN UTILITIES SUMMARY 10.8% AUC PEERS CU Inc. Q3 2020 YTD EARNINGS $349 M Energy Infrastructure Utilities 10 Year Average (2010-2019) UTILITIES ACHIEVE TOP TIER RETURNS ON EQUITY INVESTOR PRESENTATION FEBRUARY 2021 Corporate & Other HIGH QUALITY EARNINGS 39 LONG TRACK RECORD OF EARNINGS & DIVIDEND GROWTH CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#40ATCO ATCO INVESTMENTS#41ATCO FOCUS: GLOBAL ESSENTIAL SERVICES 4 Energy Logistics & Transportation INVESTOR PRESENTATION FEBRUARY 2021 Shelter Real Estate ATCO 41 Agriculture Water CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#42ATCO STRUCTURES & LOGISTICS#43STRUCTURES & LOGISTICS ATCO STRUCTURES & LOGISTICS ATCO MODULAR STRUCTURES Modular Structures • Permanent modular construction • Relocatable modular buildings Workforce Housing & Space Rentals • Mobile office trailers INVESTOR PRESENTATION FEBRUARY 2021 43 ATCO ATCO FRONTEC Lodging & Support Services • Lodging, catering • Maintenance • Waste management Logistics and Facility O&M Services • Facility operations • Maintenance services Defense operations services Emergency management & disaster response services CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#44ATCO . STRUCTURES AND LOGISTICS • Since 2015, on-going diversification of customer base into new market segments such as infrastructure projects, public education facilities, high density residential housing, hotels, hospitals and correctional facilities Not reliant on O&G sector Rentals Infrastructure Hotels Education Housing Expanded and diversified geographically in new markets in Latin America Not reliant on one region INVESTOR PRESENTATION FEBRUARY 2021 44 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#45STRUCTURES & LOGISTICS ADJUSTED EARNINGS $15M $6M FY2017 INVESTOR PRESENTATION FEBRUARY 2021 $40M $37M FY2018 FY2019 Q3 YTD 2020 45 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#46STRUCTURES & LOGISTICS Modular Structures rental fleet grew by 2,538 units or 15% since 2017 18,424 19,702 2,734 18,095 17,164 3,708 3,008 2,774 16,968 15,321 15,416 13,456 2017 2018 2019 Global Space Rentals INVESTOR PRESENTATION FEBRUARY 2021 46 Q3 YTD 2020 Global Workforce Housing CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#47. STRUCTURES & LOGISTICS Winning key large workforce housing contracts to support major private sector and infrastructure projects LNG Canada Cedar Valley Lodge Manufacturing completed in Q2 2020 with installation activities expected to continue into 2021 on the 4,500-person camp in Kitimat, BC. Trans Mountain Expansion Project Repurposed existing fleet to supply a second 592-person camp to house workers and support construction. Completed a previously awarded 600-person camp and handed over to the client during the third quarter of 2020. INVESTOR PRESENTATION FEBRUARY 2021 47 LNG Canada Cedar Valley Lodge, Kitimat, BC ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#48. PERMANENT MODULAR CONSTRUCTION Diversifying the global customer base into non-traditional modular markets such as public education facilities, high density urban residential housing, hotels and correctional facilities COVID-19 support in Mexico Mobilized two modular hospital facilities in Mexico City and Tijuana. Awarded a project services contract with the United Nations Office to supply two healthcare complexes in Guatemala. BC Supportive Housing Program During 2019 and 2020, ATCO Structures secured several projects with the Government of BC's supportive housing program. The housing projects will provide affordable housing to low income individuals and families across the province. Modular Hospital Facility, Tijuana, MX INVESTOR PRESENTATION FEBRUARY 2021 48 Supportive housing complexes, Powell River & New Westminster, BC CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#49ATCO FRONTEC Enabling our customers to focus on their core business Lodging & Support Services Continued operation and expansion of Two Rivers Lodge for BC Hydro Site C Clean Energy Project Safely operating accommodation facilities during COVID-19, 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. INVESTOR PRESENTATION FEBRUARY 2021 49 ATCO TURBO 97-34 1664 Canada RESCUE ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#50STRUCTURES & LOGISTICS KEY HIGHLIGHTS Diversifying our customer base into new market segments INVESTOR PRESENTATION FEBRUARY 2021 Growing rental fleet 19,702 17,164 2017 Q3 YTD 2020 Total Rental Fleet Size 50 Constantly replenishing our global customer lead list CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#51ATCO NELTUME PORTS#52NELTUME PORTS ATCO acquired a 40 per cent ownership interest in Neltume Ports in September 2018. Neltume Ports is a leading port operator in South America with 16 ports in four countries, and one port under construction in Alabama. ALABAMA GEORGIA MISSISSIPPI AutoMobile International Terminal FLORIDA PORT LOCATIONS GULF OF MEXICO INVESTOR PRESENTATION FEBRUARY 2021 52 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#53NELTUME PORTS OPERATIONS DIVERSIFIED BY CARGO TYPE AND GEOGRAPHY BY CARGO TYPE IN 2019 BY GEOGRAPHY IN 2019 ■ Container 29% ■ Break Bulk ■ Bulk Approx. 