Compounding Long-term Dividends at 5-7% CAGR

Our Focus Areas Focus on growing, de-risking, and strengthening the enterprise. 1 Equity Self- funding Model Utilize an equity self-funding model to advance organic growth 2 Commercial De-risking ■ Increase take-or-pay contracting and tolling in Midstream ■ Pursue weather normalization/ decoupling and other regulatory changes at Utilities in D.C. " 3 Continued De-leveraging Achieve 4.5x net debt / normalized EBITDA¹. Build dry powder 4 Optimize Returns Optimize assets for the strongest returns Close remaining ROE gap at the Utilities ■ Brownfield optimization projects across the Midstream platform 5 Capital Allocation ■ Maintain prudent capital allocation that drives organic growth and supports dividend increases Filter organic growth opportunities to the best risk adjusted returns ■ Maintain optionality around selective M&A, potential further leverage reduction, and/or stock buybacks, once leverage targets achieved Notes: 1) Non-GAAP measure; see discussion in the advisories. *See "Forward-looking Information". AltaGas 5

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