Investor Presentaiton

CU CANADIAN UTILITIES LIMITED An ATCO Company ALBERTA DISTRIBUTION UTILITIES PERFORMANCE BASED RATEMAKING Efficiency Carry-over Mechanism (ECM) Productivity Adjuster (X Factor) PBR (2013-2017) ECM up to 0.5% additional ROE for the years 2018 and 2019 based on certain criteria 1.16% PBR 2.0 (2018-2022) ECM up to 0.5% additional ROE for the years 2023 and 2024 based on certain criteria 0.30% Treatment of Capital Expenditures O&M Recovered through going-in rates inflated by I-X Significant capital expenditures not fully recovered by the I-X formula and meeting certain criteria recovered through a K Factor Based on approved 2012 forecast O&M levels; inflated by I-X thereafter over the PBR term Recovered through going-in rates inflated by I-X and a K Bar that is based on inflation adjusted average historical capital expenditures for the period 2013-2016. The K Bar is calculated annually and adjusted for the actual WACC Significant capital costs that are extraordinary, not previously incurred and required by a third party recovered through a "Type I" K Factor Based on the lowest annual actual O&M level during 2013- 2016, adjusted for inflation, growth and productivity to 2017 dollars; inflated by I-X thereafter over the PBR term INVESTOR PRESENTATION FEBRUARY 2019 19 ATCO

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