Investor Presentaiton

2015 CGOC² decision and global commodity price 2013 declines 2020 Calgary 2016 COVID-19 Pandemic Alberta wildfires FINANCIAL STRENGTH Continued Growth LONG-TERM TRACK RECORD OF ADJUSTED EARNINGS GROWTH THROUGH VARIOUS GLOBAL MACRO-ECONOMIC CYCLES $423 MILLION IN ADJUSTED EARNINGS IN 20221 2008- 2009 Financial Crisis Floods 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 YEAR 1. For additional information about adjusted earnings, please see the "Legal Notice" slide. 2. Generic Cost of Capital. 14 14 15 16 17 18 19 20 20 21 22 22 ATCO Ltd. Investor Presentation 4

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