Diverse Resource Portfolio & Low-Carbon Pathway

42 INVESTMENT THESIS Stable and growing utility margins driven by targets over the next five years projections including: • EPS growth of 3% - 5% • Gas utility customer growth 1.4%+ Stable Utility Margins • Gas utility cap-ex $1.0 - $1.2 billion, projecting rate base growth of 4% -6% BUSINESS STRATEGY Excellent operations and efficient cost structure Commitment to safety, reliability, and high-quality service • Continued focus on efficient business operations Lower-Risk Growth • North Mist in gas utility segment provides additional regulated storage • Water strategy provides earnings diversity Stable and Growing Return Proposition Low-Risk Growth Efficient Cost Structure NW Natural HOLDINGS™

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