Northland Power Capitalized Growth & Strategic Overview

Utilities High-quality Regulated Utility Business. 7 Regulated utility provides strategic value to existing asset portfolio · • Sole distributor to a population of over 1.3 million; proven management team with local expertise Operates under regulatory framework with an average approved WACC of approximately 11.5% RAB is expected to grow at a rate in excess of inflation Other key regulatory features including RAB inflation indexation, a five-year planning cycle and limited to no demand risk Provides a measure of stability and predictability to Free Cash Flow Reduces concentration risk as well as exposure to re-contracting and merchant power price risk

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