#1Investor Presentation June 2022 NW NW Natural HOLDINGS TM#22 INVESTOR INFORMATION COMPANY INFORMATION NW Natural Holdings 250 SW Taylor Street Portland, OR 97204 nwnaturalholdings.com Nikki Sparley Director, Investor Relations (503) 721-2530 [email protected] FORWARD LOOKING STATEMENTS This and other presentations made by NW Natural Holdings 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 DAVID H. ANDERSON President and Chief Executive Officer . Mr. Anderson is currently NW Holding's President and CEO effective October 2018 and NW Natural's President and CEO effective August 2016. Since he joined NW Natural in 2004, Mr. Anderson has served in various executive positions over Operations, Regulation and Financial Matters, as COO and CFO. Previously, Mr. Anderson held executive positions within TXU Corporate including Senior Vice President and Chief Accounting Officer. Mr. Anderson holds a BBA in Accounting from Texas Tech University and held a CPA (retired) and CGMA. FRANK BURKHARTSMEYER SVP and Chief Financial Officer . Mr. Burkhartsmeyer is currently NW Natural Holdings' Senior Vice President and CFO effective October 2018 and NW Natural's Senior Vice President and CFO effective 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.#44 INTRODUCTION#55 NWN AT A GLANCE Gas Utility • 2.5 million people served 785,000+ connections 14,000 miles of modern pipeline • $3.9 billion in assets Fast-growing service territory in Oregon & Southwest Washington COOS BAY WASHINGTON ASTORIA N. MIST & MIST VANCOUVER PORTLAND THE DALLES T TRAINING CENTER LINCOLN CITY SALEM NEWPORT ALBANY EUGENE OREGON KEY NW NATURAL SERVICE TERRITORY TRAINING CENTER OREGIONAL RESOURCE CENTER ⚫ STORAGE OPERATIONS CENTER Water & Wastewater Utilities • • 150,000 people and 61,000 connections served when pending acquisitions close Nearly $250 million invested & committed after pending acquisitions close Fast-growing service territories Continued disciplined expansion NW Natural Renewables Investing in renewable energy and the transition to a decarbonized future Focused on the production and supply of net low-carbon fuels supporting a variety of sectors Initial $50 million total investment in RNG production facility OR WA ID TX *Water & wastewater acquisition pending Salmon Valley Water Falls Water Sunriver Water and Wastewater Avion Water Gem State Water Cascadia Water Suncadia Water and Wastewater Blue Topaz NW Natural HOLDINGS™#66 CORPORATE STRATEGY#77 CONSERVATIVE STRATEGY Stable gas and water utility margins through progressive regulation Stable Utility Margins Gas utility: weather, decoupling, and environmental cost recovery mechanisms in Oregon Efficient Cost Constructive relationships with regulators and customer groups benefit both gas and water utilities 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 • GAS UTILITY: strong cap-ex profile with attractive and growing service territory driving above-average customer growth compared to peers BUSINESS Structure STRATEGY Low-Risk Growth • WATER & WASTEWATER: long-term, disciplined strategy to acquire water utilities and wastewater businesses in a highly fragmented industry with ample infrastructure investment opportunities • COMPETITIVE RNG: potential for incremental earnings and cash flow through renewable natural gas investments, supported by long-term contracts, that could help decarbonize a variety of sectors including utility, commercial, industrial and transportation sectors NW Natural HOLDINGS™#88 ESG LANDSCAPE & 2020 ACHIEVEMENTS Published ESG Report with disclosures in alignment with SASB and including components of TCFD 12 Environmental ■On track to meet or exceed carbon savings goal of 30% by 20351 ■Saved nearly 380,000 metric tons of carbon in 2020, equivalent to taking 82,000 cars off the road Our vision forward is being a provider of carbon neutral energy by 2050 WATER BUSINESS 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 nearly 3x the rate required Installed excess flow valves (EFVs) on 38% of our services lines in 2020. Latest industry average is approx. 