AltaGas Value Proposition

Low-Risk Energy Infrastructure Steady and Reliable Growth Low Risk Energy Infrastructure Platform Long-life infrastructure assets that provide durable and growing normalized EPS and FFO Investment Grade Credit Rating AltaGas Strong Commercial Constructs Commercial Contract Type² 4% Credit Ratings S&P Fitch Moody's BBB- (stable) 9% BBB (stable) BBB SEMCO (stable) A3 (stable) WGL Holdings BBB- (stable) BBB (stable) Washington Gas A- (stable) A- (stable) 15% 17% ■ Utilities ■ Take or Pay 55% ■ Fee for Service ■ Exports Commodity ~80% of 2024E normalized EBITDA³ from Utilities, take-or-pay or fee-for-service contracts Counterparty Credit Quality ~45% Midstream 1,3,4 Corporate/Other ~55% Utilities 1,3,4 Note: All ratings in the table above are Issuer Ratings On the path to 26% 4.5x 8% ■ Utilities & A ■ BBB 66% ■BB & Lower Net Debt/ Normalized EBITDA Notes: 1) 2024E normalized EBITDA; 2) Differential: Merchant unhedged Global Export; Commodity: Frac exposed volumes, hedged and unhedged. 3) Non-GAAP measure; see discussion in the advisories See "Forward-looking Information"; 4) Represents mid-point guidance; *See "Forward-looking information" AltaGas >90% of 2024E Normalized EBITDA³ expected from Utilities or investment grade counterparties 7

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