Investor Presentaiton

Montney Competitive at Current Prices Competitive Canadian Production 1,2 94-G-11 94-G-10 USD/Mcfe $2.50 Painted Pony field cash cost estimated at $1.30 USD/Mcfe3 $2.00 $1.50 Avg. CDN producer cash cost $1.00 $0.50 $0.00 USD/Mcfe $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 AltaGas PEY AAV ΠΟΙ EQT COG SWN BNP BIR PMT PNE ARX RRC CR SRX VII KEL Producers Marcellus Producers Unhedged Cash Flow Margin $/Mcfe (incl. taxes)1 CHK 93-0-14 94-B-6 94-B-14 94-G-6 Avg. CDN producer cash flow margin4 Painted Pony cash margin estimated at -$0.93 USD/Mcfe³ Westcoast to Intra-B.C./U.S. Border Station 2 COG DEE RRC SWN PMT AR CQE PNE BXE Canadian Producers 1 Peters report April 2018 2 BMO data, April 2018 Marcellus Producers 3 Painted Pony May 2018 Investor Presentation, Based on a CAD/USD FX rate of 1.26 4 Cash costs including transportation, operating costs, G&A and interest expense 5 Unhedged cash flow (net of royalties) Map Source: Peters report See "forward-looking information" 93-0-6 Jedney 94-6-9 94-H-12 94-H-11 94-H-10 Laprise Birley 94-H-9 R12W6 Current Capacity (Bcf/d) Future Capacity (Bcf/d) Groundbirch Mainline (TRP) Alliance (ENB/VSN) Westcoast System (ENB) North Montney Mainline (TRP Future) - Towerbirch Expansion (TRP Future) Beg Nig ARX Black Swan POU-TODD Progress Canbriam Saguaro CKE Shell Umbach Birch COP SRX CR SU Town Gundy Blueberry ECA του KEL TOU-ARX Joint PPY Kobes Fireweed Inga Bemadet Attachie Altares 1.5 Bcf/d (2019+) 2.0 Bcf/d 2.2 Bcf/d (2020+) 0.8 Bcf/d 0.85 Bcf/d (H2/18) 93-0-3 geoSCOUT www.geologis.com 93-0-1 93-P-3 Oak T88 T86 Alliance to Chicago T84 1.6 Bcf/d 2.1 Bcf/d (2020+) Septimus Tower Groundbirch Sunset Parkland Sunrise 2.4 Bcf/d 3.0 Bcf/d (04/17) 4.1 Bcf/d (2019+ Sundown T82 T80 Dawson T78 Gla Swan T76 Groundbirch Mainline T74 to Alberta T72 93-P-1 R13 37

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