Forward-looking informationThis 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 www.altagas.ca. 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 www.sedar.com.

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

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Diversified markets and business segments

Northwest Projects

See "Forward-Looking Statements & Information 4

• Three run-of-river projects totalling 277 MW

o Forrest Kerr 195 MW

o McLymont Creek 66 MW

o 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 2010 will take 5 years to complete all three projects

New BC Hydro 344 km 287 kV Transmission Line

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 – 2001Coast Mountain Hydro initiates investigations for the site as independent power development

2003 – 2004Environmental Assessment Certificate issued for 112 MW facility @156 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 – 2010195 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

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Northwest Projects – Forrest Kerr history

Forrest Kerr – Project Overview

6

Completing Forrest KerrKey Parameters/ Components• 100m gross head 252m3/s design flow

• 2 @10m 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

144m L X 17m W X 27m H

• 4m dia. ~130m L vertical bus shaft

• 9 @ 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

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Power Tunnel

Weir

Forrest Kerr Contractors/Suppliers

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

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Weir

Intake

De-sander

Power Tunnel

Intake Structure

Forrest Kerr Weir

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January 2013 May 2013

Sediment Chamber 10

Intake Sluice Channel 11

Forrest Kerr Underground Powerhouse

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Fall 2012 Fall 2013

26 MVA Generators

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Switchgear Panels

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15

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