Barclays Energy-Power Conference

September 9, 2021

Fort Benton, MT

8-K'ed on September 9, 2021

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Forward Looking Statements

Forward Looking Statements

Boulder River in Montana

During the course of this presentation, there will be forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future business and financial performance, and often

contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will."

The information in this presentation is based upon our current expectations as of the date hereof unless otherwise noted. Our actual future business and financial performance may differ materially and adversely from our expectations expressed in any forward-looking statements. We undertake no obligation to revise or publicly update our forward-looking statements or this presentation for any reason. Although our expectations and beliefs are based on reasonable assumptions, actual results may differ materially. The factors that may affect our results are listed in certain of our press releases and disclosed in the Company's most recent Form 10-K and 10-Q along with other public filings with the SEC.

Company Information

NorthWestern Corporation

Corporate Office

Investor Relations Officer

dba: NorthWestern Energy

3010 West 69th Street

Travis Meyer

Ticker: NWE (Nasdaq)

Sioux Falls, SD 57108

605-978-2967

www.northwesternenergy.com

(605) 978-2900

travis.meyer@northwestern.com

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NorthWestern Energy Value Proposition

A pure electric and natural gas utility

serving as stewards of critical energy infrastructure that provides essential services to a broad service territory spanning across Montana, South Dakota, Nebraska and Yellowstone National Park.

A Strong Financial Foundation and Investment for the Long Term

  • Over 100 years of operating history
  • History of strong earnings growth
    • 3.7% Non-GAAP EPS CAGR from 2011-2020
    • Targeted 3%-6%long-term EPS growth rate
  • History of annual dividend increases
    • Growing from $1.00 per share in 2005 to $2.48 in 2021 (annualized)
    • Competitive current dividend yield of 3.9%
  • Growing capital investment program
    • $400+ million annual investment and approximately 2.4x depreciation in 2021
  • Significant generation capacity deficit with opportunity for investment
  • Diverse energy supply portfolio - already 65% carbon-free(MWh's delivered)
  • Award winning and best practices corporate governance
  • Stable and flexible investment grade balance sheet
  • Ample liquidity (>$100 Millions) to weather uncertainty
  • History of stable customer growth, in excess of national average
  • Customer bills well below national average
  • Highest ever customer satisfaction scores

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NWE - An Investment for the Long Term

Pure Electric &

Gas Utility

Solid Utility

Foundation

Strong

Earnings &

Cash Flow

Attractive

Future Growth

Prospects

Financial Goals

& Metrics

• 100% pure electric & natural gas utility business

Black Eagle dam

with over 100 years of operating history

  • Solid economic indicators in service territory
  • Diverse electric supply portfolio ~65% hydro, wind & solar
  • Residential electric & gas rates below national average
  • Solid system reliability
  • Low leaks per 100 miles of pipe
  • Solid JD Power Overall Customer Satisfaction scores
  • Consistent track record of earnings & dividend growth
  • Strong cash flows aided by net operating loss carry- forwards anticipated to be available into 2021
  • Strong balance sheet & investment grade credit ratings
  • Disciplined maintenance capital investment program to ensure safety and reliability
  • Significant investment in renewable resources (hydro & wind) will provide long-term energy supply pricing stability for the benefit of customers for many years to come
  • Further opportunity for energy supply investment to meet significant capacity shortfalls
  • Target debt to capitalization ratio of 50%-55% with liquidity of $100 million or greater
  • Target 3%-6% EPS growth plus dividend yield to provide competitive total return
  • Target dividend payout ratio of 60%-70%

Best Practices

Corporate

Governance

5th Best Governance Score

Montana Operations

Electric

384,700 customers

24,877 miles - transmission & distribution lines

871 MW maximum capacity owned power generation

Natural Gas

203,700 customers

7,057 miles of transmission and distribution pipeline

17.75 Bcf of gas storage capacity

Own 43.1 Bcf of proven natural gas reserves

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About NorthWestern

South Dakota Operations

Electric

63,900 customers

3,622 miles - transmission & distribution lines

411 MW nameplate owned power generation

Natural Gas

48,000 customers

1,766 miles of transmission and distribution pipeline

Nebraska Operations

Natural Gas

42,700 customers

813 miles of distribution pipeline

Data as of 12/31/2020

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NorthWestern Corporation published this content on 08 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2021 23:01:00 UTC.