Investor Presentaiton

Constructive regulatory environment Regulatory construct Oregon Public Utility Commission • Forward test year • Integrated Resource Planning (IRP) Renewable Portfolio Standard (RPS) • Proven track record of achieving reasonable settlements Regulatory mechanisms ⚫ Net variable power cost recovery • • Annual Power Cost Update Tariff (AUT) • Power Cost Adjustment Mechanism (PCAM) Decoupling through 2019 • Renewable Adjustment Clause (RAC) ка • Regulatory body Governor-appointed three member commission serving four-year terms Megan Decker [D] (Chair) Stephen Bloom [R] Letha Tawney [D] Term Expiration March 2021 Nov 2019 May 2020 Portland General Electric

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