Flexible Renewable Storage Potential

11 INVESTMENT TARGETS Growth targets over the next five years include: Financial Targets Gas Utility Growth Water Growth EPS growth of 3% - 5%¹ Strong and growing dividend² Customer growth 1.4%+ per year Capital plan of $1.0 - $1.2 billion Rate base growth of 4% -6%¹ Long-term strategy, incremental earnings growth and diversity • Deliberate and disciplined roll-up strategy Maintenance cap-ex plan $40 - $50 million³ 1 2 3 EPS and rate base growth forecasted for period 2021 - 2025; EPS growth rate uses mid-point of 2020 guidance range as base year Future dividends are subject to Board of Director discretion and approval Water cap-ex plan is based on projected needs of water and wastewater utilities acquired as of 12/31/20 Stable and Growing Return Proposition NW Natural HOLDINGS™

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