0. 12 April 2017

1. Forward-looking information
This presentation contains forward-looking statements. When used in this presentation the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to AltaGas or any affiliate of AltaGas, are intended to identify forward-looking statements. In particular, this presentation contains forward-looking statements with respect to, among others things, business objectives, expected growth, results of operations, performance, business projects, opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect AltaGas’ current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties including without limitation, changes in market competition, governmental or regulatory developments, changes in tax legislation, general economic conditions and other factors set out in AltaGas’ public disclosure documents. Many factors could cause AltaGas’ or any of its business segments’ actual results, performance or achievements to vary from those described in this presentation, including without limitation those listed above as well as the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Factors which could cause results or events to differ from current expectations are: capital resources and liquidity risk, market risk, commodity price risk, operational risk, volume declines, weather, construction, counterparty risk, environmental risk, regulatory risk and labour relations. 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 or expected, and such forward-looking statements included in this presentation herein should not be unduly relied upon. These 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 as cautionary statements. Financial outlook information contained in this presentation about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this presentation should not be used for the purposes other than for which it is disclosed herein. Additional information relating to AltaGas can be found on its website at The continuous disclosure materials of AltaGas, including its annual MD&A and Consolidated Financial Statements, Annual Information Form, Information Circular, and Proxy Statement, material change reports and press releases, are also available through AltaGas’ website or directly through the SEDAR system at
See "Forward-Looking Statements & Information"

2. We’re a leading energy infrastructure company
Listed on TSX (ALA)
Enterprise value ~$7.4 billion
5 Utilities serving over 540,000 customers in the U.S. and Canada
1,372 MW of Power Generation in five fuel types
Gas processing – touching over 2 Bcf/d
Our vision has not changed. It is to be a leading North American energy infrastructure company. Over 1,300 MW power generation:
Alberta
353 MW coal
72 MW gas
British Columbia
379 MW renewable
United States
50 MW renewable
507 MW gas
Through our Gas, Power and Utility business segments, we have built a $7 billion dollar company of diversified energy infrastructure. Our portfolio is geographically diverse and allows us to use our competitive advantages to build strategic asset clusters.
In 2009 we set out a target of achieving $2 billion in growth projects between 2010 and As of the first quarter 2013 we had spent over ($4) billion on growth. We now have approximately $6 billion dollars worth of operating assets across the energy value chain.
Market Cap = $36.00 x 116,214,037 shares outstanding = $4,183,705,332
Market Cap $ 4,184 million
Debt $ 2,737 million
Total Preferred Shares $ 395 million
Enterprise Value $ 7,316 million * Rounded to $7.0 billion to be conservative
Based on a share price of $36.00
Total assets from Q MD&A: $5,972.4 million  rounded to $6.0 billion for slide
Process and transport over 2.0 Bcf/d : See attached detailed schedule
Diversified markets and business segments

3. Northwest Projects Three run-of-river projects totalling 277 MW
Forrest Kerr 195 MW
McLymont Creek 66 MW
Volcano Creek 16 MW
Total investment ~$1.0 billion
Long-term Energy Purchase Agreements with BC Hydro
Impact Benefit Agreements in place with Tahltan First Nation
Construction started in will take 5 years to complete all three projects
New
BC Hydro 344 km 287 kV Transmission Line
Information Sources:
Q Report
2011 MD&A
See "Forward-Looking Statements & Information

4. Northwest Projects – Forrest Kerr history
1970s – 1980s
BC Hydro investigates site for potential development of large 800 MW dam
Mid 1990s
Site is investigated as a potential power source of 30 MW for a mine development
2000 – 2001
Coast Mountain Hydro initiates investigations for the site as independent power development
2003 – 2004
Environmental Assessment Certificate issued for 112 MW m3/s diversion flow
2006
NovaGold acquires Coast Mountain to support its Galore Creek mine development
2008
NovaGold sells Coast Mountain assets to AltaGas Ltd.
2008 – 2010
195 MW Project with 252m3/s diversion flow fully permitted by AltaGas, an EPA in place with BC Hydro and Participation Agreement is signed with Tahltan First Nation
2010
In mid-2010 AltaGas began construction of the Forrest Kerr Project

