Investor Presentaiton

CU CANADIAN UTILITIES LIMITED An ATCO Company OPERATING IMPROVEMENTS FROM PBR 1.0 FLOW INTO CUSTOMER RATES IN PBR 2.0 ELECTRIC DISTRIBUTION DEEMED REVENUE FOR OPERATING COSTS $200 $180 $160 (W$) $140 O&M cost improvements passed onto customers in 2018 $120 $100 $80 2012 2013 Revenue 2014 2015 2016 2017 2018 O&M Cost New Revenue -- New O&M INVESTOR PRESENTATION FEBRUARY 2019 20 20 ATCO

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