Investor Presentaiton

Highly Contracted, Low-Risk Business Model Managed Commodity Exposure¹ 2019E (First full year including WGL) 13% 87% Highly Contracted 1,2 2019E (First full year including WGL) 72% 13% 9% 6% ■Stable EBITDA Commodity Based EBITDA ~13% of combined EBITDA exposed to commodity prices Commodity Exposed ■Medium-term (3-5 years) ■Short-term (< 3 years) ■Long-term (> 5 years) ~80% of normalized EBITDA underpinned by medium & long-term agreements High-quality cash flows underpinned by long-term take-or-pay contracts and rate regulated franchises AltaGas 1 Assumes RIPET is 40% underpinned by tolling agreements with balance being commodity exposed. Also assumes some commodity exposure for WGL (Energy Marketing). 2 Long term agreements includes rate-regulated gas utilities, Northwest BC hydro, regulated gas pipelines, WGL Contracted Pipelines, and long-term take-or-pay / cost-of-service midstream assets* Expectations as at August 1, 2018 See "forward-looking information" 16

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