National Fuel Gas Company Investor Presentation — February 2018

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Investor Presentation

Q1 Fiscal 2018 Update

February 1, 20182Safe Harbor For Forward Looking Statements

This presentation may contain “forward -looking statements” asdefined bythePrivate Securities Litigation Reform Actof1995 ,including statements regarding future prospects,

plans, objectives, goals, projections, estimates ofoiland gas quantities, strategies, future events orperformance and underlying assumptions, capital structure, anticipated

capital expenditures, completion ofconstruction projects, projections forpension and other post -retirement benefit obligations, impacts oftheadoption ofnew accounting

rules, and possible outcomes oflitigation orregulatory proceedings, aswell asstatements that areidentified bytheuse ofthewords “anticipates,” “estimates,” “expects,”

“forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may,” and similar expressions .Forward -looking statements involve risks and

uncertainties which could cause actual results oroutcomes todiffer materially from those expressed intheforward -looking statements .The Company’s expectations, beliefs

and projections areexpressed ingood faith and arebelieved bytheCompany tohave areasonable basis, butthere can benoassurance that management’s expectations,

beliefs orprojections will result orbeachieved oraccomplished .

Inaddition toother factors, thefollowing are important factors that, intheview oftheCompany, could cause actual results todiffer materially from those discussed inthe

forward -looking statements :Delays orchanges incosts orplans with respect toCompany projects orrelated projects ofother companies, including difficulties ordelays in