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NorthWestern Energy Group, Inc.

Definitive proxy

Relative 1-Year CEO Pay*	Relative 1-Year TSR*			Relative 3-Year CEO Pay*			Relative 3-Year TSR*
OGE Energy Corp.			100%			Otter Tail Corporation			100%			PNM Resources Inc.			100%			Otter Tail Corporation			100%
PNM Resources Inc.			96%			MGE Energy Inc.			37%			OGE Energy Corp.			82%			OGE Energy Corp.			27%
Portland General Electric			89%			ALLETE, Inc.			28%			Portland General Electric			62%			Portland General Electric			17%
Otter Tail Corporation			66%			IDACORP, Inc.			21%			Spire Inc.			56%			ALLETE, Inc.			16%
Avista Corp.			60%			Spire Inc.			20%			Otter Tail Corporation			55%			IDACORP, Inc.			16%
Spire Inc.			57%			OGE Energy Corp.			18%			ONE Gas Inc.			52%			MGE Energy Inc.			15%
Black Hills Corporation			55%			Portland General Electric			18%			Black Hills Corporation			51%			Spire Inc.			13%
IDACORP, Inc.			54%			NorthWestern Energy			14%			IDACORP, Inc.			44%			Avista Corp.			8%
ONE Gas Inc.			35%			PNM Resources Inc.			12%			Avista Corp.			39%			NorthWestern Energy			6%
NorthWestern Energy			33%			ONE Gas Inc.			12%			NorthWestern Energy			30%			Black Hills Corporation			5%
Northwest Natural Holding			29%			Northwest Natural Holding			8%			Northwest Natural Holding			26%			Northwest Natural Holding			3%
ALLETE, Inc.			13%			Avista Corp.			7%			ALLETE, Inc.			9%			PNM Resources Inc.			1%
MGE Energy Inc.			—%			Black Hills Corporation			—%			MGE Energy Inc.			—%			ONE Gas Inc.			—%
*Relative CEO pay and relative TSR are expressed as a percentile of the range between the highest and lowest values of actual CEO pay and actual TSR.
Source: CEO Pay for the one-year period is the 2022 total compensation and for the three-year period is the 2020-2022 total compensation, as published in the 2021, 2022, and 2023 proxy statement Summary Compensation Tables for each respective company. We have excluded any change in pension value from the total compensation calculation because its inclusion could lead to inconsistent comparisons from company to company based upon differing pension plan provisions, length of employee tenure, and other factors. TSR is from S&P Global Market Intelligence for the one- and three-year periods ended December 31, 2023, and assumes reinvestment of dividends.

NorthWestern Energy Group, Inc.

Definitive proxy

Our executive pay program is designed to align the long-term interests of our executives, shareholders, and customers. For many years, the program has consisted of four components (base salary, annual cash incentive, long-term equity incentive, and executive retirement equity awards). In 2023, we made two changes to our pay program. First, we updated our long-term equity incentive awards, which now are split 70/30 between performance share units with a three-year performance period and restricted share units with a three-year restricted period. Previously, such awards were 100 percent performance share units with a three-year performance period. Second, we discontinued our executive retirement equity awards and intend to replace such awards in 2024 with a more traditional supplemental executive retirement contribution. These changes better align our executive pay program with our peers and the market. The full design of our compensation program and its components are detailed in the Compensation Discussion and Analysis , beginning on page 18 .

Percent of Total Compensation
Component			Description			CEO			Other NEO Avg.
Base Salary Fixed, paid in cash			Target middle of competitive range of peer group, with adjustments for trade area economics, turnover, tenure, and experience			25%			44%
Annual Cash Incentive Variable, paid in cash			Based on net income, safety, reliability, and customer satisfaction metrics and individual performance			25%			22%
Long-Term Incentive Program Award Variable or at risk, paid in equity			70 percent performance share units, based on EPS, ROAE and relative TSR performance over a three-year performance period and 30 percent restricted share units vesting over a three-year restricted period.			50%			34%

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