23% SAFETY VISION 2050 LOW-CARBON PATHWAY ETHICS & INTEGRITY CO2 H ONMENTAL my CARE FOR OUR COMMUNITIES SOCIAL DIVERSE & ACTIVE BOARD GOVERNAN +++ DIVERSITY, EQUITY & INCLUSION SUPERIOR CUSTOMER EXPERIENCE CONSTRUCTIVE REGULATION Governance Maintained well-qualified, diverse, independent and active Board with appropriate business & risk oversight Board refreshment resulted in 6 out of 11 directions being new in the last five years ■Board of directors includes 40% of members that are BIPOC or female and a female chair 100% of active NW Natural employees participated in ethics and compliance training ■Honored as one of the 2022 World's Most Ethical CompaniesⓇ Customers & Employees Ranked #2 in the West for residential customer service² Nearly $1 million and 5,500 employee volunteer hours donated to nonprofits in our communities Made progress on diversity goals - over 41% of our workforce are BIPOC or women 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 2021 J.D. Power Gas Utility Residential Customer Satisfaction Study for Large Utilities NW Natural HOLDINGS™#99 INVESTMENT TARGETS Growth targets over the next five years include: Financial Targets Gas Utility Growth Water Growth EPS growth of 4% -6%1 Strong and growing dividend² • Customer growth averaging 1.5%+ per year Capital plan of $1.3 - $1.5 billion • Rate base growth of 5% - 7%³ Long-term strategy, incremental earnings growth and diversity Deliberate and disciplined roll-up strategy • Maintenance cap-ex plan $60 - $70 million4 1 EPS growth forecasted for period 2022 - 2027 compounded annually; EPS growth rate uses mid-point of 2022 guidance range as base year 2 Future dividends are subject to Board of Director discretion and approval 134 4 Rate base growth forecasted for period 2021 - 2026 Water cap-ex plan is based on projected needs of water and wastewater utilities acquired or pending acquisition as of 12/31/21 Stable and Growing Return Proposition NW Natural HOLDINGS™#1010 HIGHLY REGULATED ~90% Net Income from Utilities 2021 Net Income Favorable Customer Mix 2021 Natural Gas Utility Margin Other¹ 4% Interstate Storage, Water & Other 12% Natural Gas Utility 88% Industrial 7% Commercial 24% Residential 65% 1 Other is primarily margin from North Mist regulated gas storage services NW Natural HOLDINGS™#1111 NATURAL GAS UTILITY#12GAS UTILITY OVERVIEW More than 160 years of service in our communities Largest stand-alone local distribution company in the Pacific Northwest • Serve 2.5 million people in more than OVER 140 communities through over 785,000 meters in Oregon and southwest Washington Consistently recognized for high-quality customer service by J.D. Power • One of the safest, most modern distribution systems in the country NW NATURAL 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Ⓡ 12#1313 RESILIENT BUSINESS MODEL Months of Inventory 25 20 15 10 5 Tight Residential Real Estate Market Leads to Fewer Losses Housing Inventory Residential Commercial 0 1/1/2008 ~80% of Natural Gas Utility Margin is Decoupled % of Volumes % of Margin % of Margin Decoupled 38% 65% 89% 21% 24% 78% Industrial Other Total 41% 7% -% N/A 4% N/A 100% 100% 77% Based on 2021 SEC financials ~70% of Gas Utility Margin Earned during Heating Season Q1 Q2 Q3 Q4 Sales Volumes 39% 18% 9% 34% 12/2021 0.6 (weather normalized) Utility Margin 36% 19% 13% 32% Net Income 74% 1% -26% 51% Based on 2021 SEC financials 1/1/2012 1/1/2016 1/1/2020 RMLS Data for Portland Metro NW Natural®#1414 SOPHISTICATED MARKETING Affordable, Preferred, Growing Growing communities with healthy permitting levels Price advantage of heating with natural gas - roughly a 60% price advantage over an electric or oil furnace • 8 in 10 prospective homebuyers say natural gas is preferable to electricity for heating and cooking1 Over 80% of survey respondents would pay $50,000 more for a median priced home that has gas amenities, relative to an all-electric home² Significant Conversion Potential Serve approximately 63% of single-family homes in service territory About 400,000 potential conversions Targeted marketing campaign using innovative, proprietary tool supporting strong conversion pipeline ~3,000 Conversions Annually 107,000 Target Market 120,000 On or Near Main 400,000 Potential Conversions 1 Price advantage is on an operating cost basis 2 