Fixed-Income Investor Presentation

24 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

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