NorthWestern Corporation’s Inaugural Establishment of At-the-Market Program (with a Forward Component) to Sell Up to $200 Million of Common Stock

Hunton Andrews Kurth LLP advised sales agents, forward sellers and forward purchasers in connection with the establishment of the at-the-market (“ATM”) program for NorthWestern Corporation (the “Company”) to sell up to an aggregate of $200 million of its common stock from time to time through either the sales agents or forward sellers, who will, at the Company’s request, borrow shares of the Company’s common stock from third parties. This was the Company’s inaugural establishment of the ATM program with a forward component.

The Company, doing business as NorthWestern Energy, provides electricity and natural gas to approximately 743,000 customers in Montana, South Dakota and Nebraska. The Company has generated and distributed electricity in South Dakota and distributed natural gas in South Dakota and Nebraska since 1923, and has generated and distributed electricity and distributed natural gas in Montana since 2002.

The Hunton Andrews Kurth team included Pete O’Brien, Christina Kwon and Brendan P. Harney. Joseph Buonnano provided advice on the forward component. Leslie Okinaka provided ERISA advice.