Investor Presentaiton

L Balance Sheet Strength and Liquidity Credit Ratings Liquidity --->$100M Target* 14 Fitch Moody's S&P Actual $400 Senior Secured Rating A A3 A- $350 $300 Senior Unsecured Rating A- Baa2 BBB Commerical Paper F2 Prime-2 A-2 Millions $250 $200 $150 Outlook Stable Stable Stable $100 A security rating is not a recommendation to buy, sell or hold securities. Such ratings may be subject to revisions or withdrawl at any time by the credit rating agency and each rating should be evaluated independently of any other rating. Debt to Capital Ratio $50 $0 '16 '17 '18 '19 '20 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Long-Term Debt Maturity Schedule 60% 50% 40% 54.7% 54.2% 53.8% 55.1% 55.7% 54.8% 54.1% 51.5% 51.5% 52.4% Millions $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 30% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Target: 50% - 55% - Annual ratio based on average of each quarter's debt/cap ratio Excludes Basin Creek capital lease and New Market Tax Credit Financing Investment grade credit ratings, liquidity in excess of $100 million target, debt to cap within our targeted 50%-55% range and no long-term debt maturities until 2023. Year *Liquidity target increased to $200 million due to uncertain economic conditions brought about by COVID-19. '44 '46 '50 '52 NorthWestern Energy Delivering a Bright Future

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