Atmos' Constructive Regulatory Environments Support Timely Return

Favorable rate regulation and large infrastructure investment opportunities have driven strong earnings growth and steady dividend increases for Atmos Energy. We expect Atmos to invest $13.8 billion during the next five years, in line with management's $13 billion-$14 billion target. Over 85% of the total investment is for safety and reliability, replacing bare steel, cast iron, and vintage plastic pipes. We expect this investment to receive regulatory support and continue beyond our five-year forecast.