Investor Presentaiton

STATE OF OREGON CO 6 Constructive regulatory environment • Regulatory construct Forward test year Integrated Resource Planning (IRP) Renewable Portfolio Standard (RPS) Proven track record of achieving reasonable Commission-approved settlements Regulatory body • Public Utility Commission of Oregon Governor-appointed three member commission serving four-year terms Megan Decker [D] (Chair) Mark Thompson [R] Letha Tawney [D] Term expiration March 2021 Nov 2023 May 2024 Regulatory mechanisms Net variable power cost recovery • Annual Power Cost Update Tariff (AUT) • Power Cost Adjustment Mechanism (PCAM) Decoupling through 2022 Renewable Adjustment Clause (RAC) PGE

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