Compounding Long-term Dividends at 5-7% CAGR
AltaGas Value Proposition
Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation
Low Risk Energy Infrastructure
1
2
3 Disciplined Capital
Allocation
Platform Providing Stable and
Growing Earnings/Cash Flows
Robust energy fundamentals
for natural gas and NGLS
Low-risk commercial frameworks -
>80% utilities/take-or-pay and fee-
for-service contracts
>90% of earnings from Utilities /
Investment Grade counterparties
Diversified platform provides
opportunity to optimize capital
allocation
Visible, Industry-
Leading Growth
Utilities modernization programs
and customer growth provides
visible and low-risk growth
Growing global LPG demand
provides structural growth tailwind
Opportunities to fill latent capacity
through lower-capex investments
drive improving returns
Energy evolution provides
opportunities to augment growth
Balance sheet de-risking -
follow path to 4.5x net debt /
normalized EBITDA
Equity Self-funding model
Prudent and sustainable
dividend payout ratio
(~50-60% of normalized EPS)
Disciplined capital allocation
Notes: 1) Non-GAAP measure; see discussion in the advisories. *See "Forward-looking Information"
AltaGas
Low Risk Commercial Model; Industry-Leading Growth
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