Investor Presentaiton

Painted Pony Strategic Alliance Painted Pony actively markets the vast majority of natural gas volumes away from Station 2 index pricing and into more profitable sales points NYMEX 9% Condensate and NGLS 5% Total Expected Station 2 2% AECO 7% SUMAS 5% ■ ■ Townsend Facility anchor tenant with 20 year take-or-pay Low cost producer 1.6x Proved Developed Producing 2017 F&D Recycle Ratio¹ 6% decrease in per unit operating costs in 20172 ■ 2018 production guidance of between 348 Mmcfe/d - 360 Mmcfe/d1 Expecting 38% annual average daily production growth from 2017 to 2018 based entirely on growth through the drill-bit¹ ■ Reserves support multi-year drilling program and future growth ■ 2018 Production DAWN 6% Revenue by Source¹ Highly efficient drilling performance1 - Low well costs of ~$4 million per well Fixed Price Contracts 65% AltaGas PAINTED PONY ENERGY LTD. AltaGas 1 Painted Pony May 2018 Investor Presentation. 2 Painted Pony 2017 Annual Report 3 Painted Pony Q1 2018 Report See "forward-looking information" • - Top well performance of ~9 Bcfe estimated ultimate recovery per well Firm transportation in place to meet production growth targets - Exposure to Station 2 spot pricing reduced to ~2% of forecasted revenue1 ■ Solid financial position - March 31, 2018 net debt of $396.1 million (~40% of capacity)³ Meaningfully hedged production in Q2 - Q4 2018 (65%)¹ 14 year supply contract signed with Methanex currently delivering 10 Mmcf/d, increasing to 50 Mmcf/d by 2023 38

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