Our Low-Carbon Pathway

7 CONSERVATIVE STRATEGY Stable gas and water utility margins through progressive regulation Stable Utility Margins Gas utility: weather, decoupling, and environmental cost recovery mechanisms in Oregon Efficient Cost Constructive relationships with regulators and customer groups benefit both gas and water utilities 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 BUSINESS Structure STRATEGY 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 • COMPETITIVE RNG: potential for incremental earnings and cash flow through renewable natural gas investments, supported by long-term contracts, that could help decarbonize a variety of sectors including utility, commercial, industrial and transportation sectors NW Natural HOLDINGS™

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