Research study conducted by Escalent, Inc. December 2020 NW Natural®#1515 Gross Customer Additions 20,000 LEADING IN CUSTOMER GROWTH 18,000 2.4% 16,000 14,000 12,000 1.6% 10,000 8,000 6,000 4,000 2,000 2007 2008 2009 0.8% 0.9% 2010 2011 1.8% 1.7% 1.7% 1.5% 1.5% 1.5% 1.4% 1.4% 1.4% 1.5% 1.3% 0.9% 0.8% 1.0% 2012 2013 Conversions 2014 2015 Construction 2016 2017 2018 2019 Net Growth Rate 2020 2021 TTM 3/31/2022 0.5% 0.0% 3.0% 2.5% 2.0% Net Customer Growth Rate NW NaturalⓇ#1616 INVESTING IN GAS SYSTEM Customer growth • New construction & conversions • Main extensions Safety & Reliability • Recurring replacements • Enhanced system reliability to support growth Technology • Cybersecurity • Efficiencies and upgrades • Enterprise resource planning system • Customer information system System Capital Expenditures 1 (In millions) ~$330 ~$300 $304 30 Avg/Yr 9 $278 20 30 34 $248 24 15 65 30 45 55 $201 85 21 51 34 146 135 160 112 109 91 Facilities • Resource and operations center renovations Renewable Natural Gas (RNG) Planned investments for gas utility under Senate Bill 98 The timing and amount of the core capital expenditures and projects for 2022 and the next five years could change based on regulation, growth, and cost estimates. Additional investments in our infrastructure during and after 2022 that are not incorporated in the estimates provided will depend largely on additional regulations, growth, and expansion opportunities. Required funds for the investments are expected to be internally generated and/or financed with long-term debt or equity, as appropriate. 55 58 63 64 55 65 2018 2019 2020 ■Customer Growth Safety and Reliability 2022 2021 2022F 2024F Technology Facilities Regulated RNG - 1 Chart is based on accrual cap-ex figures, includes cloud-based software, and excludes North Mist Gas Storage Facility construction costs Five-Year 2022-26 Cap-Ex Approximately $1.4 Billion NW NaturalⓇ#17PROGRESSIVE REGULATION OREGON KEY DEFERRALS: COVID ✓ ERP System Upgrade TSA Cybersecurity1 ✓ KEY MECHANISMS: Decoupling/WARM Purchased Gas Adjustment Environmental Cost Incentive Sharing² RATE CASE TEST YEAR CURRENT RATE STRUCTURES: Forward WASHINGTON Multiyear³ 1 ROE 9.4% Not determined ROR 6.965% 6.814% Equity Ratio 50% Not determined 2021 Rate Base4 $1.6B $0.2B 17 23 Request filed in Oregon and Washington. Recovery for Oregon portion is part of the Oregon general rate case settlement filed in May 2022 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. 4 Rate base is a 13-month average ending 12/31/21. Oregon rate base includes gas reserves and North Mist gas storage facility NW NaturalⓇ#1818 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 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, in OR 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 NW NaturalⓇ#1919 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 ROR 6.913% Order 6.814% Request 6.913% Order 6.814% Rate Base $225.9M $225.9M $247.3M $247.3M • Headquarter leasehold improvements & Revenue +$6.3M +$5.0M +$3.2M • rent costs Vancouver, Washington service center upgrades Consumer-focused technology investments Requirement Up to +$3.0M* Estimated Net Income Benefit +$4.7M +$3.8M +$2.4M Up to +$2.3M1 1 Year 2 is subject to prudency filing and full review NW NaturalⓇ#20OREGON RATE CASE FILING o Filed in December 2021 - based on continued system primarily related to: 2020 RATE CASE 2022 RATE CASE 20 • System resiliency & reliability investments Technology including enterprise resource planning system and cybersecurity projects Resource center facility renovations 。 