Updated as of November 2012

1. Investor Presentation
November 2012
1

2. Forward Looking Information Disclaimer
This written and accompanying oral presentation contains certain forward‐looking statements which are provided for the
purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such
statements may not be appropriate for other purposes. Forward looking statements include statements that are predictive in
statements may not be appropriate for other purposes. Forward‐looking statements include statements that are predictive in
nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,”
“believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or
future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without
limitation, statements regarding future EBITDA, cash flows and dividend payments, the construction, completion, attainment of
commercial operations, cost and output of development projects, plans for raising capital, and the operations, business,
commercial operations cost and output of development projects plans for raising capital and the operations business
financial condition, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. This information is
based upon certain material factors or assumptions that were applied in developing the forward‐looking statements, including
the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party,
management’s current plans, its perception of historical trends, current conditions and expected future developments, as well as
other factors that are believed to be appropriate in the circumstances.
Although these forward‐looking statements are based upon management’s current reasonable expectations and assumptions,
they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current
expectations include, but are not limited to, construction risks, counterparty risks, operational risks, the variability of revenues
from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and
Uncertainties” section of Northland’s 2011 Annual Report and 2011 Annual Information Form, which are both filed electronically
at www.sedar.com and Northland’s website www.northlandpower.ca. Northland’s actual results could differ materially from
those expressed in, or implied by, these forward‐looking statements and, accordingly, no assurances can be given that any of the
events anticipated by the forward looking statements will transpire or occur. The forward looking statements contained in this
events anticipated by the forward‐looking statements will transpire or occur The forward‐looking statements contained in this
presentation are based on assumptions that were considered reasonable at time of delivery. Other than as specifically required
by law, Northland undertakes no obligation to update any forward‐looking statements to reflect events or circumstances after
such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results,
or otherwise.
2

3. Northland Overview
Develop Finance Build Own Operate
Canadian‐based Independent Power Producer since 1987
Well‐diversified across many clean and green technologies and
geographical jurisdictions
Full lifecycle developers, owners and operators of our facilities
Strategic and disciplined organic
Strategic and disciplined organic growth platform
platform
Stable, long‐term contracted (non‐merchant) projects with
creditworthy counterparties
S&P debt rating BBB– positive outlook
Focus on contracted low risk cash flow streams; little interest in
Focus on contracted low risk cash flow streams little interest in
taking positions on commodities, FX and interest rates
3

4. Stability and Growth
Stability Growth
Commitment to $1.08/share annual Development Pipeline consists of
construction and development assets
dividend
1,005MW in operating assets
11%
15.3*‐year weighted average PPA life 11%
$2.0 billion in available tax pools
Long average tenure of management
Long average tenure of management 2,800 MW
team
78%
Exceptional environmental, health
and safety records
Management ownership: 37%↑** 3 0MW
320MW In Construction
280MW Advanced Development
* Includes operating projects and projects under construction. For operating projects
only, the weighted average PPA life is 13.6 years. 2,200MW Development Pipeline 4
** Includes conversion of merger shares

5. Diversified by Geography and Technology
1. Cochrane 32 MW*
h Germany
10
2. Iroquois Falls 120 MW
3. Kirkland Lake 99 MW
3 Kirkland Lake 99 MW*
4. Thorold 265 MW 11
5. Kingston 110 MW
6. North Battleford 260 MW
7. Spy Hill 86 MW CANADA
9
8. Jardin d’Éole 128 MW Quebec 8
6
9. Mont Louis 100 MW
7
10. Kavelstorf 7MW
l f 1 2
Ontario 3
11. Eckolstädt 14 MW 14
Saskatchewan 13
5
12. Brandywine 44 MW**
y
4
13. Rooftop 1 MW**
14. Ground Mount 60 MW
Under construction Solar
UNITED STATES
UNITED STATES 12
Natural Gas
In operation
Biomass Wind Maryland
* Represents Northland’s 75% economic interest 5
** Represents Northland’s ownership interest

