Diverse Resource Portfolio & Low-Carbon Pathway

13 RESILIENT BUSINESS MODEL Months of Inventory 25 20 15 10 10 5 Tight Residential Real Estate Market Leads to Fewer Losses Housing Inventory Residential Commercial 0 1/1/2008 1/1/2012 1/1/2016 1/1/2020 RMLS Data for Portland Metro ~80% of Natural Gas Utility Margin is Decoupled % of Volumes % of Margin % of Margin Decoupled 38% 64% 89% 21% 24% 78% Industrial Other Total 41% 7% -% N/A 5% N/A 100% 100% 77% Based on 2020 SEC financials ~70% of Gas Utility Margin Earned during Heating Season 0.8 Sales Volumes Q1 Q2 Q3 Q4 39% 18% 9% 34% (weather normalized) Utility Margin 35% 18% 13% 34% Net Income 70% -7% -29% 66% Based on 2020 SEC financials NW NaturalⓇ

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