Amended and Restated Limited Partnership Agreement



 Exhibit 4.1 
 BREP HOLDING L.P. 
 - and - 

BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. 
  

 
 AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT 
 OF BROOKFIELD RENEWABLE ENERGY L.P. 

 
  
 November 20, 2011 







 TABLE OF CONTENTS 

 

					
	 ARTICLE 1
	  			
	 INTERPRETATION
	  	 	2	  
	 1.1 Definitions
	  	 	2	  
	 1.2 Headings and Table of Contents
	  	 	13	  
	 1.3 Interpretation
	  	 	14	  
	 1.4 Invalidity of Provisions
	  	 	14	  
	 1.5 Entire Agreement
	  	 	15	  
	 1.6 Waiver, Amendment
	  	 	15	  
	 1.7 Governing Law; Submission to Jurisdiction
	  	 	15	  
		
	 ARTICLE 2
	  			
	 ORGANIZATIONAL MATTERS
	  	 	15	  
	 2.1 Formation
	  	 	15	  
	 2.2 Purpose
	  	 	16	  
	 2.3 Powers
	  	 	16	  
	 2.4 Name
	  	 	16	  
	 2.5 Registered Office; Principal Office
	  	 	17	  
	 2.6 Power of Attorney
	  	 	17	  
	 2.7 Term
	  	 	18	  
		
	 ARTICLE 3
	  			
	 CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS
	  	 	19	  
	 3.1 Formation of the Partnership
	  	 	19	  
	 3.2 Initial Capital Contributions by the General Partner and the Initial Limited Partner
	  	 	19	  
	 3.3 Interest and Withdrawal
	  	 	19	  
	 3.4 Issuances of Additional Partnership Interests
	  	 	19	  
	 3.5 Pre-emptive Rights
	  	 	20	  
	 3.6 Splits and Combinations
	  	 	20	  
	 3.7 Fully Paid and Non-Assessable Nature of Units
	  	 	21	  
	 3.8 Issuance of Units to BREP
	  	 	21	  
		
	 ARTICLE 4
	  			
	 ALLOCATIONS
	  	 	21	  
	 4.1 Maintenance of Capital Accounts
	  	 	21	  
	 4.2 Allocations – Overview
	  	 	22	  
	 4.3 General Allocations
	  	 	22	  
	 4.4 Special Allocations
	  	 	23	  
	 4.5 Allocation of Nonrecourse Liabilities
	  	 	24	  
	 4.6 Transfer of Interest
	  	 	24	  
	 4.7 Allocations for U.S. Tax Purposes
	  	 	24	  
	 4.8 Allocations for Canadian Federal Income Tax Purposes.
	  	 	25	  
	 4.9 Currency Translation
	  	 	26	  
	 4.10 Authority of General Partner
	  	 	26	  


  
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	 ARTICLE 5
	  			
	 DISTRIBUTIONS
	  	 	27	  
	 5.1 In General
	  	 	27	  
	 5.2 Distributions Prior to Dissolution
	  	 	27	  
	 5.3 Distributions on or After Dissolution
	  	 	28	  
	 5.4 Adjustment to Incentive Distributions Payable to General Partner
	  	 	28	  
	 5.5 Incentive Distributions Paid in the Form of Redemption Exchange Units
	  	 	29	  
	 5.6 Prohibition on Distributions
	  	 	29	  
		
	 ARTICLE 6
	  			
	 REDEMPTION-EXCHANGE RIGHTS
	  	 	29	  
	 6.1 Redemption-Exchange Rights
	  	 	29	  
	 6.2 Redemption and Exchange Procedures
	  	 	29	  
	 6.3 Redemption-Exchange Date
	  	 	30	  
	 6.4 Withdrawal of Exercise
	  	 	31	  
	 6.5 Effect of Exercise of the Redemption-Exchange Right
	  	 	31	  
	 6.6 FIRPTA
	  	 	31	  
		
	 ARTICLE 7
	  			
	 REDEMPTION AMOUNT AND EXCHANGE RATIO
	  	 	32	  
	 7.1 Redemption Amount
	  	 	32	  
	 7.2 Exchange Ratio and Adjustments
	  	 	32	  
		