Settlement Filed on Certain Items on May 31, 2022 settlement on key revenue requirement items with certain parties: OPUC staff, the Oregon Citizens' Utility Board (CUB), the Alliance of Western Energy Consumers (AWEC), and the Small Business Utility Advocates (SBUA) o Process is Ongoing - The remaining items in the case are subject to the ongoing regulatory litigation process. The settlement, along with the remaining items, will be reviewed by the OPUC. New rates expected to be effective Nov. 1, 2022 ROR Filed Original Settled Request Partial Settlement¹ ROE 9.4% 9.5% 9.4% 6.965% 6.886% 6.836% Equity/ LT Debt 50/50 50/50 50/50 $1.44B $1.73B $1.77B +$45.1M +$73.5M +$62.65M Requirement Estimated Net +$32.0M +$51.9M +$44.2M Income Benefit Rate Base Revenue 1 Subject to the review and approval of the OPUC NW NaturalⓇ#2121 ENVIRONMENTAL STEWARDSHIP 21#2222 ROLE OF OUR SYSTEM TODAY NW Natural's System • Delivers more energy than any other utility in Oregon • Heats 74% 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 36% TRANSPORTATION Oregon Greenhouse Gas Emissions by Sector 29% ELECTRICITY 22% 13% OTHER NATURAL (other fuels & waste) GAS NW Natural Residential and Commercial Customer Use » 6% NW NaturalⓇ Source: Oregon DEQ In-Boundary GHG Inventory preliminary 2019 data.#2323 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Ⓡ#2424 ON 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 2020: Above Target Savings Rate. 379,064 metric tons of carbon dioxide equivalent saved. This marks 29.4% of savings toward goal, ahead of target pace. 2020 Source of Savings Mix 45% Energy Efficiency 39% Smart Energy 1% Gas Operations 15% Upstream Methane NW NaturalⓇ#25DRIVING A CLEAN ENERGY FUTURE ONE OUR NATION'S ENERGY FUTURE THANE U.S. CHALLENGE EPA MJB & A Natural Gas an ERM Group company Supply Collaborative . The ONE Future coalition represents more than 15% of the U.S. natural gas value chain committed to reducing methane emissions through adopting science- based standards and deploying best practices. Target of reducing emissions across the natural gas value chain to 1% (or less). One Future reports 2020 methane intensity of 0.3%, beating its 1% goal by 67%, and demonstrating the industry can deliver one molecule of gas from the rig to the burner tip with 99.7% efficiency. As a Methane Challenge founding member, NW Natural is adopting advanced practices in an effort to further reduce methane emissions, such as alternative blowdown methods in pipeline construction and maintenance. The traditional approach to depressurizing a pipeline is to vent the gas to the atmosphere. But by flaring it with a mobile flaring unit we can reduce potential greenhouse gas emissions by up to 90%. In 2020 these voluntary practices helped avoid releasing the estimated equivalent of nearly 3,000 metric tons of carbon dioxide, reducing emissions by more than 60% on these projects. < gti. neea LCRI LOW-CARBON RESOURCES INITIATIVE North American Gas Heat Pump Collaborative TECHNOLOGY FOR A CLEANER FUTURE • • The Northwest Energy Efficiency Alliance (NEEA) is an alliance of utilities and energy efficiency organizations that pools resources and shares risks with a mission to transform the market for energy efficiency to the benefit of consumers in the Northwest. Gas Technology Institute and the Low-Carbon Resources Initiative are non-profits that encourage innovation through new products like gas heat pumps, zero- net energy homes, fuel cells and other progressive technologies that strive to use less energy. NW Natural is a founding member of the North America Gas Heat Pump Collaborative, which is made up of gas and dual fuel utilities and energy efficiency program administrators who believe gas heat pump technologies play an important role in decarbonization. RENEWABLE NATURAL GAS K AMERICAN BIOGAS COUNCIL Coalition for Renewable Natural Gas, a member-led nonprofit organization representing nearly 300 companies, municipalities, universities, and environmental and nonprofit organizations that are dedicated to the advancement of RNG. The coalition advocates for public policy that supports sustainable development and use of renewable natural gas, so present and future generations will have access to renewable fuel. In like manner the American Biogas Council is championing the growth of the biogas industry. 25 HYREADY RHA RENEWABLE HYDROGEN ALLIANCE • Hyready is a worldwide collaboration on hydrogen, which is focused on creating guidelines and best practices for natural gas distribution companies blending hydrogen into their distribution systems. The Renewable Hydrogen Alliance is a non-profit established to promote and advocate using renewable electricity to produce hydrogen and climate neutral derivative fuels.