Investor Presentaiton

Mitigating the Impact of Higher Gas Prices for our Customers Hedged Portion of NJNG's Winter Sales1 • • Cost of natural gas supply is a pass through to customers By policy, at least 75% of our estimated winter send-out for residential and small commercial sales customers must be hedged prior to November 1st Hedging typically executed with gas in storage and the use of financial instruments to hedge storage injections By securing a cost-effective supply and leveraging the BGSS incentive, NJNG has been able to moderate the price of natural gas for our customers N New Jersey Resources 1) Sales from November 2022 to March 2023 10% 90% ■Hedged Unhedged 13

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