Investor Presentaiton

Contracted EBITDA¹ Substantial increase in long-term contracted and Regulated Gas Distribution EBITDA 4% 2010 34% 20% 29% 2018F2 -35% 13% -20% -35% Contracted PPA Midstream fee for service/TOP/cost of service Utilities/Regulated gas distribution Alberta power Frac Spread -10% Breakdown of Midstream EBITDA 1,2 50% Fixed/Take-or-pay ■ No volume or commodity price exposure Average contract length of ~18 years ■ 11% Cost-of-service Provides for recovery of operating costs and a capital charge, generally are not subject to commodity risk Average contract length of ~14 years 11% Fee-for-service ■ Provides for a fee per unit of production sold or service provided, generally are not subject to commodity risk 28% Frac Spread ■ Volume and price exposure ■ Over 70% of exposure is hedged in 2018 AltaGas 1 Represents normalized EBITDA 2 Expectations as at August 1, 2018, 2010 in accordance with CGAAP. 2017F in accordance with U.S. GAAP See "forward-looking information" 23 23

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