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Investor Presentaiton

CU CANADIAN UTILITIES LIMITED An ATCO Company UTILITIES ACHIEVE TOP TIER RETURNS ON EQUITY 14% 13% 12% 11% 10% 9% 8% 7% 6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Alberta Utility Average (excluding CU)* CU Inc. Average** INVESTOR PRESENTATION FEBRUARY 2019 15 2016 2017 AUC Approved CU Inc. ROE +2.33% on average above AUC approved ROE from 2007-2017 Alberta Utility average is a simple average and includes: AltaGas, AltaLink, Enmax Distribution, Enmax Transmission, EPCOR Distribution, EPCOR Transmission, and Fortis Alberta. **CU Inc. average is a simple average and includes: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Natural Gas Transmission. Further details on the individual ROEs can be found in this Appendix. ATCO
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