LUMA Opportunity Highlights

CANADIAN CU UTILITIES LIMITED An ATCO Company REGULATORY UPDATE (Per cent of 2019 Consolidated Mid-Year Rate Base) Electricity Transmission (38%) and Natural Gas Transmission (14%) Rates are spread across all customers in the province. Changes in customers' demand and use are reflected in customer transmission rates over time. We do not expect material changes in 2020 revenue as a result of the current COVID-19 or macroeconomic global market conditions, including oil price changes. Natural Gas Distribution (20%) Operates on a revenue mechanism under PBR. Natural Gas Distribution has some protections/adjustments on future revenue variances associated with changes in volumes or customer counts. Future changes in customer counts may impact Natural Gas Distribution's revenue stream however, the majority of customers are residential and customer counts are not expected to change materially from the PBR2 forecast. At this time, we do not expect material changes in 2020 revenue as a result of the current COVID-19 or macroeconomic global market conditions, including oil price changes. We continue to monitor the situation. Under PBR, there is also the opportunity to file for Z or Y factors that could include recovery of lost revenue related to events outside the control of the utility. Electricity Distribution (19%) Operates on a price mechanism under PBR. While the price mechanism does not offer the same adjustment or updates as the revenue mechanism for future years, Electricity Distribution's rate structure currently in place utilizes a variety of mechanisms (ratchets, rate min, contract min, fixed cost recovery) to limit the exposure to demand reductions for our industrial and commercial customers. At this time, we continue to monitor and assess any changes in 2020 revenue as a result of the current COVID-19 or macroeconomic global market conditions. Under PBR, there is also the opportunity to file for Z or Y factors that could include recovery of lost revenue related to events outside the control of the utility. International Natural Gas Distribution (9%) New 5-year Access Arrangement (AA5) effective January 1, 2020. AA5 ROE is 5.02 per cent compared to 7.21 per cent in previous access arrangement. The AA5 common equity ratio is 45 per cent compared to 40 per cent in the previous access arrangement. AA5 also includes rebasing of revenues for the recovery of operating costs, the approved capital expenditure program and forecast for demand and throughput. Variables that may impact financial results include Australia's inflation rate and the exchange rate to the Canadian dollar. INVESTOR PRESENTATION FEBRUARY 2021 25 ATCO CUTILITIES LIMITED CANADIAN An ATCO Company

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