#2626 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#2727 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#2828 RNG PROJECTS ACROSS NORTH AMERICA Hawaii 1 RNG Facilities Operational: 250 Under Construction: 112 Planned: 125 Total: 487 CANADA British Columbia Alberta Saskatchewan Washington Manitoba 10 Ontario Montana North Dakota Minnesota ΡΕΙ New Bruns- wick Nova Scotia Quebec 20 Ottawa West (17 New York 17 (2) Maine Vermont 1 New Hampshire MA Rhode Island Connecticut Pennsylvania New Jersey Maryland Delaware 4 Washington D.C. Virginia Virginia Oregon Idaho South Dakota Wyoming Wisconsin 24 Michigan 14 Nebraska Iowa Nevada 9 14 Ohio Utah Illinois Colorado 11 Indiana California 153 Kansas 9 Missouri Arizona Oklahoma New Mexico Arkansas Kentucky 11 North Carolina Tennessee (2)South Carolina Georgia Missis- sippi Alabama Texas (25) Louisiana Florida Puerto Rico THE COALITION FOR RENEWABLE NATURAL GAS#2929 HYDROGEN 0% NW Natural Initiatives Hydrogen Facility - working on application for a 1 MW electrolysis project (expected 5% blending immediately and up to 10% in the future). Expect to seek regulatory approval in 2022 Hydrogen Blend Testing - testing of 5% underway, with a 20% blend goal by 2024, if learnings allow, at NW Natural's state-of-the-art training facility H₂ 2 Hydrogen pathways can deliver clean energy to multiple industries via pipeline infrastructure Excess renewable energy Goes through electrolysis to split water molecules And creates renewable hydrogen for long-term storage or delivery H₂H₂H₂#3030 • 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 the Oregon's energy supply, one of the most effective ways to reduce emissions • 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 2030 2035 2040 2045 supports voluntary volumetric RNG targets: 10% 15% 20% 25% 30% NW NaturalⓇ#3131 GAS UTILITY RNG CONTRACTS TO DATE • • Procurement (Pass-through Cost) Investments (Rate Base) Element Markets - 0.7 million MMBtu from 2021-2023 - Archaea up to 1 million MMBtu of RNG annually for a fixed fee for a period of 21 years beginning in 2022 BP Products North America - 0.4 million MMBtu over a five-year period beginning in 2022 Partnership with Tyson & Bio Carb N totaling $38 million of investment ⚫ Lexington Facility - $8M facility that commenced operation in Jan. 2022 • Dakota City Facility - ~$12M project under construction and expected to be completed in early 2023 Options for two additional facilities totaling $18M To date, we've signed agreements with options to purchase or develop RNG totaling about 3% of our Oregon supply NW NaturalⓇ#3232 WATER#3333 WATER INVESTMENT APPROACH The water and wastewater sector aligns well with NWN's conservative risk profile and offers diversification, stable cash flows, and substantial long-term investment opportunities ⚫ Federal and state agencies driving upgrades to water and wastewater infrastructure 1 Acquire . • EPA estimates over $775 billion in water and wastewater capital needs nationally through 2040 Continue disciplined acquisition strategy, while also exploring adjacent high growth regions Grow • Water infrastructure improvement through five-year 2022-26 capital investment plan of approximately $60 million to $70 million¹ Projected organic customer growth rate of 2.5% compounded annually from 2022-26 Recover • Expect recovery of capital investments through constructive regulatory engagement Over long term, growing water business targeted to be an earnings driver and opportunity to deploy capital at attractive rates of return for infrastructure needs The timing and amount of the core capital expenditures and projects for 2022 and the next five years could change based on regulation, growth, and cost estimates NW Natural WATER™#3434 NW NATURAL WATER AT A GLANCE CASCADIA Pending* Pending* SUNCADIA GEM STATE WASHINGTON SALMON VALLEY SUNRIVER & AVION OREGON IDAHO FALLS WATER WATER UTILITIES WASTEWATER *PENDING 1 2 ARIZONA TEXAS FAR WEST* BLUE TOPAZ Pending* Pending* Closed Pending² Total People served¹ 82,300 68,100 150,400 Connections 33,700 27,200 60,900 People served is based on estimated average household size for service territory Pending transactions are subject to customary closing conditions, including regulatory