Investor Presentaiton

39 2020A Adjusted EBITDA Growth Outlook Identified Projects Alone Expected to Double Adjusted EBITDA La Lucha ~$1.17 billion Iroquois Falls (PPA Expiry) Adjusted EBITDA Growth of Identified Projects More than doubles NY Wind Spain Portfolio Hai Long Baltic Power Nordsee 2/3 Dado Chiba Early to Mid- Stage Development Projects This chart has been compiled by management for illustrative purposes based on current Identified Development Project forecasts. Adjusted EBITDA reflects Northland's current ownership interest ~$2.5+ billion NORTHLAND POWER

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