Globally Connected Infrastructure

Driving Towards Our Targeted Capital Structure ☐ ■ Sale of MVP is the quickest path to accelerate deleveraging: ~4.5x net debt / normalized EBITDA Additional financial flexibility also expected once Pipestone II and REEF are fully online Asset optimization, organic growth, cost management, and disciplined capital allocation will further enhance financial flexibility 8.0x 7.0x Canadian Midstream - 2024E Net Debt/ Normalized EBITDA 6.0x 5.0x 3.50x 4.0x 3.0x 2.0x 1.0x 0.0x Peer Range - Low, Average, High More ideal Long-term Range U.S. Gas LDCs - 2024E Net Debt/ Normalized EBITDA 5.25x Peer Range - Low, Average, High More ideal Long-term Range • Additional financial flexibility post Pipestone II and REEF developments coming online • Build dry powder and natural deleveraging overtime I 45% Weighted to Canadian Midstream I 55% Weighted to U.S. Gas LDCs Notes: 1) Non-GAAP measure; see discussion in the advisories; *See "Forward-looking Information" AltaGas Clear Path to Achieve 4.5x Net Debt/Normalized EBITDA Leverage Target 4.5x Target 12

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