Fixed-Income Investor Presentation

14 INVESTING IN THE GAS SYSTEM Customer growth System Capital Expenditures¹ (In millions) • New construction & conversions • Main extensions Safety & Reliability • Recurring replacements • Enhanced system reliability to support growth Technology • Cybersecurity • Efficiencies and upgrades Customer information system Facilities • Resource and operations center renovations $338 ~$330 8 $304 ~$290 24 30 $278 9 Avg/Yr 20 34 20 $248 24 83 10 55 30 45 35 85 51 109 146 168 112 165 160 Renewable Natural Gas (RNG) • Planned investments for gas utility under Senate Bill 98 The timing and amount of the capital expenditures and projects for 2023 or additional investments in our infrastructure during or after 2023 could change based on customer growth, significant changes in prevailing regulatory policies or outcomes, or significant local, state or federal laws, legislation or regulations, or cost estimates. Required funds for the investments are expected to be internally generated or financed with long-term debt or equity, as appropriate. 58 63 55 64 60 2019 2020 2021 ■Customer Growth ■Safety and Reliability 2022 Technology 65 2023 2023F 2027F ■Facilities ■Regulated RNG NW NaturalⓇ 1 Chart is based on accrual cap-ex figures and includes cloud-based software Forecast Five-Year 2023-27 Cap-Ex Approximately $1.4 Billion

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