#1Fixed-Income Investor Presentation June 2023 NW NaturalⓇ#22 INVESTOR INFORMATION COMPANY INFORMATION NW Natural 250 SW Taylor Street Portland, OR 97204 nwnaturalholdings.com Nikki Sparley Director, Investor Relations and Treasury (503) 721-2530 [email protected] FORWARD LOOKING STATEMENTS This and other presentations made by NW Natural from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to the safe harbors created by such Act. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks,” “believes," "estimates," "expects" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans; objectives; estimates; timing; goals; strategies; future events; projections; expectations; acquisitions and timing; completion and integration thereof; storage, pipeline and other infrastructure investments; safety; system modernization and reliability; risk profile; commodity costs and sourcing; competitive advantage; marketing success; service territory; customer service; customer and business growth; customer satisfaction ratings; weather; customer rates and timing and magnitude of potential rate changes; price advantage; customer preference; conversion potential; business risk; efficiency of business operations; regulatory recovery; business development and new business initiatives; water and wastewater industry and investments including timing, completion and integration of such investments; environmental initiatives and remediation recoveries; gas storage markets and business opportunities; gas storage development, costs, timing or returns related thereto; dispositions and timing, completion and outcomes thereof; accretion, financial positions and performance; economic and housing market trends and performance; shareholder return and value; capital expenditures; technological innovations and investments; availability and sources of liquidity; strategic goals and visions; decarbonization and the role of natural gas and the gas delivery system, including competitive renewable natural gas strategy; use of renewables such as renewable natural gas and hydrogen; low carbon pathway and Vision 2050; carbon emissions and savings; renewable natural gas projects or investments and timing related thereto; procurement of renewable natural gas for customers; workforce trends; diversity, equity and inclusion initiatives; hedge efficacy; cash flows and adequacy thereof; return on equity; capital structure; return on invested capital; revenues and earnings and timing thereof; margins; net income; operations and maintenance expense; dividends; credit ratings and profile; debt and equity issuances; the regulatory environment; effects of regulatory disallowance; timing or effects of future regulatory proceedings or future regulatory approvals; regulatory prudence reviews or deferrals; timing, outcome and effects of regulatory dockets or mechanisms or approvals, including, but not limited to, OPUC approval of the Oregon general rate case comprehensive stipulation; effects of legislation and changes in laws and regulations, including but not limited to carbon, renewable natural gas and renewable hydrogen regulations; gas supply; supply chain; effects, extent, severity and duration of COVID-19 and resulting economic disruption; the impact of efforts to mitigate risks posed by its spread, the ability of our workforce, customers or suppliers to operate or conduct business, COVID-19 expenses and financial impact and cost recovery including through regulatory deferrals, impact on capital projects, governmental actions and timing thereof, including actions to reopen the economy; and other statements that are other than statements of historical facts. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements, so we caution you against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors," and Part II, Item 7 and Item 7A “Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosure about Market Risk" in the Company's most recent Annual Report on Form 10-K, and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk", and Part II, Item 1A, "Risk Factors", in the Company's quarterly reports filed thereafter. All forward-looking statements made in this presentation and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.#33 LEADERSHIP PRESENTING • FRANK BURKHARTSMEYER EVP Strategy & Business Development and Chief Financial Officer Mr. Burkhartsmeyer is currently NW Natural Holdings' and NW Natural's Executive Vice President Strategy & Business Development and remains CFO effective May 2023. Burkhartsmeyer has been with the company and CFO since May 2017. Previously, Mr. Burkhartsmeyer served as President and CEO of Avangrid Renewables and Senior Vice President of Finance at Iberdrola Renewables Holdings US and also held various positions at PPM Energy, Scottish Power and PacificCorp. Mr. Burkhartsmeyer has an MBA from the University of Oregon and a Bachelor of Arts in Liberal Arts from the University of Montana. BRODY J. WILSON ⚫ Vice President, Treasurer, Chief Accounting Officer, and Controller Mr. Wilson is currently NW Natural Holding' Vice President and Treasurer effective October 2018 and NW Natural's Vice President and Treasurer effective May 2017 in addition to his duties as Chief Accounting Officer (2016) and Controller (2013). Prior to joining the Company in 2012, he was a Senior Manager in the Energy & Utility Group at PricewaterhouseCoopers LLP. Mr. Wilson holds a Bachelor of Science in Accounting from George Fox University and is a CPA in Oregon.#44 INTRODUCTION#55 NW NATURAL AT A GLANCE WASHINGTON PORTLAND THE DALLES 2.5 million people served Over 795,000 connections 14,000 miles of modern pipeline $4.6 billion in assets Growing service territory in Oregon & Southwest Washington ASTORIA N. MIST & MIST VANCOUVERO LINCOLN CITY NEWPORT T TRAINING CENTER ● SALEM • ALBANY • COOS BAY OREGON EUGENE KEY NW NATURAL SERVICE TERRITORY TRAINING CENTER REGIONAL RESOURCE CENTER STORAGE OPERATIONS CENTER NW NaturalⓇ#66 NW NATURAL CORPORATE STRATEGY#7GAS UTILITY OVERVIEW Nearly 165 years of service in our communities Largest stand-alone local distribution company in the Pacific Northwest • Serve 2.5 million people in more than 140 communities through over 795,000 meters in Oregon and southwest Washington • Consistently recognized for high-quality customer service by J.D. Power NW NATURAL • One of the safest, most modern distribution systems in the country HIGHEST CUSTOMER SATISFACTION J.D.POWER AND ASSOCIATES S NATURAL GAS SERVICE-WESTERN PRESENTED TO NW NATURAL BY J.D. POWER AND ASSOCIATES CUSTOMER SATISFACTION J.D.POWER AND ASSOCIATES HIGHEST RESIDENTIAL GAS LARGE-WEST 2018 GAS UTILITY SERVICE-1 PRESENTED TO NW NATURAL BY J.D. POWER AND ASSOCIATES NW NaturalⓇ 7#88 CONSERVATIVE STRATEGY Stable gas and water utility margins through progressive regulation Stable Utility Margins • Weather, decoupling and environmental cost recovery mechanisms as well as a renewable natural gas automatic adjustment clause in Oregon Constructive relationships with regulators and customer groups benefit both gas utility Excellent operations and efficient cost structure Commitment to safety, reliability, and high-quality service • Continued focus on efficient business operations Long-term growth opportunities that fit NWN's profile • Strong cap-ex profile with attractive service territory • Focused on decarbonizing energy through investment and procurement of renewable natural gas for the utility Efficient Cost BUSINESS Structure STRATEGY Low-Risk Growth NW NaturalⓇ#9ESG LANDSCAPE & ACHIEVEMENTS Published ESG Report with disclosures in alignment with SASB and including components of TCFD Environmental On track