AltaGas Value Proposition

1 Improve Returns at WGL Allowed ROE 2019 |- ~$70MM of annual net income value creation1 +240 bps WGL Regulatory ROE increase since 2019 Achievement driven by regulatory, capital and cost discipline over the past four years 2023E ~$35MM of potential annual net income value creation¹ A A~100 bps Rate Cases: D.C. and Maryland Pending Rate Cases AO AB Lever to help partially offset D Ⓡ 20-40 bps Operational Excellence: Cost and efficiency management - internal + external + 20-40 bps Further Operational Excellence $15-25MM of potential annual net income value creation¹ D ℗ 30-60 bps Regulatory Lag: Rate lag associated with historical test year → 0-40+ bps Asset Optimization Exercise strong capital discipline. Utilize modernization programs to prioritize safety, reduce risks, and enhance reliability, and drive better outcomes for all stakeholders. 1. Based on a future projection of rate base. AltaGas Closing the Remaining ROE Gap is a ~$850MM Value Creation Opportunity² E AO Future State 35

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