TSX: NPI Forward-Looking Statements Disclaimer This written and - PowerPoint PPT Presentation

Northland Power Investor Presentation November 2018 TSX: NPI

Forward-Looking Statements Disclaimer This written and accompanying oral presentation contains certain forward-looking statements which are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Forward-looking statements are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “predicts”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. These statements may include, without limitation, statements regarding future adjusted EBITDA, free cash flow, dividend payments and dividend payout ratios; the construction, completion, attainment of commercial operations, cost and output of development projects; litigation claims; plans for raising capital; and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. These statements are based upon certain material factors or assumptions that were applied in developing the forward- looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. Forward-looking statements are subject to numerous risks and uncertainties, which include, but are not limited to, contract, contract counterparties, operating performance, variability of renewable resources and climate change, offshore wind concentration risk, market power prices, fuel supply, transportation and price, operations and maintenance, permitting, construction, development prospects and advanced stage development projects, financing, interest rates, refinancing, liquidity, credit rating, currency fluctuations, variability of cash flows and potential impact on dividends, taxes, natural events, environmental, health and safety, government regulations and policy, international activities, relationship with stakeholders, reliance on information technology, reliance on third parties, labour relations, insurance, co-ownership, bribery and corruption, legal contingencies, and the other factors described in Northland’s 2017 Annual Report and 2017 Annual Information Form, which are both filed electronically at www.sedar.com and Northland’s website www.northlandpower.com. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. All figures are presented in Canadian dollars unless otherwise indicated. 1

Northland Overview  Over 30 years of successfully developing , constructing and operating independent power projects  Well-diversified, 2,429 MW (gross) modern fleet of high- quality assets  Over $10 billion of assets constructed since inception and currently under construction  Overall availability of 95% across 26 operating facilities  1,300+ MW in development (269 MW Deutsche Bucht in- construction; 1,044 MW of advanced development in Taiwan)  Enterprise value of more than $11 billion ¹  Significant development opportunities across multiple markets and technologies 1987-Present  Management alignment through a 34% ownership interest  Management experience - Combined over 200 years of power industry experience Over 30 Years of Excellence 2 1. As at November 9, 2018

Evolution of Northland Total Gross Capacity (MW) Total Returns 1 (%) 1,200% 3,000 1,029% July 16, 2009 Merger of NPI 1,000% Renewables (MW) 2,500 and Income Trust Clean Gas and Biomass (MW) 800% 2,000 Northland Returns (%) 600% 1,500 400% 1,000 2,429 MW April 15, 1997 Northland IPO 200% 500 0% 0 2018 2009 1997 1987 Private Entity Private Developer Public Entity Publically Listed Income Fund Income Fund IPO Founding Merger Early Growth Phase Income Fund Phase Current Canada-wide expansion; International expansion; Power generation projects in new technologies and Leverage greenfield expertise Ontario, Canada larger-scale projects into new markets Northland has grown from a local Canadian developer to an internationally renowned Independent Power Producer 3 1. Shareholder returns include capital appreciation and dividend reinvestment

Northland’s Asset Diversification Quebec Netherlands Ontario Germany Saskatchewan Clean Gas and Biomass Facilities Onshore Wind Farms Offshore Wind Farms Solar Facilities Operating 1 Construction 1 Operating 1 Construction 1 Geography: Technology: Canada 1,526 MW - Thermal 973 MW - Netherlands 600 MW - Wind 1,326 MW 269 MW Germany 332 MW 269 MW Solar 130 MW - Total (Gross) 2,429 MW 269 MW Total (Gross) 2,429 MW 269 MW Total (Net) 2 Total (Net) 2 2,014 MW 269 MW 2,014 MW 269 MW 4 1. As at November 9, 2018 2. Represents Northland’s net economic interest

Northland’s Successes in the Past Year  FY 2017: Adj. EBITDA of $765 million, a 22% increase over 2016; and Free Cash Flow per share of $1.46, a 4% increase over 2016  FY 2017: Operating income of $632 million, a 24% increase over 2016  Q3 2018: Adj. EBITDA of $197M (23%  ) and Free Cash Flow per share of $1.40 (31%  ) $ Results  Increased common share dividend by 11% to $1.20 per share as of December 2017  Operating generating capacity increased to more than 2.4 GW (gross)  Maintained operational excellence across 26 facilities  Continued health and safety track record of no lost time incidents Operations  Northland Europe internalized management for strategic and financial reasons  European offshore wind projects totaling €4B achieved project completion: o 600 MW (net 360 MW) Gemini reached commercial operations on Apr. 2017 o 332 MW (net 282 MW) Nordsee One reached commercial operations on Dec. 2017 Construction  Deutsche Bucht construction is underway. Commercial operations expected end of 2019  Secured 1,044 MW (net 626 MW) of grid allocation under FiT and auction for Taiwan projects (Hai Long)  Advanced and positioned other projects in the development pipeline  Established strong international presence with our head office in Toronto plus seven Development international locations 5

Northland’s Strong and Growing Results 2012 ¹ 2017 ² Annual Growth  Assets $2.5 B $10.2 B 32%  Enterprise Value $3.7 B $11.9 B 26%  Market Capitalization $2.2 B $4.1 B 14%  Operating Capacity (Gross) 1,242 MW 2,458 MW 15%  Operating Capacity (Net) 1,005 MW 2,029 MW 15%  Share Price $18.67 $23.35 11% ³  # Corporate Offices 1 5 38% Adjusted EBITDA by Technology ($M) Operating Capacity by Technology (Net MW) Solar, 5% Gas & Gas & Onshore Onshore Biomass Offshore Biomass, Wind, Wind, 25% Wind, 50% 25% 20% 30% 2012A 2012A 2018E 2018E Onshore Wind Gas & Gas & 5% Biomass, Offshore Biomass, Onshore Solar 80% Wind 75% Wind, 15% 10% 60% Since 2012, Adjusted EBITDA has substantially increased due to technological diversification and regional expansion 1. As at December 31, 2012 6 2. As at December 31, 2017 3. This number represents the 5-Year Total Shareholder Return (includes capital appreciation and dividend reinvestment)

Total Shareholder Returns Total Shareholder Returns 30% Peer Group ¹ S&P/TSX Capped Utilities Index 25% Northland Power 20% 15% 15% 13% 12% 10% 5% 0% 3-year 5-year 10-year 10-Year 3-Year 5-Year Northland has consistently delivered superior returns to shareholders over the years 1. Includes Algonquin Power, Boralex, Brookfield Renewable, Capital Power, Innergex, TransAlta 7 Note: Total return includes dividend plus appreciation over the specified period. Source: Bloomberg, November 9, 2018

Continued Growth in Financial Results  The following chart illustrates Northland’s growing Adjusted EBITDA and Free Cash Flow Per Share profile Adjusted EBITDA Growth Free Cash Flow Per Share Growth Growth ~200%  Growth ~80%  2012A 2014A 2016A 2018F 2020F 2012A 2014A 2016A 2018F 2020F Significant and visible growth in the future from projects in operations and in construction Note: The above chart is illustrative of Management’s objectives. They are based upon Northland’s operating facilities continuing to perform in a manner consistent with operations in 2017, with additions to Adjusted EBITDA and Free Cash Flow from projects under construction and other adjustments resulting from power contract renewals primarily in Ontario as described in our MD&A and 2017 AIF. The illustrations do not constitute a financial forecast, projection or guidance and are based upon assumptions that are subject to change. 8