to meet or exceed carbon savings goal of 30% by 20351 ■Saved over 463,000 metric tons of carbon in 2021, equivalent to taking nearly 100,000 cars off the road Our vision forward is being a provider of carbon neutral energy by 2050 VISION 2050 LOW-CARBON PATHWAY CO2) ONMENTAL ETHICS & INTEGRITY 0 DIVERSE & ACTIVE BOARD GOVERNANCE SUPERIOR CUSTOMER EXPERIENCE CONSTRUCTIVE REGULATION Governance Maintained well-qualified, diverse, independent and active Board with appropriate business & risk oversight Board refreshment resulted in 60% of the independent directions added in the last five years through 2021 Board of directors includes 25% of members that are ethnically & racially diverse, 42% women and a woman chair ■100% of active NW Natural employees participated in ethics and compliance training in 2022 NW Natural Holdings' (the parent company of NW Natural) honored as one of the 2022 and 2023 World's Most Ethical CompaniesⓇ³ Customers & Employees Ranked #2 in the West for residential customer service² Donated $1.7 million and 2,640 employee volunteer hours to nonprofits in our communities in 2021 Safety No cast iron or bare steel pipe in natural gas system, making our system one of the most modern and tightest in the nation Performed transmission pipeline inspections at about 2.5x the rate required in 2022 Installed excess flow valves (EFVs) on 39% of our services lines by the end of 2021. Latest industry average is approx. 24% SAFETY my CARE FOR OUR COMMUNITIES SOCIAL DIVERSITY, EQUITY & INCLUSION Full report at nwnatural.com/about-us/the-company/sustainability This is an emissions savings goal equivalent to 30% of the carbon emissions from our sales customers' gas use and NW Natural company operations from 2015 2022 J.D. Power Gas Utility Residential Customer Satisfaction Study for Large Utilities "World's Most Ethical Companies" and "Ethisphere" names and marks are registered trademarks of Ethisphere LLC Made progress on diversity goals - 28% of our workforce are women and 20% are ethnically and racially diverse in 2021 NW NaturalⓇ 9 723 1#1010 HIGHLY REGULATED 2022 Net Income NW Natural Gas Company Favorable Customer Mix 2022 Natural Gas Utility Margin Other1 3% Interstate Storage & Other 13% Natural Gas Utility 87% Industrial 7% Commercial 25% Residential 65% 1 Other is primarily margin from North Mist regulated gas storage services NW NaturalⓇ#1111 NATURAL GAS UTILITY#1212 Months of Inventory 25 RESILIENT BUSINESS MODEL Tight Residential Real Estate Market Leads to Fewer Losses Housing Inventory through March 2023 Residential Commercial Industrial 15 20 15 10 Лич 5 1/1/2008 9/1/2008 5/1/2009 1/1/2010 9/1/2010 5/1/2011 1/1/2012 9/1/2012 5/1/2013 1/1/2014 9/1/2014 5/1/2015 1/1/2016 9/1/2016 RMLS Data for Portland Metro 5/1/2017 1/1/2018 9/1/2018 5/1/2019 1/1/2020 9/1/2020 5/1/2021 1/1/2022 9/1/2022 May 2023 1.6 ~80% of Natural Gas Utility Margin is Decoupled % of Volumes % of Margin % of Margin Decoupled 38% 65% 93% 23% 25% 78% 39% 7% 0% Other Total N/A 3% N/A 100% 100% 81% Based on 2022 SEC financials ~70% of Gas Utility Margin Earned during Heating Season Q1 Q2 Q3 Q4 Sales Volumes (weather normalized) 40% 18% 10% 32% Utility Margin 35% 19% 12% 34% Net Income 70% 0% -29% 59% Based on 2022 SEC financials NW Natural®#1313 0.0% 0.5% 2009 1.5% 2.0% CUSTOMER GROWTH 1.0% 0.8% 0.9% 2010 2011 2012 0.8% 2013 0.9% 2014 1.8% 1.7% 1.7% 1.5% 1.5% 1.5% 1.4% 1.4% 1.3% 2015 2016 2017 2018 Net Customer Growth Rate 2019 2020 2021 2022 Q1 2023 1.1% 1.0% NW NaturalⓇ#1414 INVESTING IN THE GAS SYSTEM Customer growth System Capital Expenditures¹ (In millions) • New construction & conversions • Main extensions Safety & Reliability • Recurring replacements • Enhanced system reliability to support growth Technology • Cybersecurity • Efficiencies and upgrades Customer information system Facilities • Resource and operations center renovations $338 ~$330 8 $304 ~$290 24 30 $278 9 Avg/Yr 20 34 20 $248 24 83 10 55 30 45 35 85 51 109 146 168 112 165 160 Renewable Natural Gas (RNG) • Planned investments for gas utility under Senate Bill 98 The timing and amount of the capital expenditures and projects for 2023 or additional investments in our infrastructure during or after 2023 could change based on customer growth, significant changes in prevailing regulatory policies or outcomes, or significant local, state or federal laws, legislation or regulations, or cost estimates. Required funds for the investments are expected to be internally generated or financed with long-term debt or equity, as appropriate. 58 63 55 64 60 2019 2020 2021 ■Customer Growth ■Safety and Reliability 2022 Technology 65 2023 2023F 2027F ■Facilities ■Regulated RNG NW NaturalⓇ 1 Chart is based on accrual cap-ex figures and includes cloud-based software Forecast Five-Year 2023-27 Cap-Ex Approximately $1.4 Billion#15PROGRESSIVE REGULATION KEY DEFERRALS RECOVERING: COVID ERP System Upgrade TSA Cybersecurity KEY MECHANISMS: Decoupling/WARM Purchased Gas Adjustment OREGON ✓ WASHINGTON 1 1 2 23 In Washington, NW Natural is currently recovering the ERP System Upgrade deferral. The COVID and TSA Cybersecurity recovery is expected to be determined through a future rate case proceeding. In Oregon, NW Natural shares PGA gains and losses In 2019, SB 5116 was passed granting the WUTC authority to incorporate costs and capital up to 48 months after the rate effective date. In 2021, SB 5295 was passed requiring multiyear general rate plans that include performance-based measures. Rate base is a 13-month average ending 12/31/22. Oregon rate base includes gas reserves and North Mist gas storage facility Environmental Cost Incentive Sharing² RNG Automatic Adjustment Clause RATE CASE TEST YEAR Forward Multiyear³ 4 CURRENT RATE STRUCTURES: ROE 9.4% Not determined ROR 6.836% 6.814% Equity Ratio 50% Not determined 15 2022 Rate Base4 $1.7B $0.2B NW NaturalⓇ#1616 SUPPORTIVE MECHANISMS OREGON • Decoupling • Breaks link between earnings and consumption by removing incentive to increase usage Employs use-per-customer decoupling calculation, which adjusts margin revenues to account for the difference between actual and expected customer volumes OREGON Weather Normalization (WARM) • Stabilizes collection of fixed costs for residential and commercial customers Adjusts billings based on temperature variances compared to average weather Applied from December through mid-May of each heating season OREGON WASHINGTON Purchased Gas Adjustment (PGA) Adjusts annual rates to reflect changes in expected cost of gas commodity purchases ⚫ Includes spot purchases, contract supplies, derivatives, storage inventories, and for Oregon gas reserves • Includes temporary rate adjustments amortizing deferred regulatory account balances OREGON WASHINGTON Environmental Cost Recovery Recovers environmental costs for sites attributable to each state at a rate of 96.68% in Oregon and 3.32% in Washington • Costs are subject to an annual prudence review in both Oregon and Washington, and in Oregon an earnings test¹ • Allows for deferral of environmental costs in both Oregon and Washington, and in Oregon the accrual of carrying costs 1 To the extent the utility earns more than its authorized ROE in Oregon in a year, the utility is required to cover environmental expenses and interest on expenses greater than $10 million (plus interest from insurance proceeds) with those earnings that exceed its authorized ROE OREGON RNG Automatic Cost Recovery • Allows renewable natural gas project costs to be added to rates annually on November 1st • Provides for a mechanism for NW Natural to defer the difference between forecasted and actual RNG costs • Costs are subject