5. Forrest Kerr – Project Overview

6. Completing Forrest Kerr
Key Parameters/ Components
100m gross head 252m3/s design flow
L x 7m H Obermeyer Weir
Intake and de-sanding basin
Over 5 km of tunnels - largest is power tunnel 10m dia. 3km L
Underground powerhouse m L X 17m W X 27m H
4m dia. ~130m L vertical bus shaft
22 MW Andritz Horizontal Francis Turbines
40km 287 kV Transmission line
300+ man camp and related facilities
COD Mid-2014
Capital cost estimate: $725 million
Weir
Power Tunnel
Top photo: Forrest Kerr Power Tunnel (from Comms library, April 5, 2013)
Bottom photo: Weir construction (from Comms library April 15, 2013)
We made substantial progress on our Northwest run of river hydro projects. At the end of 2012, Forest Kerr was 75 percent complete. In the first four months of 2013, it has advanced another [x] percent. The tunneling is complete, the in-river work is complete, and completion of the powerhouse is ahead of schedule. There are no major components that are on critical path anymore and we expect the plant to be mechanically complete by the end of the year. We expect to commission the plant by mid-2014 once the Northwest Transmission Line is up and running. The project overall remains on budget and ahead of schedule.
The 195 MW Forrest Kerr can power approximately 70,000 homes

7. Forrest Kerr Contractors/Suppliers
Intake Structure
Over 170 suppliers -
major contractors include:
Tahltan Nation Development Corp. (site prep. civil support)
Procon Mining (Excavation)
Obermeyer Hydro (Weir)
Turbine Pro ( Installation)
Andritz Hydro (Turbines, Generators supply)
AFI Hydro (gates/ hoist)
Formula Contractors (civil etc.)
WestPro (civil etc.)
CG Power/ Alstom (Transformers)
Hitachi Power Sys.(Penstock)
Valard Construction (T/L)
PDI Solutions (Cranes)
Hatch Engineering
Northwest Hydraulics
Power Tunnel
Weir
De-sander
Intake

8. Forrest Kerr Weir January 2013 May 2013
The weir is the structure that will control the flow of water into the power tunnel, and ensure that the majority of water continues to flow in the Iskut River at all times.
In these two pictures you can see that the weir went from a foundation to being in operation in a short amount of time, thanks to everyone’s hard work on-site.
During planning both THREAT and government requested Altagas to minimize the interruption of sediment transport in the Iskut by filling in behind the weir. The natural River sediment load is 60 million tonnes per year and would fill up behind the weir in one year. Sediment transport is a key component of the natural Iskut ecosystem and will be a long term monitoring requirement of Altagas to ensure the project functions as designed.

9. Sediment Chamber 12 April 2017
Standing from the downstream end looking upstream towards the intake forebay. The stoplogs will be replaced with trash racks.
Sediment Chamber

10. Intake Sluice Channel 12 April 2017
Forebay consists of a sluice channel including box culvert 1.5m H x 6m W
Intake Sluice Channel

11. Forrest Kerr Underground Powerhouse
12 April 2017
Fall 2012
Fall 2013

12. 26 MVA Generators

13. Switchgear Panels
12 April 2017

14. Forrest Kerr (on schedule and budget)
Challenges
Geotechnical
Environmental
Permitting / approvals
First Nations / community support
Cost control and mgt.
Remote location / weather
Securing and retaining labour in a remote site
Keys to Success
Early and on-going community and First Nations engagement
Unique configuration
Self performing project execution with a strong site mgt. team that has decision making authority and support
Full service camp, individual rooms, strict camp policies
Securing workers from across the country
Balance sheet financing