Scrutinizes NorthWestern Energy’s Form S-3ASR Submission

BUTTE, Mont. and SIOUX FALLS, S.D., Sept. 29, 2023 – NorthWestern Corporation, operating as NorthWestern Energy (Nasdaq: NWE), made a significant announcement today regarding its planned holding company reorganization. Starting from October 2, 2023, NorthWestern Energy Group, Inc. is set to take the helm as the primary parent holding company for NorthWestern Corporation, which currently manages and operates regulated utility businesses in Montana, South Dakota, and Nebraska. An additional phase of the reorganization is expected in early 2024, wherein the regulated utilities business in South Dakota and Nebraska will become a distinct direct subsidiary of NorthWestern Energy Group, Inc.

This strategic maneuver, designed to be a tax-free transaction for U.S. federal income tax purposes, will see existing NorthWestern Corporation shareholders automatically transition into shareholders of the newly formed NorthWestern Energy Group, Inc. Each outstanding share of common stock in NorthWestern Corporation will undergo a seamless one-to-one conversion into an equivalent share of common stock in NorthWestern Energy Group, Inc. This restructuring will have no impact on the number of outstanding shares or ownership percentages, and the NWE stock ticker symbol will remain unchanged.

NorthWestern Energy, with a mission to “Deliver a Bright Future,” plays a vital role in providing essential energy infrastructure and valuable services that enhance lives and support communities. Their commitment to long-term partnerships with customers and communities is underpinned by their dedication to delivering safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors alike. NorthWestern Energy currently serves approximately 764,200 customers across Montana, South Dakota, Nebraska, and Yellowstone National Park, with a proud history of service dating back to 1923 in South Dakota and Nebraska and 2002 in Montana.