6. Long Term Focus Delivers Value
Northland’s full life cycle focus
Captures development profits and provides stable cash flows over
the life of facilities to service the dividend.
Preferred by power off‐takers.
Ensures quality projects are constructed to achieve performance and
reliability.
origination feasibility signed financial commercial operations
confirmed PPA close date
Risk
k
IN DEVELOPMENT ADVANCED UNDER OPERATIONS
DEVELOPMENT CONSTRUCTION
Development and Initial risk
construction value Greatest exposure
Operations cashflow to create Diminishing risk 6
value to service dividends

7. Diversified Portfolio of Assets
2011 ‐ $151M 2015 ‐ $360‐400M
Saskatchewan EBITDA – by Geography
2% Saskatchewan
26%
Quebec Quebec
11% 8%
Other Other
Ontario 2% 1%
Ontario
85%
65%
EBITDA – by Technology Wind
17%
Solar
17%
Wind
Hydro
Thermal 13%
2%
87%
Thermal
64%
7

8. Diversified Portfolio of Assets
EBITDA – by Facility
2011 ‐ $151M
2011 2015
2015 ‐ $360‐400M
Cochrane* Germany Mt Louis Manitoulin
Spy Hill Grand Bend
1% Kirkland Lake* 1%
Jardin
4% 2%
6%
2% 1% 5%
Kirkland Lake*
3%
Germany
2% Cochrane*
Solar
Thorold
Th ld 1%
17%
36% Jardin
9% Spy Hill
4%
Mt Louis Kabinakagami
2% 2%
North Battleford Iroquois Falls
21% 10%
Iroquois Falls
q
Kingston
Ki t
23%
24% Kingston
Thorold 11%
13%
8

9. Stability of Cash Flows
Remaining PPA Term for Each Facility
Cochrane*
Iroquois Falls Weighted average***
g g
Kirkland*
Ki kl d*
Kingston
Kingston
Thorold
Iroquois Falls
G Spy Hill
Spy Hill
Germany
Jardin
Cochrane*
Thorold
Kirkland*
Mont Louis
Mt Louis
Ground Mounted Solar**
Germany
Jardin
North Battleford**
Ground Mounted Solar**
North Battleford**
Spy Hill
0 5 10 15 20 25 30
Weighted average PPA life is 15.3 years***
*Managed facilities
** Projects currently under construction
*** The weighted average PPA life is weighted by respective MW capacity. The weighted average PPA life of 15.3 years includes projects currently under
construction. For operating projects only, the weighted average PPA life is 13.6 years. 9

10. Strong Balance Sheet
S&P Debt Rating
BBB– Positive Outlook
(October 29, 2012)
(October 29 2012)
7%
Preferred Shares
1%
Convertible
Debentures/Shares
ENTERPRISE
VALUE
$3.7 November 2012
N b 2012
BILLION
31%
Non‐Recourse
60% Project Debt
Equity
at recent $18.75 share price*;
118 million shares**
* Closing November 12, 2012
** Represents shares recognized for accounting purposes which includes Convertible Class A, Class C Shares and Replacement Rights. 10

11. Full In‐house Capabilities
Project
Origination
Fuel and
Concept
Electricity
Engineering
Management
Operations &
Asset
Management
100%
NORTHLAND
Corporate &
Project
Financing
IN‐HOUSE
IN HOUSE
Construction Permitting
Management Management
Community
Community
Relations
11

12. Growth Pipeline
Construction
Advanced Development
Ad dConstruction
D l
Advanced Development
Development
D l t
Development Construction
Advanced Development
Development
12

13. Construction and Development Pipeline
320MW ‐ In Construction
20% 280MW ‐ Advanced Development
Hydro /
d / 2,200MW ‐ Development Pipeline
Pumped Storage
20%
Wind
Construction and
55%
2,800
2 800 MW
Natural Gas
Development Pipeline
5%
Solar
13