	 ARTICLE 8
	  			
	 ADJUSTMENTS
	  	 	32	  
	 8.1 Unit Reorganization
	  	 	32	  
	 8.2 Unit Reclassification
	  	 	32	  
	 8.3 Adjustments Cumulative
	  	 	33	  
		
	 ARTICLE 9
	  			
	 MANAGEMENT AND OPERATION OF PARTNERSHIP
	  	 	33	  
	 9.1 Management
	  	 	33	  
	 9.2 Restrictions on General Partner’s Authority
	  	 	34	  
	 9.3 Reimbursement of Partnership Expenses
	  	 	34	  
	 9.4 Outside Activities
	  	 	35	  
	 9.5 Disclosure of Interests
	  	 	36	  
	 9.6 Indemnification
	  	 	36	  
	 9.7 Resolution of Conflicts of Interest
	  	 	38	  
	 9.8 Other Matters Concerning the General Partner
	  	 	39	  
	 9.9 Title to Partnership Assets
	  	 	39	  
	 9.10 Purchase or Sale of Units
	  	 	40	  
	 9.11 Reliance by Third Parties
	  	 	40	  
	 9.12 Services
	  	 	40	  
		
	 ARTICLE 10
	  			
	 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	41	  
	 10.1 Limitation of Liability
	  	 	41	  


  
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	 10.2 Management of Partnership Affairs
	  	 	41	  
	 10.3 Outside Activities
	  	 	41	  
		
	 ARTICLE 11
	  			
	 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	41	  
	 11.1 Books, Records and Accounting
	  	 	41	  
	 11.2 Fiscal Year
	  	 	42	  
	 11.3 Delivery of Financial Statements
	  	 	42	  
	 11.4 Reports
	  	 	42	  
		
	 ARTICLE 12
	  			
	 TAX MATTERS
	  	 	43	  
	 12.1 Tax Information
	  	 	43	  
	 12.2 Preparation of Tax Returns
	  	 	43	  
	 12.3 Tax Elections
	  	 	43	  
	 12.4 Tax Controversies
	  	 	43	  
	 12.5 Withholding
	  	 	44	  
	 12.6 Election to be Treated as a Corporation
	  	 	44	  
	 12.7 U.S. Tax Classification of the Partnership
	  	 	44	  
		
	 ARTICLE 13
	  			
	 CERTIFICATES; RECORD HOLDERS; TRANSFERS OF PARTNERSHIP INTERESTS
	  	 	45	  
	 13.1 Certificates
	  	 	45	  
	 13.2 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	45	  
	 13.3 Record Holder
	  	 	46	  
	 13.4 Transfer Generally
	  	 	46	  
	 13.5 Registration and Transfer of Units
	  	 	46	  
	 13.6 Transfer of General Partner Units
	  	 	47	  
	 13.7 Restrictions on Transfers
	  	 	48	  
		
	 ARTICLE 14
	  			
	 ADMISSION OF ADDITIONAL OR SUCCESSOR PARTNERS
	  	 	48	  
	 14.1 Admission of Additional Limited Partners
	  	 	48	  
	 14.2 Admission of Successor General Partner
	  	 	49	  
		
	 ARTICLE 15
	  			
	 WITHDRAWAL OF PARTNERS
	  	 	49	  
	 15.1 Withdrawal of the General Partner
	  	 	49	  
	 15.2 Removal of the General Partner
	  	 	50	  
	 15.3 Interest of Departing General Partner and Successor General Partner
	  	 	51	  
	 15.4 Withdrawal of Limited Partners
	  	 	52	  
		
	 ARTICLE 16
	  			
	 TERMINATION OF THE PARTNERSHIP
	  	 	52	  
	 16.1 Dissolution
	  	 	52	  
	 16.2 Reconstitution of Partnership
	  	 	52	  
	 16.3 Liquidation
	  	 	53	  


