NorthWestern : Guggenheim Partners Virtual NDR

Investor Update | Guggenheim Partners Virtual NDR

March 24, 2022

8-K March 17, 2022

Forward Looking Statements

2

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	[phone]	[e-mail]

NWE - An Investment for the Long Term

3

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 ~56% 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 Production Tax Credit carryforwards)
• Solid 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 long-term payout ratio of 60%-70%

Best Practices

Corporate

Governance

5th Best Governance Score

About NorthWestern

South Dakota Operations

Electric

64,200 customers

4

Montana Operations

Electric

391,600 customers

24,996 miles - transmission & distribution lines

876 MW maximum capacity owned power generation

Natural Gas

206,600 customers

7,111 miles of transmission and distribution pipeline

17.75 Bcf of gas storage capacity

Own 38.8 Bcf of proven natural gas reserves

3,628 miles - transmission & distribution lines

395 MW nameplate owned power generation

Natural Gas

48,600 customers

1,759 miles of transmission and distribution pipeline

Nebraska Operations

Natural Gas

42,800 customers

813 miles of distribution pipeline

Data as of 12/31/2021

A Diversified Electric and Gas Utility

(1)

(1)

5

	NorthWestern's '80/20' rules:
	Approximately 80% Electric and 80% Montana.
Data as reported in our 2021 10-K	Nearly $4.2 billion of rate base investment to serve our customers
(1) Utility Margin is a non-GAAP Measure. See appendix for additional disclosure.