14. Projects Under Construction
North Battleford, Saskatchewan, Canada
On track for
O t kf
Q2 2013
completion
260MW
gas‐fired
combined cycle plant
20‐year
PPA
$677M
Expected project cost
Construction
Kiewit
COD guarantee
Q4 2013
Q4 2013
14

15. Projects Under Construction
Ground Mounted Solar, Ontario, Canada
Expected
E t d
completion
Q1‐Q3 2013
60MW
X6 10MW ground
mount solar farms
mo nt solar farms
20‐year
PPA
$285M
Expected project cost
Construction
Aecon – Miwel
15

16. Construction: On‐time, On‐budget
Northland’s track record is on‐time, on‐budget project delivery
Budget Actual % On
Facility COD Location MW
(M) (M) Under Time
Iroquois Falls cogeneration plant
I i F ll i l 1997 ON 110 $158 $151 4.18%
4 18%
Iroquois Falls gas turbine replacement 2003 ON 80 $24 $23 2.13%
p y
Kirkland Lake peaker facility 2004 ON 30 $30 $30 1.33%
Mont Miller wind farm 2005 QC 54 $98 $93 5.11%
Jardin d’Éole wind farm 2009 QC 128 $268 $268 0.22%
Thorold cogeneration facility 2010 ON 265 $520 $509 2.12%
Mont Louis wind farm 2011 QC 100 $181 $173 4.42%
Spy Hill peaker facility
Spy Hill peaker facility 2011 SK 86 $141 $137 2.83%
North Battleford and six ground mount solar projects currently
under construction are within budget and on schedule
16

17. Disciplined Development
Power Sales Long‐term power contracts
Creditworthy counterparties
Predictable economics
Power off‐taker assumes fuel risks, where
fuel cannot be otherwise hedged
Project Financing Non‐recourse single project
Fully amortizing
Fully amortizing
Term matched to PPA
Interest rate and FX hedging
Construction
C i Fixed price guarantee
Fi d i
Penalty provisions
Equipment and Supply Fixed price guarantee
Comprehensive maintenance contracts
Insurance Comprehensive insurance program
“Loss prevention” mindsets
Loss prevention mindsets
17

18. Advanced Development Projects
Mclean’s Mountain
Grand Bend 60MW* $190M
100MW * $38 M
00 $385 COD 2013
COD 2014
280 MW*
under contract
Frampton
24MW * $75M
COD 2015
COD 2015
Ground mount solar
Kabinakagami 70MW* $325M
26MW* $180M
MW
COD 2013 ‐2014
COD 2015
Total Project Costs $1.2 billion
Total Project Costs ~$1.2 billion
* Represents total installed capacity of projects in advanced development. 18

19. Ground‐Mounted Solar – Future Phases
Ontario, Canada
70MW: 7 projects x 10MW
Total project costs $325M
Target in‐service dates 2013 ‐2014
Development Checklist
Development Checklist
Power contract obtained
Solar panel supply
Construction contractor
Land Secured
Interconnection assessment
I t ti t
Receipt of final permits
Financing
g
19

20. McLean’s Mountain on Manitoulin Island
Ontario, Canada
60MW wind farm
Total project cost ~$190M
50/50 partnership with First
Nations
North Target in‐service date ‐ l
i i d late 2013
20 3
Manitoulin
Island
Development Checklist
Power contract obtained
Turbine supply
Construction contractor
Construction contractor
Land Secured
Wind assessment
Interconnection assessment
Receipt of final permits
Financing
20

21. Grand Bend
Ontario, Canada
100MW wind project
Total project cost ~$385M
Target in‐service date ‐ late 2014
Poised to leverage a strong
relationship with local First Nations
to a successful partnership
Development Checklist
D l t Ch kli t
Power contract obtained
Turbine supply
pp y
Construction contractor
Land Secured
Wind assessment
Interconnection assessment
Receipt of final permits
Receipt of final permits
Financing
21

