Investor Presentaiton

38 . Green Financing Framework Adding Financial Optionality to Portfolio Green Financing Framework allows Northland to diversify and optimize additional sources of capital to fund growth plan Northland has advanced several capital markets initiatives to diversify and optimize our sources of capital Green the balance sheet Allows the issuance of green debt instruments that benefit from lower margins and a new pool of investors Introduced Sustainability Linked Overlay on $1.0 bn Corporate credit facilities • Increase our available liquidity • Capitalize on strong investor demand • • Our Green Financing Framework allows Northland to issue green bonds and corporate hybrids at any point in the future Key benefits: . • . • Lower cost than traditional unsecured senior debt Enhanced ESG positioning Access to European debt capital markets Strong Euro base allows to better match tenor and currency Very strong demand/subscription levels for green products Favourable treatment by lenders and S&P for corporate hybrids Green Bonds/Loans & Corporate Hybrid Bonds Green Project Finance NORTHLAND POWER

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