to an earnings test that includes deadbands at 50 basis points below and above NW Natural's authorized ROE NW NaturalⓇ#1717 WASHINGTON 2021 RATE CASE o Order received October 21, 2021 - Multi- party settlement approved by the WUTC. New rates were effective Nov. 1, 2021 with the second year effective Nov. 1, 2022 o Request Based on System Investments - Multiyear rate case to recover investments and costs for: System resiliency & reliability 2021 - 2022 RATE CASE Year 1 Year 2 Request Order Request Order ROR 6.913% 6.814% 6.913% 6.814% Rate Base $225.9M $225.9M $247.3M $247.3M • Headquarter leasehold improvements & rent costs Revenue +$6.3M +$5.0M +$3.2M Requirement Up to +$3.0M1 Vancouver, Washington service center upgrades 1 Year 2 is subject to prudency filing and full review • Consumer-focused technology investments NW NaturalⓇ#1818 OREGON 2022 RATE CASE 。 Order received October 24, 2022 - Multi- party settlements approved by the OPUC. New rates were effective Nov. 1, 2022 2020 RATE CASE Settled 2022 RATE CASE Total Request Order 。 Case based on system improvements - based on continued system investment primarily related to: ROE 9.4% 9.5% 9.4% ROR 6.965% 6.886% 6.836% Equity/ • Resiliency & reliability Technology including enterprise resource planning system and cybersecurity projects 50/50 50/50 50/50 LT Debt Rate Base $1.44B $1.78B $1.76B Revenue +$45.1M +$78.0M +$59.4M Requirement • Resource center facility renovations NW NaturalⓇ#1919 ENVIRONMENTAL STEWARDSHIP 19#2020 ROLE OF OUR SYSTEM TODAY NW Natural's System • Delivers 50% more energy than any other utility in Oregon • Heats roughly 75% of residential square footage in the areas we serve Provides 90% of energy needs for our residential space and water heat customers on the coldest winter days One of the tightest, newest systems in the country Our residential and commercial customers' emissions account for just 6% of Oregon's total carbon emissions Oregon Greenhouse Gas Emissions by Sector 36% 29% 22% OTHER 13% NATURAL TRANSPORTATION ELECTRICITY (other fuels & waste) GAS NW Natural Residential and Commercial Customer Use >> 6% NW NaturalⓇ Source: Oregon DEQ In-Boundary GHG Inventory 2019 data#2121 OUR LOW-CARBON PATHWAY VOLUNTARY GOAL: 30% CARBON SAVINGS BY 2035 Goal established in 2016 OUR PRODUCT REDUCE CARBON INTENSITY OUR CUSTOMERS REDUCE AND OFFSET CONSUMPTION TRANSPORTATION REPLACE MORE CARBON INTENSIVE FUELS NW NATURAL OPERATIONS UPSTREAM METHANE REDUCTION RENEWABLE NATURAL GAS POWER TO GAS (hydrogen pathway) ENERGY EFFICIENCY SMART ENERGY (voluntary offsets) GAS + RENEWABLE HYBRID EQUIPMENT (solar thermal) COMPRESSED NATURAL GAS AND RENEWABLE NATURAL GAS SERVE TRASH TRUCKS AND RETURN-TO-BASE FLEETS Baseline: 2015 emissions associated with customer use & company operations NW NaturalⓇ#22ON TRACK TO MEET OR EXCEED GOAL Our voluntary carbon savings goal of 30% by 2035 includes emissions from our own operations and the gas use by our sales customers 2021: Ahead of Target Savings Rate 463,137 metric tons of carbon dioxide equivalent saved. This marks 36% of savings toward goal, ahead of target pace. 2021 Source of Savings Mix 45% Energy Efficiency 40% Smart Energy 2% Renewable Natural Gas 13% Upstream Methane 22 22 NW NaturalⓇ#2323 Destination Zero: Our Vision of Carbon Neutrality A decarbonized network: • Deep energy efficiency Commercial and Residential Heating Carbon Neutral Waste Industry Power to Gas Fuel Cell WASTE CO2 -t--t-- RENEWABLE ELECTRICITY RIGHT----1 HYDROGEN RENEWABLE NATURAL GAS Renewable natural gas Renewable hydrogen ✓ Blended ✓ Methanated ✓ Dedicated Renewable Natural Gas Dedicated Hydrogen Waste CO2 Renewable Electricity VISION 2050 Deep Energy Efficiency RENEWABLE NATURAL GAS STORAGE HYDROGEN STORAGE co Qo Storage Commercial Transport Electrolysis HYDROGEN ---- Verified Offsets Co Aviation