11

Corporate Update – January 2018

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/FORWARD-LOOKING STATEMENTS

In the interest of providing information regarding Horizon North, including management's assessment of Horizon North's future plans and operations, certain statements made and contained in these presentation materials (collectively, this “presentation”) are “forward-looking statements”, “forward-looking information”, or “financial outlook” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements are typically, but not always, identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “potential”, “target”, “seek”, “budget”, “predict”, “might” and similar words suggesting future events or future performance. Statements regarding capital expenditures and future development plans, objectives and strategies are subject to all of the risks and uncertainties that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. The forward-looking statements contained in this presentation speak only as of the date of this presentation and are expressly qualified by this cautionary statement. The purpose of any financial outlook is to provide disclosure regarding Horizon North’s reasonable expectations as to the results of its proposed business activities and may not be appropriate for other purposes.

Specifically, this presentation contains forward-looking financial and operational information, including: information relating to our business strategies, plans and objectives; our growth strategies; industry position; commodity pricing expectations; demand for beds, cash flow and related growth rates and stability; dividends paid on common shares and related growth; planned capital expenditures and plans for developing our assets and funding our capital expenditures in various geographic regions; and Horizon North’s business strategy for future growth.

This information is based on Horizon North's current expectations and is subject to a number of risks and uncertainties that could materially affect future results. These risks include, but are not limited to, general economic risks and uncertainties, future commodity prices, exchange rates, interest rates, geological risk, political risk, regulatory approval risk, demand for commodities, including oil and gas, transportation restrictions, risks associated with changes in tax, royalty and regulatory regimes and risks associated with cross-border activities. Additional risks and uncertainties are described in Horizon North's Annual Information Form, as well as Horizon North's Management's Discussion and Analysis (“MD&A”) which are filed on SEDAR at www.sedar.com. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in Horizon North's securities should not place undue reliance on these forward-looking statements. Forward-looking statements contained in this document are made as of the date hereof and are subject to change. Horizon North assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by applicable securities laws.

This presentation contains certain non-standardized financial measures including net debt and fund flows from operations as well as non-GAAP measures including netbacks that are not determined in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. These measures as presented do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with calculations of similar measures by other companies. Reference is made to Horizon North's publicly filed documents, including our most recently filed MD&A, for a discussion of these measures, including a reconciliation of fund flows from operations to cash flow from operating activities and net debt to long-term debt. Management believes that, in conjunction with results presented in accordance with IFRS, these measures assist in providing a more complete understanding of certain aspects of Horizon North's results of operations and financial performance. Investors are cautioned, however, that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indication of our performance.

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/OUR BELIEFS

VISIONTo provide an exceptional experience for customers, guests, employees, shareholders, and business partners.

MISSIONHorizon North provides superior, safe, self-perform accommodations and related ancillary infrastructure in Canada.

VALUES

Safety: We never compromise on safety, as lives depend on it.

Integrity: We build trust and act with honesty, respect and fairness.

Community:We think globally and act locally.

Customer Focus: We meet or exceed customer requirements in everything we do.

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Total Hours Worked

No. Of Total Recordable Incidents

Lost Time Incidents

Lost Time Incident Rate

Equipment/Property Damage (> $2,500 Damage)

Vehicle Incidents (> $2,500 Damage)

Total Kilometers Driven

12 Month Rolling Period – 2017 HSE Statistics (Estimated)

/SAFETY STATISTICS

Full Year Stats2017 2017 2017 2017

Q4 Q3 Q2 Q1 2017 2016 2015 2014 2013 2012 2011 2010

4 3 1 2 10 8 22 28 29 63 51 38

860K 850K 760K 733K 3.20M 3.04M 4.39M 5.38M 5.14M 4.55M 3.46M 2.41M

0.62 0.52 0.66 0.69 0.62 0.52 1.00 1.04 1.13 2.77 2.94 3.15

1 0 0 0 1 0 1 1 0 2 5 1

0.06 0.00 0.00 0.00 0.06 0.00 0.05 0.04 0.00 0.09 0.29 0.08

1 1 0 0 2 2 4 7 4 6 2 0

2 2 0 1 5 7 2 3 8 7 9 6

1.92M 2.00M 1.89M 2.10M 7.95M 8.87M 10.9M 12M 10.5M 9.70M 7.91M 6.3M

555

/ABORIGINAL PARTNERSHIPS

23 Strategic Aboriginal Relationships

110

6

4 1

1 1

66

Industrial Services Modular Solutions

/BIFURCATED OPERATING STRATEGY

777

/INDUSTRIAL SERVICES

Camps and AccommodationsCatering and Hospitality

Matting SolutionsOffice Spaces

Power SystemsRelocatable Structures

Rental OpportunitiesSite Work and Field Services

Soil StabilizationTransportation

Util itiesWater and Wastewater

Operational Maintenance

888

/ASSET AND FLEET DETAILS - INDUSTRIAL SERVICES

Assets Dec. 31, 2016 Sept. 30, 2017Total Rentable Beds 10,249 9,166Access Mats 29,834 30,579Relocatable Structures 1,039 1,126Other Rental Equipment 163 137Trucks and Trailers 47 44Loaders and Excavators 56 56

