Northland Power Capitalized Growth & Strategic Overview

Shareholder Returns Track Record of Strong Returns to Shareholders An investor who invested in the IPO in 1987 would have realized a total return of over 2,200 %¹ 0 NORTHLAND POWER Annual Dividends (Distributions) per share $0.89 $1.20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 1. As at May 18, 2022 and assumes reinvestment of dividends Total Shareholder Returns 2022 1. Peer Group S&P/TSX Capped Utilities Index Northland Power 5-Year TSR NORTHLAND POWER NORTHLAND POWER 15% 14% 10-Year TSR Canadian IPP Peer Group includes Algonquin Power, Boralex, Brookfield Renewable, Capital Power, Innergex, and TransAlta. 2. As at May 18, 2022. Northland Power | 42

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