AltaGas Value Proposition

Compounding Long-term Dividends at 5-7% CAGR DIVIDEND PHILOSOPHY ■ Plan to return capital through sustainable dividends increases Industry leading normalized EPS and FFO growth provides the opportunity to grow DPS at the same rate 1 2 50-60% Payout Ratio Target Calibrated at a Logical Portion of Normalized EPS Midstream Peers Utility Peers $1.19/Share 2024 Dividend Represents a 6% increase or a $0.07/share increase versus 2023. 5-7% Approximate Annual Dividend CAGR Range Expected Over the Next Five Years Long-term Implied Dividends Per Share Growth Rate Annual dividend growth rate adjustable up to AltaGas' medium- term normalized EPS growth rate 140% 120% 100% 80% 60% 40% 20% Peer 1 Peer 2 Peer 3 Peer 4 Peer Average Peer 5 Peer 6 Peer 7 Peer 8 ALA I $1.60 Announced 5% 6% 7% $1.40 $1.20 $1.00 $0.80 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E Notes: 1) Non-GAAP financial measure, see discussion in the advisories. Peer payout ratios based on 2024 estimates from Factset; *See "Forward-looking information" AltaGas Dividend Recommendation Aligns with Medium Term Normalized EPS Growth 8

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