46 M Tonnes 50% 21% *Based on 100% of volumes of ports where Neltume Ports has an ownership stake INVESTOR PRESENTATION FEBRUARY 2021 53 64% 5% 13% ■ Brazil Approx. 46 M Tonnes 18% ■ Uruguay ■ Chile ■ Argentina ATCO CUTILITIES LIMITED CANADIAN An ATCO Company#54PORT OVERVIEW PORT PERCENT OWNERSHIP COUNTRY TERMINAL TYPE Puerto Angamos (PANG) Montecon (MON) KEY CARGO Terminal Puerto Arica 50% CHL Container Mixed Terminal Puerto Angamos 40% CHL Multi Copper Terminal Graneles del Norte 40% CHL Dry Bulk Coal/Copper 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 Montecon 100% URY Container Roll-on Roll-off Mixed Terminales Graneleras Uruguayas 54% URY Dry Bulk Soy Beans NYKC Terminal Ontur 20% URY Multi Agri./Pulp Sagres Four Ports (TLRG, TLP, 86% BRA Multi Pulp/Wood TPP, TLG) INVESTOR PRESENTATION FEBRUARY 2021 54 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#55ATCO COMMERCIAL REAL ESTATE#56COMMERCIAL REAL ESTATE Held properties can be monetized opportunistically Increase portfolio occupancy with 3rd party tenants Increase portfolio value and earnings by investing in commercial real estate projects on high potential sites, already in our portfolio ASSET TYPE & NBV ($188 MILLION) Industrial / Warehouse 2% Product Undeveloped Office 80% 18% Land INVESTOR PRESENTATION FEBRUARY 2021 56 ATCO CU ATCO CANADIAN UTILITIES LIMITED An ATCO Company#57KEY ATCO HIGHLIGHTS 4 Energy Logistics & Transportation Shelter ATCO Real Estate Agriculture Water GEOGRAPHIC DIVERSIFICATION GLOBAL ESSENTIAL SERVICES INVESTOR PRESENTATION FEBRUARY 2021 57 LONG TRACK RECORD OF DIVIDEND GROWTH CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#58ATCO APPENDIX#59CANADIAN CU UTILITIES LIMITED An ATCO Company ELECTRICITY DISTRIBUTION & TRANSMISSION We build, own and operate electrical distribution and transmission facilities 260,000 farm, business and residential customers in 242 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 60,000 km of distribution lines Subsidiaries: ATCO Electric Yukon Northland Utilities YUKON 3 2 20 NORTHWEST TERRITORIES 8 10 9 19 WHITEHORSE YELLOWIN 13 18 16 17 12 23 21 15 22 AREA SERVED BY ELECTRICITY DISTRIBUTION AND TRANSMISSION 1 OLD CROW 2 BEAVER CREEK ALBERTA FORT MCMURRY 13 SWIFT RIVER 14 WATSON LAKE/UPPER LIARD 3 STEWART CROSSING 15 LOWER POST, BC PRAIRIE 4 KENO 16 SAMBAA K'E EBMONTON LLOYDMINSTER 5 PELLY CROSSING 6 DESTRUCTION BAY/ BURWASH LANDING 7 CARMACKS 17 DORY POINT 18 FORT PROVIDENCE 19 YELLOWKNIFE/N'DILO 20 WEKWEETI MSPEN INVESTOR PRESENTATION FEBRUARY 2021 59 8 ROSS RIVER 9 HAINES JUNCTION 10 WHITEHORSE/MARSH LAKE 11 CARCROSS/TAGISH 12 TESLIN 21 KAKISA 22 ENTERPRISE 23 HAY RIVER/K'ATL'ODEECHE FIRST NATION CALGARY LETHER DOE CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#60CANADIAN CU UTILITIES LIMITED An ATCO Company NATURAL GAS DISTRIBUTION & TRANSMISSION We build, own and operate natural gas distribution facilities in Alberta ☐ Alberta's largest natural gas distribution company Serves over 1.2 million customers in nearly 300 Alberta communities We build, maintain, and operate 41,000 km of natural gas distribution pipelines We build, own and operate key high-pressure natural gas transmission facilities in Alberta 1 ALBERTA Transports clean, efficient energy from producers and other pipelines to utilities, power generators and major industries JASPER Owns and operates 9,100 km of pipeline ☐ Delivers a peak of 3.9B cubic ft/day of natural gas to customers Approximately 3,700 receipt and delivery points Interconnections facilitate access to multiple intra-Alberta and export markets INVESTOR PRESENTATION FEBRUARY 2021 60 EDMONTON си NATURAL GAS CALGARY LLOYDMINSTER DISTRIBUTION FOOTPRINT NATURAL GAS TRANSMISSION NATURAL GAS TRANSMISSION FOOTPRINT CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#61CANADIAN CU UTILITIES LIMITED An ATCO Company AUSTRALIA UTILITY We provide safe and reliable natural gas service to the Perth metropolitan area and the wider Western Australian community Approximately 761,000 customers 14,000 km of natural gas distribution pipelines INVESTOR PRESENTATION FEBRUARY 2021 61 PERTH NORTHERN TERRITORIES QUEENSLAND WESTERN AUSTRALIA SOUTH AUSTRALIA GERALDTON KALGOORLIE ALBANY BRISBANE NEW SOUTH WALES VICTORIA SYDNEY MELBOURNE TASMANIA ATCO GAS DIVISION ATCO GAS DIVISION SERVICE AREA CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#62FINANCIAL STRENGTH: BALANCE SHEET AS AT Q3 2020 52% ATCO 10% Canadian Utilities 11% 55% 38% 34% Debt (net of cash) Preferred Shares Equity Debt (net of cash) Preferred Shares Equity INVESTOR PRESENTATION FEBRUARY 2021 62 CANADIAN ATCO CUTILITIES LIMITED An ATCO Company#63ATCO www.ATCO.com www.canadianutilities.com Tel: 403.292.7500 Investor Relations 5302 Forand Street SW Calgary, Alberta T3E 8B4 Canada