Diverse Resource Portfolio & Low-Carbon Pathway

9 CONSERVATIVE STRATEGY Stable gas and water utility margins through progressive regulation Stable Gas utility: weather, decoupling, and environmental cost recovery mechanisms in Oregon Utility Margins • Constructive relationships with regulators and customer groups benefit both gas and water utilities BUSINESS STRATEGY Excellent operations and efficient cost structure • Commitment to safety, reliability, and high-quality service • Continued focus on efficient business operations Long-term growth opportunities that fit NWN's profile • GAS UTILITY: strong cap-ex profile with attractive and growing service territory driving above-average customer growth compared to peers • MIST FACILITY: high-value long-term contracts, asset management revenues, North Mist expansion Low-Risk Growth • WATER & WASTEWATER: long-term, disciplined strategy to acquire water utilities and wastewater businesses in a highly fragmented industry with ample infrastructure investment opportunities Efficient Cost Structure NW Natural HOLDINGS™

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