approvals. These transactions may be pending application to acquire and authorization to close from utility commission. We currently expect to close these transactions by the end of 2022 NW Natural WATER™#3535 FAR WEST Located in Yuma, AZ serving approximately 25,000 connections in the Foothills area Well positioned to serve a growing community with significant development opportunities Once closed, nearly doubles NW Natural Water's number of water and wastewater connections • Provides an entry point into Arizona with opportunity for additional acquisitions • Projected to be accretive to earnings per share after the first full year of operations Subject to customary closing conditions, including regulatory approvals Expected to close in fourth quarter of 2022 Yuma County Projected Population Trends (in thousands) 300 200 2.5%+ CAGR 264 214 197 161 108 100 76 0 1980 1990 2000 2010 2019 2030E Expected Arizona Population Trends (in thousands) 2.2% CAGR 8,285 6,677 7,279 9,000 8,000 7,000 6,000 4,883 5,000 3,679 4,000 2,810 3,000 2,000 1,000 0 1980 1990 2000 2010 2019 2030E Source: US census bureau and Fred Economic Data NW Natural WATER™#3636 WATER & WASTEWATER ACQUISITION OPPORTUNITIES All Water and Wastewater Systems Privately Owned Systems Systems Connections Systems Connections Pacific 4,700 5.6M 2,760 511,000 Northwest Texas 5,739 17.3M 2,400 400,000 Arizona 1,100 3.0M 500 530,000 West of Mississippi 36,500 77.3M 16,700 9.1M United 71,325 202.0M 30,160 29.0M States Numbers in table above represent permanent community water and wastewater systems Source: Bluefield NW Natural WATER™#3737 GROWING WATER SYSTEMS Investing in Safety, Reliability • Five-year maintenance cap-ex expected to be $65 million (2022-2026) • Investments in system reliability • Focus on information technology • New wastewater treatment plant in Sunriver Projected PP&E Growth1 In millions Strong Customer Growth • . • Acquired utilities in fast-growing areas Additional opportunities near existing footprint Including acquisitions closed in 2021, 30% customer growth last year Organic customer growth of 3% in 2021 Projected Organic Customer Growth In thousands $62 14% CAGR $118 2.5% CAGR 30.5 26.9 2021 2026 2021 2026 1 PP&E growth for water utilities owned as of 12/31/21 NW Natural WATER™#38WATER REGULATION Collaborative, transparent, and productive relationships with regulators Strong track record of approvals for acquisitions and constructive general rate cases as we seek recovery of investments in water utility systems KEY MECHANISMS: COVID Deferral Fair Market Value Legislation RATE CASE TEST YEAR RECENT RATE CASE FILINGS Status ROE Capital Structure OREGON WASHINGTON IDAHO TEXAS ✓ Forward Historic¹ Historic1 Historic¹ Salmon Valley Sunriver Cascadia Suncadia 2 Falls Water Blue Topaz³ Completed Completed Completed Completed Completed N/A 9.5% 9.5% 12% Confidential Settlement 10.2% N/A 50% Equity 50% Debt 50% Equity 50% Debt 60% Equity 40% Debt 55% Equity Confidential Settlement N/A 45% Debt 38 1. Historic test year with the potential ability to adjust for certain future projects or events 2. Suncadia closed settlement addressed ROE, Capital Structure and Rate Base 3. Blue Topaz latest general rate case from 2008 and had an 11.91% ROR with 95% equity layer. This case was transferred from TCEQ (Texas Commission on Environmental Quality) to the PUCT (Public Utility Commission of Texas) in 2014. NW Natural WATER™#3939 RENEWABLES#4040 STRATEGIC RATIONALE FOR COMPETITIVE RNG The competitive RNG business represents a significant opportunity to add earnings and cash flows in a rapidly-growing market segment Market Opportunity Opportunity to achieve attractive returns as demand exceeds RNG supply • Increasing demand for renewable fuels expected to be driven by: - Voluntary and mandated targets in the utility, commercial, industrial and transportation sectors Many large-scale, low-cost RNG projects have yet to be developed RNG production forecasted to grow 5x in the next decade Strategic Fit & Competitive Advantage • Potential early-mover advantage, building on expertise and market knowledge Aligns with core competencies including: Developing and managing critical