AltaGas Value Proposition

High Growth Rate Regulated Utilities Platform High Growth Utilities Platform ■ ~1.6 million customers with population growing ~40% faster than the national average¹ ~70% of revenue from residential customers Limited weather/usage sensitivity across ~70% of rate base ■ US$5.0 billion regulated rate base; ~9% CAGR since 2019 Strong and Transparent Growth 2024E Utility Revenues 70% Residential 30% Commercial & Industrial ■ Strong growth through customer additions and modernization programs ■ Modernization programs provide incentive to upgrade networks for safety and reliability with limited rate lag Utilities Breakdown Maryland Customers² Rate Base (US$MM)² Allowed ROE OD.C. Maryland 513,000 1,544 9.70% Washington Virginia 552,000 1,797 9.65% Gas D.C. 164,000 743 9.25% Virginia SEMCOENERGY Michigan 319,000 884 9.87% Notes: 1) United States Census Bureau, using data over the past 10 years; 2) As of June 30, 2023. *See "Forward-looking Information AltaGas Michigan 33

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