Diverse Resource Portfolio & Low-Carbon Pathway

35 GROWING WATER UTILITIES Increased Connections 4 Fold in 3 Years • NW Natural Water has 4x the connections it serves since its initial transactions in Dec. 2017 PP&E Growth In millions 9.5% CAGR $49 $77 • Today NW Natural Water serves nearly 64,000 people through more than 26,000 water and wastewater connections Expanding Footprint 2020 2025 Began strategy with two acquisitions in Pacific Northwest . Today also own a water utility in Texas, proving transaction capability beyond legacy service territory Acquisition Investment 2021-2025 Planned Cap-Ex Texas 6% Washington 15% Washington 19% Oregon 52% Oregon 55% Idaho 24% Strong Organic Growth • Utilities in fast-growing areas with tuck-in potential Organic customer growth of 2.8% in 2020 Continued Disciplined Acquisition Strategy • Intend to continue rolling up utilities near existing platform, while also exploring other high growth regions Texas 18% Idaho 11% ~$110 Investment To-Date $40 - $50 Million Planned NW Natural WATER™

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