22. Development Pipeline
Combined Heat and Power
Natural Gas
Hydro – Run‐of‐River
Hydro – Pumped storage
Wind
Solar
2,200 MW PIPELINE
22

23. Marmora Pumped Storage
Ontario, Canada
400MW Hydro pumped
storage facility
Stores off‐peak power for
on‐peak use
Supports grid stability
Proven technology
Ideal site
Unprecedented community
support
Artist’s rendering of completed project.
23

24. Financial Summary
Recent Share Price (TSX: NPI) $18.75
Shares Outstanding 128M
Float (Common + Class A) 115M
Institutional Ownership ~30%
Annual Dividend $1.08
$
Annual Dividend Yield 5.8%
Total Debt, Net of Cash
Total Debt Net of Cash $968M
Convertible Debentures (NPI.DB.A) $32M
Preferred Shares (NPI.PR.A, NPI.PR.C)
Preferred Shares (NPI.PR.A, NPI.PR.C) $263M
Market Capitalization (Common only) $1,602M
24
Enterprise Value $3,739M

25. Financial Highlights and Forecast Growth
Highlights
Forecasted EBITDA Growth Revenue of more than $350 million
$400M
Over $2.3 billion in total assets
$300M Successfully raised $1.4 billion in
financing between 2007‐2012
g
$200M Growth initiatives have
demonstrated results (September
$100M 30, 2012 YTD EBITDA increased by
25% vs. 2011)
$M
2011 2012 2013 2014 2015
Strong Stable Cash Flows
Diversified cash flows over five
geographically separate regions and
2011 EBITDA ($151M) regulatory jurisdictions
forecasted to more than $2.0 billion in available tax pools
DOUBLE by 2014 results in minimal cash taxes for
foreseeable future
Long term power contracts reside
L id
with creditworthy counterparties
25

26. Industry‐leading Returns
Since its 1997 IPO, Northland Power has delivered a compounded
annual return to investors of 13.1% doubling the TSX total return
annual return to investors of 13.1% doubling the TSX total return
600%
10 year 5 year Merger
g Northland Power
outlook
l k outlook
500% TSX
Peer Group*
400%
300%
NPI Annual Total Return
Post Merger: 30.7%
200%
5 Year: 17.5%
y
10 year: 14.3%
100%
Since Inception: 13.1%
0%
April 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
April '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
'97
* Peer Group includes TransAlta Corp., Capital Power Corp., Algonquin Power & Utilities Corp, Brookfield
Renewable Energy Partners, Boralex Inc., Innergex Renewable Energy Inc. 26

27. Liquidity Management
1. Consistent and predictable annual free cash flow
2. Line of Credit ‐ $250 million total
3. Continued access to capital markets
Continued access to capital markets
4. Development expenses and discretionary capital expenditures
5. No meaningful cash taxes for foreseeable future
f l h f f bl f
$1B $962M $1.1B
from operating assets from construction projects from contracted projects
AVAILABLE FUTURE Northland’s
Tax Pools
$2.0B $1.1B
27

28. DRIP – A Win‐Win Opportunity
6. Dividend Reinvestment Plan (DRIP)
For management a key liquidity tool, enabling
For management – a key liquidity tool enabling
Northland to raise growth capital at a low cost
For shareholders – a convenient means to purchase
For shareholders a convenient means to purchase
additional shares at a discounted price without
incurring brokerage commissions
incurring brokerage commissions
Since inception, the DRIP has raised $25.2 million at
a negligible transaction costs and has an overall
a negligible transaction costs and has an overall
participation rate of ~26%
Features of DRIP
Features of DRIP*
Type of Plan Treasury or Market Purchases
Issue price from treasury Discounted to 5 day weighted average price
Current discount
di 5%
%
* See www.northlandpower.ca for more details. 28

