Agenda Annual General Meeting April 25, 2013 Annual Report to Shareholders Election of Directors Appointment of the Auditors Further Business Update from David Cornhill, Chairman and CEO 1
David Cornhill Chairman and Chief Executive Officer 2
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…
Were a leading energy infrastructure company Enterprise value 7.0 billion Market cap 4.0 billion Total assets of 6.0 billion Strategically located assets Diversified markets and business segments 4
Our strategy Capitalize on opportunities Diverse business segments; created by the renaissance diverse markets of natural gas and clean Long-life assets energy through each of our business segments Stable and predictable cash flows…
Major milestones in 2012 6
Transforming our Gas business Harmattan Gordondale Blair Creek 250 Mmcf/d, 100 km 120 Mmcf/d deep cut 50 Mmcf/d expansion pipeline increases capacity completed and throughput to near commissioned in full capacity of 490 Long-term…
Growing our Power portfolio Our power business is Busch Ranch poised to generate significant stable cash flow Acquired a 50% interest in the 29 MW Busch Ranch wind farm in the US Harmattan Cogeneration II Completed the 15 MW…
Completing Forrest Kerr 195 MW capacity Power Tunnel 60-year fully indexed EPA with BC Hydro Capital cost estimate: 725 million 100 million annualized EBITDA Weir Mechanically complete by end of 2013 In-service estimate:…
Forrest Kerr April 5, 2013 10
Forrest Kerr April 15, 2013 11
Forrest Kerr April 2013 12
In construction McLymont Creek and Iskut Bridge Volcano Creek 82 MW capacity 60-year fully indexed EPA with BC Hydro Capital cost estimate: 300 million Iskut Bridge 30 million annualized EBITDA In-service estimate: Mid-2015…
Expanding our Utilities rate base SEMCO acquisition SEMCO increased our customer base by 400% Largest acquisition in 18-year history Brought customer base to nearly 550,000 More than doubled our utility rate base to over 1.3…
Strong financial results in 2012 * Restated to comply with US GAAP from 2010 onwards 15
AltaGas / Idemitsu JV partnership AltaGas and Objective: To pursue opportunities to Idemitsu will each export LPG and LNG from Canada own a 50 percent LPG feasibility study to be completed interest in the in 2013 with exports potentially…
AltaGas / Idemitsu strategic rationale The Partnership opens the The Partnership is expected to door to new markets for increase access to markets in Canadian gas Asia, as well as other global markets Japan is the worlds largest…
Blythe Energy Center1 Consistent with AltaGas strategy of increasing its clean energy portfolio 507 MW natural gas-fired combined cycle power plant Located in Blythe, California Well positioned to access premium power markets in…
Blythe acquisition1 strategic rationale First major expansion in power generation Long-life power generation asset Seven year PPA Stable and predictable cash flows Provides further diversification of both fuel type and market…
Total enterprise value growing * From seed capital of 37,000 in 1994 to an enterprise value of approximately 7 billion today, we have been on an amazing journey of creating both economic and social value along the way. - David…
Q1 2013 Highlights Normalized EBITDA of 145.8 Significant EBITDA growth driven million by new assets New assets performed as 160 EBITDA expected 140 Announced AltaGas / Idemitsu 120 Kosan Ltd., Co joint venture partnership…
Our next steps Our stable and Gas Utilities: diverse portfolio Optimizing assets Successfully complete of assets allows 130M capital spend us to continue Pursuing growth to program support liquids-rich adapting and activity Complete…
Increasing our geographic diversification 2016T 2009 US 35% Canada Canada 65% Pie charts represent total business EBITDA See Forward-Looking Statements & Information 23
Increasing our business diversification Equally balanced and diversified portfolio Pie charts represent total business EBITDA See Forward-Looking Statements & Information 24
Increased earnings stability Reducing commodity exposure Adding assets underpinned by regulated returns or long-term contracts 80 percent from stable earnings in 2013 Target of 85 percent from stable earnings See…
Strategic opportunities in North America Strategic opportunities across Canada and the Northern and Western US Critical mass in strategic geographies creates a strong competitive advantage 26
Future investment opportunities of 2 - 5 billion Anchorage British Columbia See Forward-Looking Statements & Information 27
First Nations and Community engagement Our objective is to develop long-term relationships and provide sustainable benefits to the communities and First Nations in which we operate We achieve this through: Focused community engagement…
Sharing the journey Employer recognition One of Canadas Top Employers for Young People Albertas Top 60 Employers One of Canadas Best Employers for New Canadians Sponsorship Canadian cross country ski team United Way platinum…
Safety and environment We are committed to protecting employees, the public and the environment We provide safety training that directly relates to all employees and contractors work activities In 2012 we increased our pipeline…
2013 milestones Growth projects Area Targets for 2013 Utilization of new gas assets Gas 75 percent utilization of gas assets added in 2012 Forrest Kerr Power Mechanical completion and begin commissioning McLymont Creek and Volcano Creek…
Delivering strong earnings and cash flow growth Attractive portfolio of Strong, diversified business Capital growth focused on stable, long-term energy infrastructure contracted projects assets Opportunities to grow Proven track…
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