AltaGas : Investment Community Presentation - September 2022

September 2022 Investor Presentation

Forward-Looking Information

This presentation contains forward-looking information (forward-looking statements). Words such as "guidance", "may", "can", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "target", "potential", "objective", "continue", "outlook", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the Company or any affiliate of the Company, are intended to identify forward-looking statements. In particular, this presentation contains forward-looking statements with respect to, among other things, strategy, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements included in this document include, but are not limited to, statements with respect to the following: anticipated rate base growth in the Utilities division through 2026; anticipated 2021 full year normalized EPS, FFO per share, leverage ratios, net debt, market cap and ROE; anticipated dividend growth; expected EPS growth in 2021; emerging ecosystem focus; opportunities in hydrogen; anticipated rate base growth in the Utilities segment through 2022; Utilities strategic priorities; Midstream strategic priorities; expected NEBC processing volumes through 2022; global exports volume CAGR through 2026; long term ROE target; anticipated 2022 Utilities revenues; estimated 2021 ARP capex deployment, normalized Utilities EBITDA and WGL ROE; ARP program spending and total Utilities capex in 2022; WGL climate goals; anticipated export volumes, frac throughputs, normalized EBITDA and returns in the Midstream segment; anticipated LPG supply and demand through 2022; Midstream asset base optimization; BC NGL and natural gas production through 2030; Midstream 2030 climate goals; enterprise ESG goals for emissions, safety and diversity and inclusion; net debt/normalized EBITDA targets; segmentation of anticipated 2022 normalized EBITDA; anticipated EBITDA by contract and counterparty classification; expected annual dividend CAGR through 2026; anticipated dividend payout ratio through 2022; hedging philosophy and 2022 hedging update; anticipated 2022 normalized EPS of $1.80 - 1.95; anticipated 2022 normalized EBITDA of $1.50 - $1.55 billion; anticipated 2022 capital program of $995 million; and quarterly EBITDA by segment and on a consolidated basis. Such statements reflect AltaGas' current expectations, estimates, and projections based on certain material factors and assumptions at the time the statement was made. Material assumptions include: dividend levels; processing and fractionation volumes; number of ships and export levels from the Ferndale and RIPET facilities, current forward curves, effective tax rates, the U.S./Canadian dollar exchange rate, the impact of the COVID-19 pandemic, financing initiatives, propane price differentials, degree day variance from normal, pension discount rate, the performance of the businesses underlying each sector, impacts of the hedging program, commodity prices, weather, frac spread, access to capital, timing and receipt of regulatory approvals, including pending rate cases, planned and unplanned plant outages, timing of in-service dates of new projects and acquisition and divestiture activities, operational expenses, and returns on investments.

AltaGas' forward-looking statements are subject to certain risks and uncertainties which could cause results or events to differ from current expectations, including, without limitation: risk related to COVID -19; health and safety risks; risks related to the integration of Petrogas; operating risks; regulatory risks; cyber security, information, and control systems; litigation risk; climate-related risks, including carbon pricing; changes in law; political uncertainty and civil unrest; infrastructure risks; service interruptions; decommissioning, abandonment and reclamation costs; reputation risk; weather data; Indigenous land and rights claims; crown duty to consult with Indigenous peoples; capital market and liquidity risks; general economic conditions; internal credit risk; foreign exchange risk; debt financing, refinancing, and debt service risk; interest rates; technical systems and processes incidents; dependence on certain partners; growth strategy risk; construction and development; transportation of petroleum products; impact of competition in AltaGas' businesses; counterparty credit risk; market risk; composition risk; collateral; rep agreements; delays in U.S. Federal Government budget appropriations; market value of common shares and other securities; variability of dividends; potential sales of additional shares; volume throughput; natural gas supply risk; risk management costs and limitations; underinsured and uninsured losses; commitments associated with regulatory approvals for the acquisition of WGL; securities class action suits and derivative suits; electricity and resource adequacy prices; cost of providing retirement plan benefits; labor relations; key personnel; failure of service providers; compliance with Section 404(a) of Sarbanes-Oxley Act; and the other factors discussed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2020 and set out in AltaGas' other continuous disclosure documents. Many factors could cause AltaGas' or any particular business segment's actual results, performance or achievements to vary from those described in this press release, including, without limitation, those listed above and the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this presentation as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this presentation, should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and AltaGas' future decisions and actions will depend on management's assessment of all information at the relevant time. Such statements speak only as of the date of this presentation. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this presentation are expressly qualified by these cautionary statements.

Financial outlook information contained in this presentation about prospective financial performance, financial position, or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on AltaGas management's (Management) assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this presentation should not be used for purposes other than for which it is disclosed herein.

Additional information relating to AltaGas, including its quarterly and annual MD&A and Consolidated Financial Statements, AIF, and press releases are available through AltaGas' website at www.altagas.ca or through SEDAR at www.sedar.com. Non-GAAP Measures

This presentation contains references to certain financial measures that do not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. The non-GAAP measures and their reconciliation to US GAAP financial measures are shown in AltaGas' Management's Discussion and Analysis (MD&A) as at and for the period ended September 30, 2020. These non-GAAP measures provide additional information that management believes is meaningful regarding AltaGas' operational performance, liquidity and capacity to fund dividends, capital expenditures, and other investing activities. Readers are cautioned that these non-GAAP measures should not be construed as alternatives to other measures of financial performance calculated in accordance with US GAAP.

