Investor Presentaiton

Solid financial performance Net Income, Earnings per Share, and ROE $2.40 (NI in millions) $2.29 $2.18 $2.16 $204 $2.25 $2.04 $2.10(4) $1.84 EPS $193 $187 $142 $175 $172 NI $1.35(2) $105 2013(¹) 2014 2015 2016 2017(3) 2018E Accounting ROE Allowed ROE 7.9% 10.0% 9.4% 9.8% 8.3% 9.7% 8.4% 9.6% 7.9% 8.2%-8.7% 9.6% 9.5% 1) 2013 displays full-year non-GAAP adjusted earnings, which excludes the negative impact of the Cascade Crossing expense ($0.42 EPS) and the customer billing refund ($0.07 EPS) 2) GAAP earnings for year-end 2013 were $105 million or $1.35 per diluted share 3) 2017 displays full-year non-GAAP adjusted earnings, which excludes the negative impact of the Tax Cuts and Jobs Act expense ($0.19 EPS) 4) GAAP earnings for year-end 2017 were $187 million or $2.10 per diluted share Note: This graph contains adjusted earnings that is not determined in accordance with generally accepted accounting principles (GAAP). Management uses non-GAAP financials to communicate the company's expectations regarding its past and future earnings and assist with the analysis of the company's financial performance.. Portland General Electric 14

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