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Investor Presentaiton

L Appendix 40 Summary Financial Results (Fourth Quarter) Three Months Ended December 31, (in millions except per share amounts) 2020 2019 Variance % Variance Operating Revenues 313.6 $ 328.1 $ (14.5) (4.4%) Cost of Sales 86.0 82.3 3.7 4.5% Gross Margin (1) 227.6 245.8 (18.2) (7.4%) Operating Expenses Operating, general & administrative 73.1 79.3 (6.2) (7.8%) Property and other taxes 42.7 38.7 4.0 10.3% Depreciation and depletion 45.3 43.1 2.2 5.1% Total Operating Expenses 161.1 161.1 (0.0) (0.0%) Operating Income Interest Expense 66.5 84.7 (18.3) (21.5%) (24.5) (24.1) (0.4) (1.7%) Other Income (Expense) 5.8 (0.5) 6.3 (1386.0%) Income Before Taxes 47.8 60.1 (12.3) (20.5%) Income Tax Benefit (Expense) 5.8 (0.1) 5.9 5900.0% Net Income 53.6 60.0 (6.4) (10.7%) Effective Tax Rate (12.1%) 0.2% -12.3% Diluted Shares Outstanding 50.7 50.8 (0.1) (0.1%) Diluted Earnings Per Share $1.06 1.18 $ (0.12) (10.2%) Dividends Paid per Common Share 0.60 0.575 0.025 4.3% NorthWestern Energy (1) Gross Margin, defined as revenues less cost of sales, is a non-GAAP Measure See appendix for additional disclosure. Delivering a Bright Future
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