distribution infrastructure Environmental stewardship Create long-term value for our stakeholders by decarbonizing businesses beyond NW Natural's gas utility RNG projects sized well for investment by NW Natural Renewables NW Natural RENEWABLES™#4141 MARKET OPPORTUNITY 59 59 US RNG Production (million MMBtu) 5x 167 299 35% 41% 61% 54% 76% 13% 3% 6% 5% 2% 2020 2025 2% -2% 2030 ■Landfill 2-3 2020 US RNG Market Size ($ in billions) 10x 11-14 2025 LCFS RIN ■ Gas 22-26 2030 Wastewater ■ Food waste ■ Agriculture Source: Analysis using Argonne National Laboratory, EPA and USDA databases, historical credit prices, and expert interviews US RNG Market Size Expected to Increase 25% P.A. in Next Decade NW Natural RENEWABLES™#4242 PRIMARY EXPECTED RNG MARKETS PRIMARY DRIVERS REVENUE OPPORTUNITY POLICY DEPENDENCIES Commercial, Industrial, and Institutional Customers Corporate sustainability goals including emission reductions Long-term sales via bilateral contracts or through third-party marketers at prices above production costs Minimal Gas Utilities Meet voluntary emissions/renewable goals, including demand for RNG from customers, or statutory emissions targets/requirements Long-term sales contracts to utilities at prices above production costs State-level renewable and carbon reduction policies Natural Gas Vehicles Meet obligations for low- emissions fuel in state and federal regulatory programs Sales to vehicles to generate state and federal credits, which are sold to obligated parties for their compliance needs Federal and state-level clean fuel policies NW Natural RENEWABLES™#4343 NW NATURAL RENEWABLES: EDL PARTNERSHIP NW Natural Renewables' first projects are with EDL, a leading global producer of sustainable distributed energy Committed $50 million toward the development of two production facilities designed to convert landfill waste gases into RNG Executed agreements with EDL are designed to secure a 20-year supply of RNG that NW Natural Renewables is actively marketing, primarily under long-term contracts Construction for the projects began in spring 2022 with completion and commissioning of both facilities by early 2023#4444 FINANCIALS#45CAPITAL ALLOCATION 2022-26 2022-26 Forecasted Capital Expenditures (In millions) 2022-26 Forecasted Capital Expenditures 1,600 1,400 Regulated RNG Water Utilities 1,200 Growth Capex 1,000 Gas Utility 800 600 Replacement Capex 400 200 0 16% 4% 5% 6% 24% 45% ■Customer Growth Safety and Reliability Regulated RNG ■ Facilities ■ Water Maintenance 45 2022-26 Capital Plan ⚫ 2022 Capital expenditures are expected to be in the range of $310 million to $350 million ⚫ Capital expenditure expected to range $1.3 billion - $1.5 billion over the planning five-year period horizon of 2022- 26 driven by customer growth, safety & reliability and technology ■ Technology 6% Expected Gas Utility Rate Base Growth Expected Water Infrastructure Improvements $60-$70M NW Natural HOLDINGS™#4646 STRONG LIQUIDITY NW Holdings • $200 million credit facility • Expires in 2026 • • Access to capital markets Extension for two additional one-year periods NW Natural Credit Ratings (1) S&P Global MOODY'S NW Natural • $400 million credit facility • Expires in 2026 • AA- A2 A-1 Stable P-2 Stable Extension for two additional one-year periods Access to capital markets • Solid credit ratings¹ 1 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 NW Natural HOLDINGS™#4747 66 YEARS OF GROWING DIVIDENDS $1.68 2010 $1.75 $1.93 $1.92 $1.91 $1.90 $1.89 $1.88 $1.87 $1.85 $1.86 $1.83 $1.79 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Indicated 1 1 Future dividends are subject to Board of Director discretion and approval 1 of only 3 Companies on NYSE with this Legacy NW Natural HOLDINGS™#4848 CONCLUSION#4949 INVESTMENT THESIS Stable and growing utility margins driven by targets over the next five years projections including: • EPS growth of 4% - 6%1 • Gas utility customer growth averaging 1.5%+ Stable Utility Margins • Gas utility cap-ex $1.3 - $1.5 billion, projecting rate base growth of 5% -7%2 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 • Water strategy provides earnings diversity • Competitive RNG incremental earnings and cash flow