Annual Report

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AltaGas Annual Report | 2010

2010 Financial Highlights

$ millions except as indicated

2010 1,354.1

2009 1,268.3 456.6 251.5 242.0 174.3 164.8 141.3 132.7 2,628.9 1,014.6 49.2 202.3 170.2 –

2008 1,816.8 476.5 258.7 247.7 188.0 177.0 163.6 158.0 2,132.3 565.3 37.8 216.8 147.1 –

2007 1,428.4 324.0 175.2 174.1 126.6 125.5 108.8 109.3 1,172.7 220.8 27.4 162.9 118.6 –

2006 1,362.6 318.9 174.5 174.5 126.7 126.7 114.5 114.5 1,109.6 265.5 33.4 161.7 110.8 –

Revenue Net revenue EBITDA

1 1 1

485.5 243.8 249.5 151.8 157.5 97.2 101.7 2,751.7 904.5 42.8 195.0 87.0 54.1

EBITDA adjusted for mark-to-market accounting Operating income

1

Operating income adjusted for mark-to-market accounting 1 Net income applicable to common shares Net income applicable to common shares adjusted for mark-to-market accounting 1 Total assets Total debt Debt as a percent of total capitalization (%) Funds from operations 1 Distributions declared Dividends declared

$ per basic share

EBITDA adjusted for mark-to-market accounting 1 Net income applicable to common shares Net income applicable to common shares adjusted for mark-to-market accounting Funds from operations 1 Distributions declared Dividends declared

1

3.06 1.19 1.25 2.39 1.08 0.66

3.08 1.80 1.69 2.58 2.16 –

3.60 2.38 2.30 3.15 2.125 –

3.03 1.90 1.90 2.84 2.065 –

3.14 2.06 2.06 2.92 1.995 –

Non-GAAP financial measure. See discussion in the “Non-GAAP Financial Measures” section of the MD&A.

With a strong balance sheet, we have the financial flexibility to fund our committed capital program. Capital structure

n EQUITY n PREFERRED SHARES n DEBT

EBITDA adjusted for mark-to-market accounting

$ millions 250 200

Funds from operations

$ millions 250 200 150

Operating income adjusted for mark-to-market accounting

$ millions 200 150 100

We generate superior economic returns by investing in low-risk, long-life energy assets. Operating income

n GAS n...