AltaGas Value Proposition

Balance Sheet is Structured to Weather the Current Environment Floating Rate Exposure Minimized Interest rate exposure well-hedged with >90% of borrowing costs tied to fixed instrument or held at the utilities with rate recoverable structure. 11% increase in fixed rate debt since 2022 4% 88% Fixed O Floating - Utilities (Rate Recoverable) 8% Floating - Midstream / Corporate (Includes Pipestone Cash Consideration) As of Q3/23 Notes: *See "Forward-looking Information" AltaGas Properly Tenured Maturity Ladder Minimal near-term maturities with debt stack properly tenured to manage current rate environment. Purposeful flexibility left for debt reduction generated from an MVP sale. Medium-Term Note Maturities (C$MM) $0.9B $0.8B $0.6B $0.5B $0.6B $3.7B Optimized Preferred Redemptions Redemption of prefs with hybrid issuances has generated significant relative savings over reset by optimizing tax deductions / avoiding Part 6.1 taxes. $18MM Annual Cost Savings Cumulative impact from last three Pref-to- Hybrid transactions expected to generate Outstanding Series A/B Preferred Shares - $200MM Series G/H Preferred Shares - $200MM (Pending) Redeemed/ Hybrid Series K Pref Replaced with 5.25% Series 1 Hybrid Series C Pref Replaced with 7.35% Series 2 Hybrid Series E Pref Replaced with 8.90% Series 3 Hybrid 2024 2025 2026 2027 2028 2029 & Beyond Note: Series | Preferred was redeemed in 2020 for senior debt Balance Sheet is Positioned to Operate in Current Environment and Fund Robust Growth Pipeline 11

View entire presentation