Investor Presentaiton

Financing Strategy Prudent plan achieves acquisition accretion metrics and maximizes shareholder value Acquisition financing - Completed ☐ Long-term financing plan structured to maintain strong investment grade credit profile C$2.1bn bought deal and C$400mm private placement of subscription receipts ■ Committed C$3.8bn acquisition bridge facility, 12 - 18 month asset sale bridge¹ Original bridge facility of C$6.3bn offset by issuance of $2.5bn in subscription receipts Acquisition financing - Outstanding ■ Monetization of assets of over C$2bn Sold a 35% minority interest in the Northwest B.C. Hydro Electric Facilities for $922 million Consideration also being given for potential of minority or majority interests, as well as outright sales of other assets Hybrids, preferred shares, and incremental debt provide funding flexibility for remaining portion Asset sales aligned with long-term business mix and are expected to close over the course of 2018 Acquisition funding sources (C$bn) ~$9.5 ~$3.4 -$2.4 ~$0.9 ~$2.8 $0.9 -$1.9 Total transaction value² Assumed debt³ Subscription receipts NWH Minority Interest Sale Bridge Loan Drawn Hybrids / Prefs Asset sales/term debt AltaGas 1 Bridge facility is denominated in US dollars (US$3bn with US-$2.3bn drawn at close of WGL), converted for presentation purposes to Canadian dollars at 1.26 CAD/USD; 2 Includes additional transaction related items; 3 Debt, Minority Interest and Preferred shares as of December 31, 2017, converted to Canadian dollars at 1.26 CAD/USD 60

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