X Marine#2424 DESTINATION ZERO ANALYSIS The next evolution in our thinking is an in-depth analysis, using a variety of assumptions, to illustrate possible scenarios to achieve carbon neutrality for energy provided by 2050 Our analysis draws on proven approaches to serve existing and new customers as well as developments of policy support and continued evolution of technology Each of the three scenarios we explored incorporates varying applications of the following: Enhanced energy efficiency, Declining amounts of verified offsets, and ✓ Lower carbon fuels such as RNG and hydrogen (along with small amounts of carbon capture) We expect our analysis and thinking to continue to evolve, but our goal remains to be a provider of net neutral energy by 2050 2050 POSSIBLE SCENARIOS Balanced Percentage of GHG savings by source Balanced mix of renewable supply and demand-side measures with no offsets in 2050 4% 33% 63% Moderate Offset Offsets in conjunction with mix of renewable supply and demand-side measures 20% 29% 51% RNG Constrained Less RNG and no offsets in 2050 with emphasis on demand side measures and clean hydrogen % carbon capture/offsets cancelling out fossil emissions 4% 38% 58% % that is renewable natural gas % that is clean hydrogen#25RNG PROJECTS ACROSS NORTH AMERICA Hawaii RNG Facilities Operational: 281 Under Construction: 180 Planned: 296 Total: 757 25 As of March 20, 2023 CANADA British Columbia Alberta Saskatchewan Washington Oregon Idaho California 176 2 Nevada THE COALITION FOR RENEWABLE NATURAL GAS ΡΕΙ Manitoba Ontario New Bruns- wick Quebec 20 Nova Scotia Maine Montana 2 North Dakota Minnesota 12 Wisconsin (15) South Dakota 39 29 Wyoming 19 Michigan Ottawa Vermont (35 New Hampshire MA New York Nebraska Iowa (13 23 Ohio Utah (6) 14 Colorado 110 Kansas Missouri Illinois 16 Indiana 9 Kentucky West 26) Rhode Island Connecticut 1 Pennsylvania New Jersey Maryland Delaware (11) Washington D.C. Virginia Virginia 18 10 Arizona Oklahoma New Mexico Arkansas North Carolina Tennessee (2) South Carolina 6 Georgia Missis- sippi Alabama Texas (35 Louisiana Florida Puerto Rico#2626 GROUNDBREAKING RNG BILL Oregon law (SB 98) supports gas utilities purchasing renewable natural gas (RNG). Passed in 2019 and rulemaking completed in July 2020 Creates another path for RNG to become an increasing part of Oregon's energy supply Allows natural gas utilities to acquire RNG and hydrogen. Sets voluntary RNG portfolio targets for Oregon's natural gas utilities Allows up to 5% of a utility's annual revenue requirement to be used to cover the incremental cost of RNG Allows for investments related to RNG infrastructure, including production facilities, cleaning and conditioning equipment, and pipeline interconnections Potential revenue source for communities to turn their waste into energy Oregon Senate Bill 98 2025 supports voluntary volumetric RNG targets: 2030 2035 2040 2045 10% 15% 20% 25% 30% NW NaturalⓇ#2727 GAS UTILITY RNG CONTRACTS TO DATE Procurement (Pass-through Cost) Investments (Rate Base) • • Anew LLC (formerly Element Markets) 0.7 million MMBtu from 2021 - 2023 Archaea up to 1 million MMBtu - of RNG annually for a fixed fee for Partnership with Tyson & BioCarbN totaling up to $38 million of investment Lexington Facility - $8M facility that commenced operation in Jan. 2022 Dakota City Facility - $12M • • BP Products North America - facility that commenced 0.4 million MMBtu over a five-year period beginning in 2022 operations in April 2023 a period of 21 years beginning in 2022 Options for two additional facilities totaling $18M To date, we've signed agreements with options to purchase or develop RNG totaling the equivalent of about 3% of our current Oregon supply NW NaturalⓇ#2828 HYDROGEN & CCUS PROJECTS NW Natural Initiatives Hydrogen Blend Testing - testing of 15% completed, with