Investor Presentaiton

U.S. Tax Reform - Implications for AltaGas Impact of U.S. tax reform on overall business is not expected to be material Regulated Business: Utilities Decrease in customer rates will result in a top line utility revenue drop as less tax is recovered Slightly negative impact to EBITDA and FFO and minimal impact on net income Revaluation of regulated deferred tax liability expected to be paid back over remaining useful life of assets Non-material impact to FFO and minimal impact on net income Once cash taxable, impact of decreased customer rates and revaluation of deferred tax liability will be neutral to FFO Reduced customer rates mitigates rate impact resulting from utilities replacement investments Interest expense deduction retained MACRS remains as tax depreciation method Non-Regulated Business: Midstream and Power Positive impact on net income driven by lower corporate tax rate Interest expense limitations are more than offset by lower corporate tax rate and accelerated tax depreciation Overall forecasted impact Pro-forma Metric (Normalized) 2018 2019 Expected Impact Expected Impact EBITDA / ~ (-5%) - (-5%) FFO Net Income ~ +5% - +2% AltaGas See "forward-looking information" 29 29

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