Investor Presentation October 2015 0 NPI.TO Forward-Looking - PowerPoint PPT Presentation

Executing on Growth Investor Presentation October 2015 0 NPI.TO

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. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “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 or adjusted EBITDA, cash flows and dividend payments, the construction, completion, attainment of commercial operations, cost and output of development projects, plans for raising capital, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. This information is 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, 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. Although these forward- looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, construction risks, counterparty risks, operational risks, the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2014 Annual Report and 2014 Annual Information Form, which are both filed electronically at www.sedar.com and Northland’s website www.northlandpower.ca. 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. The forward-looking statements contained in this presentation are based on assumptions that were considered reasonable at time of delivery. 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  Canadian-based Global Power Producer in business since 1987  Full lifecycle developers, owners, and operators of our facilities  1,332 MW * in operation (thermal, wind, and solar facilities)  1,042 MW (698 MW* net) under construction Stability Growth Commitment  Well-diversified geographically and by   Developing thermal, Management has a technologies wind, and solar vested interest projects in North through a 35%  Generate long-term America, Europe, ownership interest stable cash flows Mexico, and Latin  98% of revenues America from long-term power contracts Northland maintains an annual dividend of $1.08 2 * Represents Northland’s economic interest

Diversification by Geography and Technology 1 Kirkland Lake 101 MW* 2 Iroquois Falls 120 MW 11 3 Kingston 110 MW 9 4 Kavelstorf 7 MW 5 EckolstIädt 15 MW 8 6 Jardin d’Éole 128 MW 6 7 Thorold 265 MW 2 1 8 Mont Louis 100 MW 13 15 12 16 9 Spy Hill 86 MW 3 4 10 10 Roof-top solar 1 MW* 14 11 North Battleford 260 MW 7 5 12 Ground-Mount Solar 130 MW ** 13 McLean’s Mountain 30 MW* 14 Grand Bend 50 MW* 15 Gemini 360 MW* 16 Nordsee One 282 MW* In operation Under construction Thermal Wind Solar Biomass *Represents Northland’s economic interest 3 **Ground-mount solar: 120 MW in operations and 10 MW under construction.

Long Term Focus Delivers Value Northland’s full life cycle commitment  Captures development profits and provides stable cash flows over the life of facilities to service the dividend  Preferred by power off-takers and lenders  Ensures quality projects are constructed to achieve performance and reliability origination feasibility signed financial commercial confirmed PPA close operations date Development and construction value Risk/Reward Operations cashflow to create value to service dividends Initial risk Greatest exposure Diminishing risk ADVANCED UNDER OPERATIONS IN DEVELOPMENT DEVELOPMENT CONSTRUCTION Stage 4

Strong and Growing Financial Results Adjusted EBITDA Revenues $800 $500 $700 CAGR: CAGR: $400 $600 28% 29% $500 Millions of $ Millions of $ $300 $400 $200 $300 $200 $100 $100 $0 $0 2012 2013 2014 2015F 2012 2013 2014 2015F Prior Growth Initiatives Have Shown Results Expected to generate over $380 million of Adjusted EBITDA in 2015 5

Development – Our Pipeline 2015 Focus Operating Development Construction* Assets* Pipeline Advanced 698 1,332 > 2,200 Development MW MW MW D E G R E E O F P R O J E C T C E R T A I N T Y Highest L o w e s t Evaluate and focus Power contracts Ensure projects Operations and on opportunities in hand are delivered on time, maintenance that meet our and on budget Finalizing supply Thermal 943 MW* investment criteria agreements Wind 280 MW* * Represents Northland’s economic interest Solar 109 MW* Financing 6

Focus on Executing Construction Projects Nordsee One Gemini 332 MW offshore wind farm 600 MW offshore wind farm Offshore Wind Europe COD: 2017 COD: End of 2017 Project Costs: Over € 4 billion 60% interest 85% interest Onshore Canada Renewables Ground Mounted Solar Grand Bend Project Costs: Over $400 million 1 x 10 MW solar farm 100 MW onshore wind farm COD: 2016 COD: 2015 50% interest 62.5% interest Management focused on executing 1,042 MW of projects currently under construction. 7

Offshore Wind Projects – Construction 60 kilometers apart Gemini Nordsee One ~85 kilometers ~40 kilometers from shore from shore Two wind parks 54 turbines 75 turbines each Project Component Gemini Nordsee One Cable    Manufacturing 100% Started    Installation 90% + 2016 Turbine Foundations (Monopiles)    Manufacturing 100% Started    Installation 80% + 2016/2017 Offshore Substation    Manufacturing 100% Started    Installation 100% 2016 Turbines    Manufacturing Started To be started    Installation 2016/2017 2017 8   COD 2017 2017

Gemini – Project Overview Gemini Location North Sea, Netherlands Capacity 600 MW (2 sites x 300 MW) Capital Cost € 2.8 billion Northland interest 60% (360 MW) Power contract Fixed price; 15-year contract with the Dutch government Operations & maintenance Siemens (15 years) Partners Siemens (20%), Van Oord (10%), HVC (10%) COD 2017 Additional facts Will be largest wind farm in the North Sea and second largest offshore wind farm in the world. 9

Gemini – Project Structure Two party EPC contracting strategy 10 Clear contracting strategy that minimizes interface risk

1 Gemini – Turbines Turbine height including foundation (225m, 68 story building) ∅ 130m Airbus 380 Length of plane (73m) Wingspan (80m) Length of blade (63 m) Over twice as long as a new TTC streetcar Statue of Liberty (93 m) 11

Gemini – Monopile Foundations Installation of 1 st Monopile on July 1, 2015 12

Gemini – Offshore Substation Jackets Installation of both jackets in August 13

Gemini – Offshore substation installed on jacket Installation of offshore substation on jacket 14 See appendix for more pictures

Nordsee One – Project Overview Nordsee One Location North Sea, Germany Capacity 332 MW Capital Cost € 1.2 billion Northland interest 85% (282 MW) Power contract A fixed price Feed-in-tariff subsidy for 10 years. Operations & Senvion (10 years) maintenance Partners RWE Innogy (15%) COD 2017 Additional facts Rights to develop two additional projects (Nordsee Two & Three) over the next decade. 15

Nordsee One – Project Structure  The grid connection will be already built and Nordsee interfaces with the Transmission System Operator – TenneT – at the substation Nordsee I Transmission System Operator Turbine Supply & Offshore Converter Installation Substation & Station (TenneT) Onshore Installation Substation Cable Supply & Installation Export Cables Foundation Foundation Export Cables Supply Installation Five experienced contractors with specialized expertise, with buffers between contracts 16