Investor Presentaiton

NJR Cash Flow From Operations and Investment Grade Profile NJR Cash Flow from Operations NJR Adjusted FFO/ Adjusted Debt¹ ($ in Millions) $500.0 ~22% CFFO CAGR 60.0% $450 - $490 $450.0 55% FY2020 FY2024E 55.0% $400.0 $391 50.0% $350.0 $320 - $360 $324 45.0% $300.0 $250.0 $213 43%-46% 39% 40.0% $200.0 $150.0 $100.0 30% 25.0% $50.0 $0.0 FY2020A FY2021A FY2022A FY2023E 20.0% FY2024E CFFO Dividend Payout Ratio (as a proportion of CFFO) N New Jersey Resources Current Credit Ratings NJNG NJR (Secured (Unsecured NAIC Moody's Fitch Rating) NAIC-1.E A1 (Stable) A+ (Stable) Rating) NAIC-2.A 18.1% 17.4% 17-18% 17-18% 35.0% 14.3% 33%-36% 30.0% 1) FY2020A FY2021A FY2022A FY2023E FY2024E Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long- term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. 16

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