2019

W H Y I N V E S T ?

StabilityOver 30 years of successfully developing, constructing and operating independent power projects while delivering strong, consistent returns for shareholders.

Growth An exciting portfolio of attractive and strategic global development and partnering opportunities.

ExperienceA strong, seasoned management team with over 200 years of combined power industry experience.

NORTHLAND’S VISION INTELLIGENT ENERGY FOR A GREENER PLANETTM

Northland produces electricity from clean-burning natural gas and renewable resources such as wind, solar, and biomass. The company partners with Indigenous partners, municipalities and independent companies to develop and operate power-generation facilities in Canada, Europe and other selected jurisdictions. The company maintains an active development strategy focused on creating high-quality projects underpinned by revenue contracts that deliver predictable cash flows that ensure a continual increase in value for all stakeholders.

CANADANorthland’s Asset Diversification

Thermal

Wind

Wind Under Construction & Advanced Development

Solar

KEY NPI SUCCESS FACTORS • Experienced management team • Diversified portfolio of assets and technologies • Revenue contracts generate predictable cash flows • Disciplined non-recourse project finance strategy • Over $1.2 billion in tax pools available • 5% dividend yield

FACTS SUMMARYDate of Listing April 1997

Exchange Toronto Stock Exchange

Trading Symbol NPI

Dividend $1.20 per share annually; $0.10 monthly

Shares Outstanding 180 million

Market Capitalization $4.5 billion

Index Inclusion S&P TSX Clean Technology Index

S&P TSX Capped Utilities Index

S&P SmallCap Index

Credit Rating BBB (Positive)

Number of Employees 363

1 As at December 31, 2018, regular and Class A shares2 As at February 28, 2019, includes all shares outstanding3 As recorded at end-of-day December 31, 2018

Technology: Operating 1 Construction 1

Thermal 973 MW –

Wind 1,326 MW 269 MW

Solar 130 MW –

Total (Gross) 2,429 MW 269 MWTotal (Net) 2 2,014 MW 269 MW1. As of December 31, 20182. Represents Northland’s economic interest

1

2

3

GERMANY

TAIWAN

THE NETHERLANDS

THE NORTH SEA

FACTS SUMMARYDate of Listing April 1997

Exchange Toronto Stock Exchange

Trading Symbol NPI

Dividend $1.20 per share annually; $0.10 monthly

Shares Outstanding 180 million

Market Capitalization $4.5 billion

Index Inclusion S&P TSX Clean Technology Index

S&P TSX Capped Utilities Index

S&P SmallCap Index

Credit Rating BBB (Positive)

Number of Employees 363

ADJUSTED EBITDA BY TECHNOLOGY ($M)2,429 MW OPERATION

Offshore Wind 57%

Thermal 40%Solar 8%Solar 5%

On-shore Wind 15%

Offshore Wind 40%

On-shore Wind 7%

Thermal 28%

DIVERSIFIED PORTFOLIODECEMBER 31, 2018

Analyst Coverage

BMO Capital Markets Ben Pham

Canaccord Genuity David Galison

CIBC Mark Jarvi

Desjardins Bill Cabel

GMP FirstEnergy Ian B. Gillies

Industrial Alliance Jeremy Rosenfield

National Bank Financial Rupert Merer

Raymond James Ltd. David Quezada

RBC Capital Markets Nelson Ng

TD Newcrest Sean Stuart

For more information, please contact:

Wassem Khalil Senior Director, Investor Relations and Strategy

647-288-1019 investorrelations@northlandpower.com

northlandpower.com

30 St. Clair Avenue West12th floorToronto, Ontario, CanadaM4V 3A1

CORPORATE EXECUTIVE OFFICERS

JAMES TEMERTYCHAIRMAN

MIKE CRAWLEYPRESIDENT & CHIEF EXECUTIVE OFFICER

TROY PATTONCHIEF OPERATIONS OFFICER

PAUL J. BRADLEYCHIEF FINANCIAL OFFICER

MORTEN MELINEXECUTIVE VICE PRESIDENT, CONSTRUCTION

MICHAEL D. SHADBOLTVICE PRESIDENT AND GENERAL COUNSEL