Fixed-Income Investor Presentation

21 OUR LOW-CARBON PATHWAY VOLUNTARY GOAL: 30% CARBON SAVINGS BY 2035 Goal established in 2016 OUR PRODUCT REDUCE CARBON INTENSITY OUR CUSTOMERS REDUCE AND OFFSET CONSUMPTION TRANSPORTATION REPLACE MORE CARBON INTENSIVE FUELS NW NATURAL OPERATIONS UPSTREAM METHANE REDUCTION RENEWABLE NATURAL GAS POWER TO GAS (hydrogen pathway) ENERGY EFFICIENCY SMART ENERGY (voluntary offsets) GAS + RENEWABLE HYBRID EQUIPMENT (solar thermal) COMPRESSED NATURAL GAS AND RENEWABLE NATURAL GAS SERVE TRASH TRUCKS AND RETURN-TO-BASE FLEETS Baseline: 2015 emissions associated with customer use & company operations NW NaturalⓇ

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