  
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	 16.4 Distributions in Kind
	  	 	55	  
	 16.5 Cancellation of Certificate of Limited Partnership
	  	 	55	  
	 16.6 Reasonable Time for Winding Up
	  	 	55	  
	 16.7 Return of Capital
	  	 	56	  
	 16.8 No Capital Account Restoration
	  	 	56	  
	 16.9 Waiver of Partition
	  	 	56	  
		
	 ARTICLE 17
	  			
	 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE
	  	 	56	  
	 17.1 Amendment to be Adopted Solely by General Partner
	  	 	56	  
	 17.2 Amendment Procedures
	  	 	58	  
	 17.3 Amendment Requirements
	  	 	58	  
	 17.4 Meetings
	  	 	59	  
	 17.5 Notice of Meeting
	  	 	60	  
	 17.6 Record Date
	  	 	60	  
	 17.7 Adjournment
	  	 	60	  
	 17.8 Quorum
	  	 	60	  
	 17.9 Conduct of Meeting
	  	 	61	  
	 17.10 Action Without a Meeting
	  	 	61	  
	 17.11 Voting and Other Rights
	  	 	62	  
		
	 ARTICLE 18
	  			
	 GENERAL PROVISIONS
	  	 	62	  
	 18.1 Enurement
	  	 	62	  
	 18.2 Notices
	  	 	62	  
	 18.3 Further Assurances
	  	 	64	  
	 18.4 Counterparts
	  	 	64	  


  
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 AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

OF BROOKFIELD RENEWABLE ENERGY L.P. 
 THIS AGREEMENT is made as of the 20th day of November, 2011 among BREP Holding L.P. (the “General Partner”), an exempted limited partnership existing under the laws of Bermuda, as
the General Partner, and BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. (the “Initial Limited Partner” or “BREP”), an exempted limited partnership existing under the laws of Bermuda, as a limited partner;

 WHEREAS the General Partner and the Initial Limited Partner formed a limited partnership under the laws of Bermuda
upon the entering into of a limited partnership agreement between the General Partner and the Initial Limited Partner dated as of June 27, 2011 (the “Initial Limited Partnership Agreement”). A Certificate of Registration for
the Partnership (as hereinafter defined) confirming the registration of the Partnership as an “Exempted Partnership” pursuant to a Certificate of Exempted Partnership under the Exempted Partnerships Act 1992 (Bermuda) (as
supplemented, the “Certificate of Exempted Partnership”) and as a “Limited Partnership” pursuant to a Certificate of Limited Partnership under the Limited Partnership Act 1883 (Bermuda) (as supplemented, the
“Certificate of Limited Partnership”) was issued by the Bermuda Registrar of Companies on June 29, 2011; 

AND WHEREAS the parties wish to amend the Initial Limited Partnership Agreement by making the modifications reflected herein and
to restate the Initial Limited Partnership Agreement as so amended; 
 AND WHEREAS this Amended and Restated Limited
Partnership Agreement shall replace the Initial Limited Partnership Agreement in its entirety; 
 AND WHEREAS pursuant to
the transactions contemplated by the Combination Agreement (the “Fund Conversion”), Class A Units will be held by BREP; 
 AND WHEREAS, pursuant to the Reorganization and following the execution of this Agreement, (i) the Partnership will issue Redemption-Exchange Units to Brookfield Renewable Power Inc.
(“BRPI”), a corporation existing under the laws of the Province of Ontario, (ii) BRP Canada L.P. (“HB LP”), a limited partnership existing under the laws of the Province of Ontario, will acquire
Redemption-Exchange Units through the acquisition of a note that is convertible into Redemption-Exchange Units, (iii) the Partnership will issue Redemption-Exchange Units to Brookfield Energy Marketing L.P. (“BEM LP”), a
limited partnership existing under the laws of the Province of Ontario, and (iv) BRPI shall transfer all of its Redemption-Exchange Units to LB LP (as hereinafter defined) and thereafter HB LP shall transfer all of its Redemption-Exchange Units
to BRPI; 
 AND WHEREAS the Partners (as hereinafter defined) desire to set forth the rights, powers and duties of the
Partners, the affairs of the Partnership and the conduct of the Partnership’s activities, all upon the terms and conditions provided for in this Amended and Restated Limited Partnership Agreement. 

