Investor Presentaiton

37 Strong Balance Sheet will Support Growth Illustrative Capital Funding Plan of Identified Development Project Over Next Five Years ~$1B GREEN CORPORATE DEBT (INCLUDING REVOLVER/HYBRIDS) ~5% ~$1-2B Illustrative Capital Funding Plan (2021-2025) CURRENT PROJECT PARTNER'S EQUITY ~10% $15-20B+1 ~$2-3B NORTHLAND COMMON EQUITY + OFFSHORE WIND SELL-DOWNS ~15% ~$11-14B NON-RECOURSE DEBT- TARGETED GREEN ~70% 1. The capital funding plan is based on recent estimates of total capital costs for Identified Development Projects, that Northland has publicly disclosed. The chart illustrates potential sources of funding that is subject to change/update. NORTHLAND POWER

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