Investor Presentaiton

Energy Services: Predictable Fee-based Revenues + Upside Potential ($ in Millions) Asset Management Agreements¹ Predictable fee-based revenues better ensure coverage of fixed costs De-risked Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk AMAS will generate majority of Energy Services' projected margin and NFE for fiscal years 2023 and 2024 $239 $261 $240 $138 $124 + • • • Long Option Strategy Significant upside potential with limited downside risk Proven track record of success over 27 years of existence leveraging natural gas market volatility to drive value Physical storage and transportation assets provide optionality to capture location and time spreads whose value can be hedged with the use of financials instruments Downside risk, equivalent to an option's premium, equates to the difference between demand charges and the hedged value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs N New Jersey Resources FY 2022 FY 2024 FY 2025 - FY 2031 FY 2032 ■Revenue Recognition ■Cash 1) AMAs feature initial and permanent capacity releases with cash payments throughout, with ASC 606 revenue recognition standard requiring that revenue be allocated to both the initial and permanent releases. As a result, disproportionate value is allocated to the permanent release periods in FY 2024 and FY 2032. 10

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