X0306 4 2014-03-31 0 0000073020 NORTHWEST NATURAL GAS CO NWN 0001241405 ANDERSON DAVID HUGO 220 NW SECOND AVENUE PORTLAND OR 97209 0 1 0 0 Executive VP & COO Common Stock 2014-03-31 4 M 0 8000 34.29 A 55261.7573 D Common Stock 2014-03-31 4 S 0 6889 43.9960 D 48372.7573 D Common Stock 785.6668 I See Footnote Common Stock 2462.875 I See Footnote Employee Stock Option to Buy 34.29 2014-03-31 4 M 0 8000 0 A 2010-01-01 2016-02-29 Common Stock 8000 0 D David H. Anderson exercised an option to purchase 8,000 shares at $34.29 each and then sold 6,889 of those shares at prices ranging from $43.95 to $44.013, resulting in an average price of $43.996 on March 31, 2014 to generate the proceeds required to purchase the remaining 1,111 shares of the Company common stock under the option. After completion of this transaction, Mr. Anderson held 48,372.7573 shares of the Company's common stock directly, and 3,248.5418 shares of the Company's common stock indirectly. Shares have been credited to reporting person's account under the issuer's Retirement K Savings Plan as of March 31, 2014. Shares have been credited to reporting person's account under the issuer's Deferred Compensation Plan for Directors and Executives. Shawn M. Filippi, Attorney-in-Fact 2014-04-02