Globally Connected Infrastructure

Strong Investment Capacity Cashflow Growth Drives Expanding Investment Capacity Prudent Capital Allocation with Investment Capacity Growing in Years Ahead Balance Sheet Capacity Net Debt/normalized EBITDA¹ target of 4.5x Monetization of non-core assets Larger capacity once Pipestone II and REEF are fully operational Shareholder Returns Target mid-single digit average annual EPS1 CAGR between 2024-2028 Target payout ratio of ~50-60% EPS Dividends can grow up to EPS growth Annual Investment Capacity ~$0.3B 2024E ~$1.3-1.5B 2024E-2028E Optional Capital ~$0.4B Organic growth Tuck-in M&A Debt Reduction Share buybacks, once leverage targets reached ARP ~$0.4B Organic Growth Prioritize Midstream maintenance and Utilities system betterment/customer growth (modest rate base growth) Utilities modernization programs and core Midstream growth projects I Other optional capital can be deployed, post those priorities Approximately one third of growth capex is related to Utility ARP investments CFO Dividends Paid Incremental Debt Capacity² Maintenance ~$0.4B (Utilities Depreciation + Midstream Sustaining) Investment Capacity | Capital allocation utilizes risk-adjusted project hurdles and ranks against | I the various alternatives, including competing projects, repayment of debt, M&A, and share buybacks (post reaching leverage targets). Notes: 1) Non-GAAP measure; see discussion in the advisories; 2) Incremental debt capacity is additional debt that can be taken on while holding leverage ratios flat; *See "Forward-looking Information" AltaGas Meaningful Enterprise Investment Capacity; Reinvestment Grows Investment Capacity 9

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