Our Low-Carbon Pathway

40 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™

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