Investor Presentaiton

0 2 4 6 14 Valuation Multiple Attractive value for AltaGas, combined with sustainable dividend payment. AltaGas has one of the lowest multiples in the entire sector. 12 Average 10 8 AltaGas Capital Power TransAlta Fortis Enbridge Income Emera Enbridge Inc 2019E P/AFFO1 Inter Pipeline TransCanada Pembina TransAlta Renewables Keyera Algonquin Power & Utilities Gibsons Innergex Renewables Northland Power See "forward-looking information" Boralex Brookfield Renewable Energy infrastructure group yield and growth² Yield 8% AltaGas Gibson 7% Attractive Valuation Inter Pipeline Enbridge IF Brookfield Capital Power Renewable 6% Enbridge 5% Algonquin Emera Pembina Innergex Northland Power Keyera TransCanada Canadian Utilities 4% Fortis 3% 0% 2% 4% 6% 8% 2-Year Dividend CAGR through 2018 10% 12% AltaGas 1 CIBC data, May 7, 2018. AFFO equals FFO adjusted for gas and power maintenance capital, preferred share dividends and non-controlling interest. AFFO is normalized which is a non- GAAP measure 2 Data provided by IR Insights 17

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