Investor Presentaiton

CU CANADIAN UTILITIES LIMITED An ATCO Company REGULATED UTILITY EARNINGS IN 2018 Canadian Utilities Adjusted Earnings Electric Transmission earnings delayed due to Alberta regulatory backlog; _ on lower 2018 interim rates until rates decision which is expected in 2019 INVESTOR PRESENTATION FEBRUARY 2019 $195M $187M $230M $175M YTD 2017 YTD 2018 YTD 2017 YTD 2018 Transmission Utilities 18 Distribution Utilities Lower earnings mainly due to rate rebasing under Alberta's regulated model ATCO

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