a 20% blend goal by 2024, if learnings allow, at NW Natural's state-of-the-art training facility Turquoise Hydrogen Pilot Project - partnering with Modern Electron in an effort to turn methane into clean hydrogen and solid carbon. We expect the pilot to go live in 2023 - Carbon Capture, Use & Storage (CCUS) – working with a few commercial customers on a pilot using CARBINX equipment. This equipment captures carbon from existing boilers to reduce both energy use and greenhouse gas emissions Goes through electrolysis to split water molecules Immediate Delivery And creates renewable hydrogen for long-term storage or immediate delivery 田田 00000000 回 H₂ 2 Excess Renewable Energy Storage H₂ H₂H₂ End Uses#2929 FINANCIALS#30STRONG LIQUIDITY NW Natural • • • • $400 million credit facility Expires in 2026 Extension for two additional one-year periods Access to capital markets Solid credit ratings1 NW Natural Debt to Cap Ratio (as of March 31, 2023)² NW Natural Credit Ratings (1) S&P Global MOODY'S AA- A2 A-1 Stable P-2 Stable 30 30 1 Equity 49% LT Debt 48% ST Debt 3% 2 The above credit ratings are dependent upon a number of factors, both qualitative and quantitative, and are subject to change at any time. The disclosure of these credit ratings is not a recommendation to buy, sell or hold NW Holdings securities. AA- and A2 are secured debt ratings and A-1 and P-2 are commercial paper ratings Short-term debt includes current long-term debt maturities NW NaturalⓇ#310 $140 $120 $100 $90 M $80 $60 $40 $20 20 $140 M $55 M 2022 2023 2024 2025 2026 2027 2028 $30 M $10 M $30 M $65 M $50 M 2029 2030 31 • Liquidity at the gas utility (NW Natural) available through 2026 with $400 million credit facility 2031 2032 · Interest rate impact mitigated by predominately fixed-rate debt • Manageable debt repayment schedule with no significant maturities in any particular year $80 M 2033 $30 M $10 M NW NATURAL DEBT PORTFOLIO Millions $160 First Mortgage Bond Maturity Schedule 2023 YE Projected Embedded Weighted Average Cost - 4.672% 2023 YE Projected Weighted Average Life 18.7 Years 2034 2035 2036 2037 2038 2039 2039 2040 2041 2042 2043 $50 M $50 M $50 M $40 M 2044 $100 M $90 M $75 M $150 M $140 M $130 M 2045 2046 2047 2048 2049 2050 2051 2052 2053 NW NaturalⓇ#3232 CONCLUSION#3333 INVESTMENT THESIS Stable and growing utility margins driven by the following targets over the next five years including: Stable • Gas utility customer growth averaging 1.1% Utility • Gas utility cap-ex $1.3 - $1.5 billion with rate base growth of 5% -7%1 Margins BUSINESS STRATEGY Excellent operations and efficient cost structure Commitment to safety, reliability, and high-quality service • Continued focus on efficient business operations Long-term growth opportunities • Strong cap-ex profile with attractive service territory Focused on decarbonizing energy through investment and procurement of renewable natural gas for the utility 1 Rate base growth forecasted for period 2022 - 2027 Stable and Growing Return Proposition Low-Risk Growth Efficient Cost Structure NW NaturalⓇ#3434 APPENDIX#3535 35 RNG PROCESS Waste Collection Bio-waste is collected from various sources Gas Collection System Waste is processed before it becomes biogas Pipeline Quality Biogas Upgrading the raw biogas to become pipeline quality RNG on the System RNG mixes seamlessly with traditional natural gas Wastewater Agricultural Waste Raw Biogas Raw Biogas Landfill RNG ] Distribution System Injection NW NaturalⓇ#3636 HYDROGEN PROCESS Energy Source Electricity is generated from various sources Hydrogen Production Hydrogen is produced through different processes Energy Distribution Hydrogen stores energy until it's ready to be used End Uses Hydrogen helps decarbonize fuel supplies Electrolysis H Green hydrogen Blue hydrogen Clean hydrogen¹ Electricity Renewables