National Fuel Gas Company Investor Presentation — May 2018

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Investor Presentation

Q2 Fiscal 2018 Update

May 3, 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 bytheuseofthewords “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 orbe

achieved oraccomplished .

Inaddition toother factors, thefollowing areimportant factors that could cause actual results todiffer materially from those discussed intheforward -looking statements :delays

orchanges incosts orplans with respect toCompany projects orrelated projects ofother companies, including difficulties ordelays inobtaining necessary governmental

approvals, permits ororders orinobtaining thecooperation ofinterconnecting facility operators ;governmental/regulatory actions, initiatives and proceedings, including those