EBITDA is a measure of AltaGas' operating profitability prior to how business activities are financed, assets are amortized, or earnings are taxed. EBITDA is calculated from the Consolidated Statements of Income (Loss) using net income (loss) adjusted for pre-tax depreciation and amortization, interest expense, and income tax expense (recovery). Normalized EBITDA includes additional adjustments for transaction costs related to acquisitions and dispositions, unrealized losses (gains) on risk management contracts, gains on investments, gains on sale of assets, restructuring costs, dilution loss on equity investment, COVID-19 related costs, provisions (reversal of provisions) on assets, provisions on investments accounted for by the equity method, foreign exchange gains, and accretion expenses related to asset retirement obligations. AltaGas presents normalized EBITDA as a supplemental measure. Normalized EBITDA is used by Management to enhance the understanding of AltaGas' earnings over periods. The metric is frequently used by analysts and investors in the evaluation of entities within the industry as it excludes items that can vary substantially between entities depending on the accounting policies chosen, the book value of assets, and the capital structure.

Normalized EPS is calculated as normalized net income divided by the average number of shares outstanding during the period. Normalized net income is calculated from the Consolidated Statements of Income (Loss) using net income (loss) applicable to common shares adjusted for transaction costs related to acquisitions and dispositions, unrealized losses (gains) on risk management contracts, non-controlling interest portion of non-GAAP adjustments, gains on investments, gains on sale of assets, provisions on assets, restructuring costs, dilution loss on equity investment, COVID-19 related costs, and provisions on investments accounted for by the equity method. Normalized net income per share is used by Management to enhance the comparability of AltaGas' earnings, as these metrics reflect the underlying performance of AltaGas' business activities.

Net debt is used by the Corporation to monitor its capital structure and financing requirements. It is also used as a measure of the Corporation's overall financial strength and is presented to provide this perspective to analysts and investors. Net debt is defined as short-term debt (excluding third-party project financing obtained for the construction of certain energy management services projects), plus current and long-term portions of long-term debt, less cash and cash equivalents,C OVID-19 related costs, and statutory tax rate change. Normalized net income (loss) is used by Management to enhance the comparability of AltaGas' earnings, as it reflects the underlying performance of AltaGas' business activities.

2

Who We Are

Our

Vision

Our

Mission

Our

Values

A Leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy.

To improve quality of life by safely and reliably connecting customers to affordable sources of energy for today and tomorrow.

Every day, our team of approximately 3,000 people strong is guided by our core values. These values are not negotiable. They are our fuel, foundation and focus.

Work Safely,	Act with	Make Informed	Achieve	Invest in our People
Think Responsibly	Integrity	Decisions	Results	& Foster Diversity

3

Our Corporate Strategy

Invest in and operate long-lifeinfrastructure assets that provide resilient and durable value for our stakeholders.

Earnings				Model
Per Share	Growth	Durability		Check
	FFO			Points
What we
Per Share	Growth	Durability
Focus on
Leverage Ratios /	Medium-term	Long-term
	<5.0x	~4.5x
	Margin of Safety
			Net Debt/EBITDA1	Net Debt/EBITDA1

Focus on creating an enduring platform that will perform in a changing energy landscape

Our focus is steady returns that
compound value over time.	Strong Long-	10%
Utilities	Midstream	term Returns	Long-term ROE Target
Steady Capital
	What we
	Appreciation	Growth	Durability
	Target
	Dividend			Model
	Growth	Growth	Durability	Outputs
	Notes: Normalized figures - Non-GAAP financial measure; see discussion in the Advisories			4

One Strong Platform Focused on Connecting Customers and Markets

Investing for the Benefit of our Customers, Investors and the Environment

Integrated Midstream Business - from wellhead to global markets

A leading energy infrastructure platform that invests in and operates long-life infrastructure assets that provide resilient and durable value for our stakeholders.

Wellhead	Gas Gathering		NGL Extraction
& Processing		& Fractionation
GAS		NGLs	C3 & C4
Midstream			C5
2.1 Bcf/d1		64,000 Bbl/d2
Legend:
Processing		6 Facilities:
AltaGas			Sales: Local and
Midstream Activities
	U.S. Markets
Third-Party

Transportation, Storage& Rail Logistics

C3 & C4

~4,700 rail cars, >6 MMBls Storage, >125 trucks, >250 trailers:

Fort Saskatchewan -

Local Blending

Export	Global
Markets
C3 & C4
~150,000 Bbl/d3	VLGC to Asia
Export capability	& Global
2 Terminals:	Markets
RIPET, Ferndale

Everyday we are focused on connecting customers and markets in the most efficient manner possible.

		~3,000		~$22B
(ALA-TSX)		Employees		Total Assets
~$8.1B		~$17.7B	55% Utilities
Market Cap4		EV4		/ 46% 5
				Midstream

Regulated Gas Distribution: US$4.9B Rate Base6

1	~509,000 customers
2	~546,000 customers		1
3	~166,000 customers	2	4
Utilities			3
4	~321,000 customers

5 ~151,000 customers

(High single-digit growth - 2022-2026)

Retail Energy

Marketing

Sell natural gas and power directly to residential, commercial, and industrial customers

5Other Services

Efficiency,

Technology,

Transportation

and Generation

1.	Based on ALA working interest nameplate capacity in FG&P and extraction; 2. Based on ALA 100% working interest facilities and ALA % capacity in non-operated facilities;	5
3.	Includes RIPET and Ferndale; 4. As of August 31, 2022; 5. Based on 2022 normalized EBITDA guidance; 6. On May 26, 2022 AltaGas announced an agreement to sell its Alaska Utilities to
TriSummit Utilities. The transaction is expected to close in Q1 2023. See "Forward-lookingInformation"