Investor Presentaiton

Sound Financial Position Debt-to-Capitalization $ Millions 80% Covenants 2,500 2,000 60% 1,500 40% 1,000 20% 500 0% 0 2011 2012 2013 2014 2015 2016 2017 2011 6 x EBITDA-to-interest expense Covenants: 5 x No less than 2.5 x 4 x 3 x 2 x 1 x 0x 2011 2012 2013 2014 2015 2016 2017 See "forward-looking information" AltaGas Executed financing history 2012 2013 2014 2015 2016 2017 ■Common Equity Preferred Equity Debt Free Cash Flow ■DRIP Balanced capital structure (June 30, 2018) 16% 33% 51% Preferred ■Common ■Net Debt 24

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