Nuclear Other clean energy 1 Methane reforming With carbon capture, usage and storage (CCS or CCUS) ELECTRICITY GRID Storage EXISTING NATURAL GAS SYSTEM Blending Added to natural gas supply Natural Gas Distribution Power generation Enables lower cost wind and solar to increase system resilience 100% Hydrogen Systems Ideal for industrial Clean hydrogen is defined in the federal Inflation Reduction Act as having an emissions profile of 4kgCO2e/kgH2 or less. Fuel Energy storage Synthetic fuel Engines/turbines Heating ⚫ Homes ⚫ Businesses " Industry Industrial energy use Metals refining " • Petroleum and oil refining Ammonia/fertilizer ⚫ Food processing Transportation " " Electric vehicles Shipping Trains Heavy transport ⚫ Aviation NW NaturalⓇ#3737 RENEWABLES ARE NATIONALLY INTEGRATED Seattle RNG Portland RNG San Francisco RNG RNG RNG Las Vegas Los Angeles RNG Salt Lake City Denver RNG Minneapolis RNG RNG Chicago Detroit Cleveland RNG RNG RNG Cincinnati St Louis RNG + ++ RNG RNG ++ Kansas City Oklahoma City Dallas RNG Nashville Memphis RNG RNG New Orleans Houston Atlanta Charlotte RNG Tampa RNG New York Philadelphia Washington DC Richmond Boston Miami NW NaturalⓇ#3838 38 CURRENT UTILITY COMMISSIONERS Chair Commissioners OREGON COMMISSION (OPUC) Megan Decker (D) • Appointed April 2017 • Term ends March 2025 Letha Tawney (D) • Appointed May 2018 • Term ends May 2024 Mark Thompson (R) Appointed Dec 2019 Term ends Nov 2023 WASHINGTON COMMISSION (WUTC) David Danner (D) . Appointed chair Feb 2013 • Term ends Jan 2025 Ann Rendahl (D) • Appointed Dec 2014 • Term ends Jan 2027 Milton Doumit (R) · · Appointed Sept 2022 Term ends Jan 2029 NW NaturalⓇ#3939 • DIVERSE RESOURCE PORTFOLIO Gas Supply • 60% supply from Canada • 40% supply from the Rockies KINGSVALE SUMAS Southern Crossing TransCanada KINGSGATEO • Natural gas serves territory through one bi-directional pipeline LNG Peaking Facilities • Portland LNG - 0.6 Bcf • Newport LNG - 1.0 Bcf Mist Gas Storage Facility • Valuable asset - limited storage in the Pacific Northwest 17.5 Bcf facility with 11.7 Bcf serving utility customers and 5.8 Bcf primarily under long-term contracts Utility can recall 5.8 Bcf to support customer demand North Mist Storage Expansion • 4.1 Bcf expansion serves a single customer under long-term contract Mist Gas Storage PORTLAND Portland LNG Newport LNG Malin GTN Williams OSTANFIELD Ruby Paiute Williams NW NaturalⓇ#4040 MIST STORAGE FACILITY Overview • In operation since 1989 Storage capacity at Mist 17.5 Bcf - 11.7 Bcf Core Utility 5.8 Bcf Interstate Storage Services Unique, Valuable Asset ⚫ Limited storage options in Pacific Northwest • Part of utility's diverse, reliable gas supply strategy Utility can recall Interstate portion for Core Utility demand Optimize and share revenues with utility customers ⚫ 5.8 Bcf under high-value contracts with the majority long-term 9 1998 BCF / Day 0.60 0.50 0.40 0.30 0.20 0.10 Mist Storage Capacity BCF 18 15 12 52063 30 2000 2002 2004 2006 T 2008 2010 Mist Storage Deliverability 2012 2014 2016 T 2018 2020 T 2022 0.00 1998 2000 2002 2004 2006 2008 2010 2012 ■ Utility ■Utility Recall 2014 2016 Interstate 2018 2020 T 2022 NW NaturalⓇ#4141 NORTH MIST FACILITY • • Unique no-notice 24/7 storage service supporting gas-fired electric generating facilities that are integrating wind into energy generation mix $149 million investment was immediately included in rate base once placed into service in May 2019 Contracted under 30-year agreement with single-customer (Portland General Electric)* North Mist Port Westward 13M Pipeline Portland, Oregon Willamette River PROJECT PROFILE Storage Capacity Facility Cost 4.1 Bcf $149M Columbia River Columbia Gorge NW NaturalⓇ *Contract includes options to extend up to an additional 50 years#42Meeting the Moment DECARBONIZE. DIVERSIFY. DELIVER.