Investor Presentaiton

Northwest B.C. Hydro - Stable Long-Term Financial Returns Forrest Kerr 195 MW fully contracted to 2074 McLymont Creek 66 MW fully contracted to 2075 Volcano Creek 16 MW fully contracted to 2074 ◉ ◉ ■ ■ Sold 35% of Northwest Hydro Facilities for $922 million, implying a 2017 EBITDA multiple of 27 times and a total value of $2.7 billion on a 100% basis 60 Year PPA with high quality credit (BC Hydro) - 100% indexed to B.C. CPI AltaGas as operator has excellent track record Minimal ongoing maintenance capital Very high capacity factors translates into low annual generation volatility See "forward-looking information" AltaGas $ Millions 600 500 400 300 200 100 0 NWH 60-year EBITDA: CPI indexing can deliver significant growth 5 Year 10Year 15 Year CPI 1% 20 Year 25 Year 30 Year CPI 1.5% 35 Year 40 Year 45 Year CPI 2% 50 Year 55 Year 60 Year CPI 2.5% 53

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