Our Low-Carbon Pathway

33 WATER INVESTMENT APPROACH The water and wastewater sector aligns well with NWN's conservative risk profile and offers diversification, stable cash flows, and substantial long-term investment opportunities ⚫ Federal and state agencies driving upgrades to water and wastewater infrastructure 1 Acquire . • EPA estimates over $775 billion in water and wastewater capital needs nationally through 2040 Continue disciplined acquisition strategy, while also exploring adjacent high growth regions Grow • Water infrastructure improvement through five-year 2022-26 capital investment plan of approximately $60 million to $70 million¹ Projected organic customer growth rate of 2.5% compounded annually from 2022-26 Recover • Expect recovery of capital investments through constructive regulatory engagement Over long term, growing water business targeted to be an earnings driver and opportunity to deploy capital at attractive rates of return for infrastructure needs The timing and amount of the core capital expenditures and projects for 2022 and the next five years could change based on regulation, growth, and cost estimates NW Natural WATER™

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