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Investor Presentaiton

44 40 15 10 3322505 Fortis Larger Scale Enhances AltaGas' Competitive Position Peer Group Enterprise Value ($ billions) 50 45 TSX: ALA Today $CAD Common shares outstanding1 Common share trading price² 52-week trading range² Market capitalization² 266 million $27.49 $30.06-$22.82 Brookfield Renewable Pembina Pipeline Emera Canadian Utilities ~$17 billion energy infrastructure company AltaGas 2 As of August 1, 2018 See "forward-looking information" Alta Gas Inter Pipeline Northland Power Keyera Algonquin Power & Utilities 1 As of Q2 2018, plus conversion of subscription receipts and assumed WGL debt TransAlta $7.0 billion Preferred shares² $1.3 billion Net debt1 Total enterprise value² $8.9 billion $17.2 billion Corporate credit rating S&P DBRS Innergex Renewable Capital Power Boralex TransAlta Renewables Gibson Atlantic Power Increased diversification Expanded access to capital and greater financial flexibility BBB BBB 20 20
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