Investor Presentaiton

Proven dividend growth 4.5% CAGR(1) 5.9% CAGR (2) $1.56(4) Dividends paid per $1.50 common share(3) $1.41 $1.32 $1.24 $1.16 $1.05 $1.07 $1.09 $1.11 70% Actual Payout Ratio 14 2011 2012 2013 2014 2015 2016 2017 Long-term dividend growth guidance of 5-7% (4) (1) Compound Annual Growth Rate from 2011 through 2020 (2) Compound Annual Growth Rate from 2016 through 2020 (3) Represents annual dividends paid per common share (4) Estimates and projections are based on assumptions and there can be no assurance regarding the amount of future dividends 2018 2019 2020 60% Target Payout Ratio PGE

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