150 years of service

One hundred and fifty years ago, new Portland arrivals H.C. Leonard and John Green raised $50,000 from East Coast investors. Even before Oregon achieved statehood, these men were promoting the promise of the Northwest: its natural beauty, its bounty and its growth potential. They used the money they raised to start a gas light company, illuminating the streets and houses of their adopted hometown.

Today, we at NW Natural speak about the Pacific Northwest in much the same way as our company’s founders, Leonard and Green. The region continues to attract dynamic, energetic individuals because of its quality of life,

diverse economy and environmental stewardship.

The promise of the Northwest is the promise of NW Natural.

As we turn 150, we are proud to celebrate our legacy of success. We are equally enthusiastic about looking ahead. At a time when both our nation and the energy industry are facing dramatic change, we have put in place the tools to adjust, adapt and excel.

steady amid
the turbulence

In 2008, we stayed on course and accomplished what we said we would.

Our earnings of $69.5 million, or $2.61 per share, were at the high end of our

earnings guidance. In fact, the 2008 results were second only to those of 2007, a year that benefited substantially from unusually high margin gains from our gas cost-sharing mechanism.

In addition, we increased dividends paid to shareholders owning common stock for the 53rd consecutive year – a record that is one of the longest on the New York Stock Exchange.

And we did all this while the nation was experiencing one of the worst economic recessions since 1929.

Like the rest of the nation, the economic slowdown has affected the Northwest’s housing market. Homebuilding has declined, but

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