Flexible Renewable Storage Potential

49 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 Long-term growth opportunities • Water strategy provides earnings diversity • Competitive RNG incremental earnings and cash flow growth Stable and Growing Return Proposition Low-Risk Growth Efficient Cost Structure NW Natural HOLDINGS™

View entire presentation