Our Low-Carbon Pathway

9 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™

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