Our Low-Carbon Pathway

13 RESILIENT BUSINESS MODEL Months of Inventory 25 20 15 10 5 Tight Residential Real Estate Market Leads to Fewer Losses Housing Inventory Residential Commercial 0 1/1/2008 ~80% of Natural Gas Utility Margin is Decoupled % of Volumes % of Margin % of Margin Decoupled 38% 65% 89% 21% 24% 78% Industrial Other Total 41% 7% -% N/A 4% N/A 100% 100% 77% Based on 2021 SEC financials ~70% of Gas Utility Margin Earned during Heating Season Q1 Q2 Q3 Q4 Sales Volumes 39% 18% 9% 34% 12/2021 0.6 (weather normalized) Utility Margin 36% 19% 13% 32% Net Income 74% 1% -26% 51% Based on 2021 SEC financials 1/1/2012 1/1/2016 1/1/2020 RMLS Data for Portland Metro NW Natural®

View entire presentation