growth 1 2 EPS growth forecasted for period 2022 - 2027 compounded annually; EPS growth rate uses mid-point of 2022 guidance range as base year Rate base growth forecasted for period 2021 - 2026 Stable and Growing Return Proposition Low-Risk Growth Efficient Cost Structure NW Natural HOLDINGS™#5050 APPENDIX#5151 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 IDAHO COMMISSION (IUTC) Eric Anderson (R) Appointed Dec 2015 Term ends Jan 2025 . John Chatburn (R) Appointed Jan 2022 • • Term ends Jan 2023 • John Hammond (D) Appointed Jan 2022 Term ends Jan 2027 TEXAS COMMISSION (PUCT) Peter Lake (R) Appointed April 2021 • Term ends Aug 2023 Will McAdams (R) Appointed April 2021 • • Term ends Aug 2025 Jimmy Glotfelty (NA) Appointed Aug 2021 . • Term ends Aug 2025 Lori Cobos (NA) • Appointed June 2021 Serving beyond Aug 2021 term ARIZONA COMMISSION (ACC) Lea Marquez Peterson (R) • • Appointed May 2019 Term ends Jan 2025 Justin Olson (R) . Appointed Oct 2017 • Term ends Jan 2023 Sandra Kennedy (D) • Appointed Jan 2019 • Term ends Jan 2023 Anna Tovar (D) . Appointed Jan 2021 • Term ends Jan 2025 James O'Connor (R) . Appointed Jan 2021 • Term ends Jan 2025#5252 DIVERSE RESOURCE PORTFOLIO Gas Supply • 62% supply from Canada KINGSVALE SUMAS Southern Crossing TransCanada KINGSGATEO • 38% supply from the Rockies • 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 PORTLAND Mist Gas Storage Facility • Valuable asset - limited storage in the Pacific Northwest Portland LNG Newport LNG • 17 Bcf facility with 11 Bcf serving utility customers and 6 Bcf under long-term contracts Utility can recall 6 Bcf to support customer demand North Mist Storage Expansion • 4.1 Bcf expansion serves a single customer under long-term contract Malin GTN Williams OSTANFIELD Ruby Paiute Williams NW NaturalⓇ#5353 MIST STORAGE FACILITY Overview • In operation since 1989 Storage capacity at Mist 17 Bcf - 11.3 Bcf Core Utility - 5.7 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 non-utility portion and share revenues with utility customers ⚫ 5.7 Bcf under long-term high-value contracts BCF 18 15 12 9 52063 30 BCF / Day 0.60 0.50 0.40 0.30 0.20 0.10 0.00 Mist Storage Capacity 1998 2000 2002 T T T T T 2004 2006 2008 2010 Mist Storage Deliverability 2012 T T 2014 1998 2000 2002 2004 2006 2008 2010 ■ Utility ■ Utility Recall ■Interstate 2012 2014 2016 T T 2016 2018 T 2020 2018 2020 NW NaturalⓇ#5454 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#5555 WATER TRANSACTIONS Company People Served Connections Location Date Signed Date Closed Transaction Details Salmon Valley Water Company 1,864 932 Welches, OR 12/18/2017 11/1/2018 12/19/2017 9/13/2018 Falls Water Company 18,327 6,453 Idaho Falls, ID 6/28/2019 8/3/2020 7/2/2020 2/9/2021 5/15/2018 11/2/2018 Whidbey Island, 1/22/2019 5/1/2019 Cascadia 5,659 1,908 WA 11/2/2020 11/12/2020 8/2/2021 9/16/2021 Falls Water Taylor Mountain Morningview Lehman & Sea View Estates/Monterra Del Bay Association Discovery Bay Village Water Sunriver Water & Environmental 20,224 9,468 Sunriver, OR 10/12/2018 5/31/2019 12/18/2018 7/31/2019 3/21/2019 10/1/2019 Gem State 3,852 1,541 Coeur d'Alene, ID 9/12/2019 4/2/2020 12/18/2020 9/3/2021 3/22/2021 10/4/2021 Suncadia Water & Environmental 6,943 3,265 Cle Elum, WA 10/12/2019 1/31/2020 Conroe, TX 10/31/2019 3/2/2020 Spirit Lake East/Lynnwood Diamond Bar/Bar Circle S Happy Valley/Bitterroot Troy Hoffman Pelican Point Water Suncadia T&W Water Blue Topaz Water & Wastewater 11,405 4,562 Beaumont, TX 12/28/2020 Avion Water 14,030 5,612 Bend, OR 12/15/2021 5/2/2022 12/17/2021 Belle Oaks Water & Wastewater 37% Interest Total Closed 82,304 33,741 Far West Water & Wastewater 62,500 25,000 Yuma, AZ 12/8/2021 To be Foothills Water & Sewer Water Necessities 1,800 720 Beaumont, TX 11/18/2021 To be part of Blue Topaz Caney Creek Water & Wastewater 278 111 Montgomery, TX 1/13/2022 To be part of Blue Topaz Northwest Water Services 1,113 445 Mount Vernon, WA 5/17/2022 To be part of Cascadia Aquarius Utilities 2,405 962 Poulsbo, WA 5/27/2022 To be part of Cascadia Total Pending 68,096 27,238 Total Closed & Pending 150,400 60,979#56NW Natural HOLDINGS™ Stronger by Design RESILIENT, RELIABLE, RENEWABLE