Globally Connected Infrastructure

Macro Set Up Macro Data Points Interest Rates 2022 2023 Utility Key Macroeconomic Data Points nil 4x Cost of Gas Substitution Inflation 2023 2022 Low High Below Avg Population Growth Midstream Key Macroeconomic Data Points Weak Robust Asian Demand for LPGs AltaGas Weak Commodity Prices Robust FX (USD/CAD) 2023 2022 Above Avg Low Regulatory Jurisdictions Weak Robust Producer Economics Sources: U.S. Bureau of Labor Statistics and U.S. Census Bureau, AGA, Bloomberg, Regulatory Research Associates and FactSet. Notes: *See "Forward-looking Information" High Investment Opportunities Low High Investment Opportunities 17

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