Investor Presentaiton

NELTUME PORTS INVESTMENT FINANCIAL HIGHLIGHTS • The Neltume Ports investment is expected to be accretive to earnings per share in the first full year of ownership and thereafter. Neltume Ports generated approximately $120M CAD of EBITDA in 2017. ATCO funded its investment in Neltume Ports with a combination of cash on-hand (approx. $110M) and funds from committed credit facilities. ATCO refinanced a portion of this initial financing through a $200M hybrid instrument capital markets transaction. Funds from ATCO's investment in Neltume Ports will be used by the partnership to finance opportunities for growth. ECON 15 KALMAR INVESTOR PRESENTATION FEBRUARY 2019 44 ATCO

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