29. Why Invest in Northland?
Stability: The track record, commitment and ability
to deliver shareholder value. Commitment to $1.08
d li h h ld l i $
annual dividend.
Strong and Visible Growth Opportunities: An
exciting portfolio of attractive, strategic development
projects.
Experienced Team: Strong, seasoned people at
Experienced Team: Strong, seasoned people at
every level.
Management’s ownership of more than 37%
ensures alignment with shareholder interests
29

30. Appendix
30

31. Operating Projects
PPA Gas
Project Loc. Size Ownership Technology
term Term
2015‐
Iroquois Falls ON 120 MW 100% Natural gas cogeneration 2021
2016
Kingston ON 110 MW 100% Natural gas combined cycle 2017 2017
Thorold ON 265 MW 100% Natural gas cogeneration 2030 2030
Spy Hill SK 86 MW 100% Natural gas peaking plant 2036 n/a
Panda
MD 230 MW 19% Natural gas combined cycle 2021 2021
Brandywine
Jardin d’Éole QC 128 MW 100% Wind 2029 n/a
Kavelstorf &
K l f& Germ
G
22 MW 100% Wind n/a* n/a
Eckolstadt ‐any
Mont Louis QC 100 MW 100% Wind 2031 n/a
Solar Rooftop
l f ON 2 MW 75% Rooftop solar
f l 2031 n/a
/
Biomass & natural gas combined cycle
Kirkland Lake ON 132 MW ** 2015 2015
and peaking
Cochrane
C h ON 42 MW
42 MW ** Biomass & natural gas combined cycle
Bi & t l bi d l 2015 2016
* German electricity production is purchased by local power utilities as required by German legislation at predetermined prices.
** Northland manages these facilities under contract, however Northland has an effective 75% residual economic interest in these facilities. 31

32. Construction & Development Projects
Project Expected PPA Expected
Loc. Size Ownership Technology
Construction COD Term Capital Cost
Capital Cost
North Natural gas
SK 260 MW 100% Q2 2013 20 year $677M
Battleford combined cycle
Ground Mount
Ground Mount
ON 60 MW 100% Ground mount solar 2013 20 year $285M
$
Solar ‐ I
Development
McLean’s Mtn ON 60 MW <100% Wind Late 2013 20 year $190M *
Ground Mount 2013‐
ON 70 MW 100% Ground mount solar 20 year $325M
Solar ‐ II 2014
Kabinakagami ON 26 MW <100% Run‐of‐river hydro 2015 40 year $180M *
Grand Bend ON 100 MW <100% Wind 2014 20 year $385M
Frampton QC 24 MW <100% Wind 2015 20 year $75M *
* Represents full cost of the project (100%). Northlands estimated ownership interest is (50% Manitoulin, Kabinakagami, and 67% Frampton) 32

33. Experienced Management
Management has over
Management owns 200+ years of experience in
approximately 37% the energy industry with
of Northland equity.
of Northland equity. average tenure of 16 years.
average tenure of 16 years
James Temerty John Brace
.
Chairman President and Chief Executive Officer
Formed Northland 1987 Joined 1988
Paul Bradley Sam Mantenuto Tony Anderson Michael Shadbolt
Chief Financial Officer Chief Operating Officer and Chief Chief Investment Officer Vice President and
Joined 2011
d Development Officer Joined 1989 General Counsel
Joined 1997 Joined 2011
David G. Dougall Dino Gliosca Jim Cipolla
Vice President, Operations Vice President, Engineering Vice President, Gas and
Joined 1990 Joined 1987 Electricity Marketing
Joined 1999 33

34. Investor Relations Contacts
Investor Relations Contacts
Adam Beaumont
Ad B t
Director of Finance
647.288.1929
investorrelations@northlandpower.ca
www.northlandpower.ca
Barb Bokla
Manager, Investor Relations
647.288.1438
647 288 1438
34