99

1/3 Oilsands1/3 W5/W61/3 Non-energy

/WHERE WE OPERATE – INDUSTRIAL SERVICES

10

/ACQUISITION OF MOOSE HAVEN LODGE

The Facility:Ideally situated near Janvier on Hwy # 881 South of Fort McMurray, Moose Haven Lodge is a 288 bed open lodge facility. Rooms are junior executive style rooms - 110/sq ft with partially complete Core Facility, Arctic Corridors, Power supply and distribution.

Site preparation is complete including parking and underground infrastructure. No employees are included.

Transaction is immediately accretive to Horizon North shareholders on a cash flow basis.

Purchase Price:$13.0M cash$1.0M shares of Horizon North$14.0M Total Consideration

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/ACQUISITION OF MOOSE HAVEN LODGE

The Limited Partnership:

An exclusive partnership with Chipewyan Prairie Dene First Nation creating a new entity called Sekui ( meaning “my home” in the Dene language ) to operate within their traditional territory.

The purpose of the partnership is to expand Horizon North’s geographic footprint south of Fort McMurray, Alberta and gain market share with strategically important customers.

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/FORT MCMURRAY STRATEGY

*SAGD – Steam Assisted Gravity Drainage. Image is property of Horizon North Logistics. All rights Reserved.

Acden Horizon North Limited Partnership

Sekui Limited Partnership

Athabasca Chipewyan First Nation (ACFN)

Horizon North

Chipewyan Prairie Dene First Nation

Horizon North

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ands

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ily

SAG

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Partnership Name Partners

1313

/ACCESS MATTING

• Rental and sale of inter-locking oak Swamp MatsTM, steel framed rig mats, composite/plastic mats, crane mats

and custom matting

• Full range of services including transportation, installation, repair, storage and client inventory management

• Ancillary rental equipment

1414

/MODULAR SOLUTIONS

HotelsOffice Complexes

Senior CentersRetail and Franchise

Government InfrastructureMulti-family Developments

Luxury HomesSingle Family Dwellings

1515

/MODULAR TRENDS

• Owners, policy makers and developers now demand greater efficiency from contractors

• Need standardization / repeatability / PREDICABILITY

• Architectural designs continue to improve

• Environmentally sustainable building trends

• Successful modular execution of increasingly complex projects• Building system engineering (ICE)• New/improved modular technologies

• General construction in comparison to other industries:

• Lagging significantly in advancement

• Waste, cost overruns, delays, safety considerations and quality issues

Modular Construction is changing the way the world builds today and in the future

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/WHY BUILD MODULAR?

PROJECT COMPLETION

PROJECT COMPLETION

• Improved schedule and cost certainty• Improved product quality; manufactured in a controlled environment• Reduced waste and environmental footprint

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/PROJECT PROFILE: MACKENZIE VILLAGE

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/PROJECT PROFILE: WEST KELOWNA LIVING

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/PROJECT PROFILE: RAMADA REVELSTOKE

• 54,200 sq. ft. 4 story• 85 rooms (incl. Accessible, Jacuzzi)• Pool and waterslide• 8 Month Contract to Occupancy• 8 day module setting

202020

/PROJECT PROFILE: COAST HOTEL

• Oliver, BC• Turn-Key Building/Site

Works• 83 Rooms• Indoor Pool• Breakfast Area• Fitness Room

212121

/OUR BRANDS AND QUALITY

One of two Holmes Approved Homes modular builders in Canada

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WHO WE ARE IS CHANGING, GROWING AND DEVELOPING.

WE BELIEVE… IN TRANSFORMATIONAL CHANGE.

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/HNL SNAPSHOT

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Executive TeamRod Graham – President and Chief Executive Officer

Scott Matson – Senior Vice President and Chief Financial Officer

Joseph Kiss – Senior Vice President Modular Solutions

Warren Murray – Senior Vice President Industrial Solutions

Jorge Castellanos– Vice President Manufacturing and Product Development

Darren Bolding – General Manager Horizon North Power Systems

Mike Hammerschmidt – Vice President Rentals and Logistics

Bill Anderson – Executive Vice President HSE and Quality

Pat Hammerschmidt – Vice President Aboriginal and Community Relations

Ben Bazinet – Vice President Human Resources

Lyle Guard – Vice President Legal and General Counsel

Jeff Strank – Vice President Sales Industrial Solutions

Jeff Litchfield – Vice President Camps and Catering Operations

Jan Campbell – Corporate Secretary

DirectorsAnn Rooney

Brad Fedora

Dale Tremblay

Kevin Nabholz – Chairman of the Board

Mary Garden

Richard Ballantyne

Russell Newmark

Rod Graham