Investor Presentaiton

Supportive Regulatory Environment for Regulated Gas Utilities Allowed ROE and Utility Location Equity Thickness Regulatory PM Pacific Northern Gas Ltd Rate case filed in November 2017 for 2018 and 2019 British Columbia 9.40% 1 45% AltaGas 8.50% Alberta 39% utilities Protected from weather related volatility through revenue stabilization adjustment account Operate under Performance-Based Regulation, 2018 - 2022 current term Cost recovery and return on rate base through revenue per customer formula Additional recovery and return on rate base through capital tracker program Heritage Gas 11% No regulatory lag; earn immediately on invested capital Nova Scotia 45% SEMCOENERGY Michigan 10.35% 49% CAS COMPANY ENSTAR Natural Gas Company Alaska 11.88% 51.80% Customer Retention Program approved in September 2016 results in a decrease in distribution rates for primarily commercial customers Use of projected test year for rate cases with 12 month limit to issue a rate order, eliminates/reduces regulatory lag Recovery of invested capital through the Main Replacement Program surcharge has reduced the need for frequent rate cases Last rate case filing completed in 2010; next case to be filed in 2019 In August 2017, received approval from the Michigan Public Service Commission for the Act 9 application for the Marquette Connector Pipeline Final order approving $5.8 million rate increase (including $5 million interim rates previously included in rates) issued on September 22. Final rates effective November 1, 2017 Next rate case to be filed in 2021 Cook Inlet Natural Gas STORAGE Alaska 12.55% 50.00% Rate case filing in April 2018 AltaGas 1 Approximate average between PNG and PNG NE See "forward-looking information" 46

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