AltaGas Value Proposition

The AltaGas West Coast Advantage USD/BBL $20 USGC to Japan Baltic Freight to Japan RIPET to Japan $15 2 $10 $5 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 ARABIAN GULF O 18+ days AltaGas' West Coast Advantage expands in times of shipping congestions. AltaGas' structural shipping advantage over the U.S. Gulf Coast and Arabian Gulf expected to continue. 10-11 days 25+ days ORIPET OFERNDALE USGC base case time savings over the U.S. Gulf Coast. ~60% North American West Coast LPG exports have a Panama canal 1 congestion can add 10+ days to shipping times (35+ days total). ~ 45% base case time savings over the Arabian Gulf. This leads to increase in U.S. Gulf shipping costs 2 and strengthens the AltaGas West Coast Advantage. Sources: Argus and Bloomberg. Notes:*See "Forward-looking Information" AltaGas Westcoast LPG Exports from AltaGas' Deepwater Ports Structurally Advantaged 46

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