  
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 NOW THEREFORE in consideration of the premises, mutual covenants and agreements
contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties covenant and agree, each with the others, as follows: 

ARTICLE 1 
 INTERPRETATION 
  

	1.1	Definitions 

 The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
 1.1.1. “Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital Account as of the end of the relevant fiscal
year, after giving effect to the following adjustments: 
 1.1.1.1 credit to such Capital Account any amounts which such Partner
is obligated to restore pursuant to any provision of this Agreement or is deemed obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5); and 

1.1.1.2 debit to such Capital Account the items described in Treasury Regulations Sections 1.704-l(b)(2)(ii)(d)(4),
1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6). 
 The foregoing definition of “Adjusted Capital
Account Deficit” is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted consistently therewith; 

1.1.2. “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more
intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person; 
 1.1.3.
“Agreement” means this Amended and Restated Limited Partnership Agreement of Brookfield Renewable Energy L.P.; 

1.1.4. “Applicable Number of BREP Units” means the product of the number of Redemption-Exchange Units specified in an
Exchange Notice multiplied by the Exchange Ratio; 
 1.1.5. “Applied Incentive Amount” has the meaning assigned
to such term in Section 5.4; 
 1.1.6. “Assets” means all assets, whether tangible or intangible and
whether real, personal or mixed, at any time owned by the Partnership (or by the General Partner, one or more of its Affiliates or one or more nominees for the benefit of the Partnership, in each case in accordance with Section 9.9) or acquired
by the General Partner for the account of the Partnership in the course of carrying on the activities of the Partnership; 

  
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 1.1.7. “Available Cash” means all cash and cash equivalents of the BREP
Group available for distribution by the Partnership determined as at the reasonable sole discretion of the General Partner in good faith, subject to Section 5.5, which, for greater certainty, is anticipated to be but may not in all cases equal
to an amount of cash held by the Partnership after the payment of reasonable expenses, debt service obligations on any indebtedness and any other expense or reserve for any liability, working capital or capital expenditure; 

1.1.8. “BEM LP” has the meaning assigned to such term in the recitals; 

1.1.9. “Bermuda Holdco” means BRP Bermuda Holdings I Limited; 

1.1.10. “Book Item” has the meaning assigned to such term in Section 4.7; 

1.1.11. “BREP” has the meaning assigned to such term in the recitals; 

1.1.12. “BREP Group” means BREP, the Partnership, the Holding Entities, the Operating Entities and any other direct or
indirect Subsidiary of a Holding Entity; 
 1.1.13. “BREP Partnership Agreement” means the limited partnership
agreement of BREP; 
 1.1.14. “BREP Unit” is a Unit (as that term is defined in the BREP Partnership Agreement)
in BREP; 
 1.1.15. “BRP Canada” means Brookfield BRP Canada Corp.; 

1.1.16. “BRPI” has the meaning assigned to such term in the recitals; 

1.1.17. “Brookfield” means Brookfield Asset Management Inc.; 

1.1.18. “Brookfield Group Allocable Gain” means the difference between the fair market value as at the effective time of
the transactions contemplated in Section 2.2.15 of the Plan of Arrangement of the CanHoldco Shares transferred to the Partnership by any member of the Brookfield Group less the aggregate adjusted cost base of such shares to the Partnership as
at such time; 
 1.1.19. “Brookfield Group” means Brookfield and any Affiliates of Brookfield, other than any
member of the BREP Group; 
 1.1.20. “Business Day” means every day except a Saturday or Sunday, or a day which
is a statutory or civic holiday in Bermuda, the Province of Ontario, or the State of New York; 
 1.1.21. “Canadian Tax
Purposes” means for the purposes of determining liability for Tax pursuant to Canadian federal and provincial Tax Laws; 
 1.1.22. “CanHoldco” means Brookfield BRP Holdings (Canada) Inc.; 

  
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 1.1.23. “CanHoldco Shares” has the meaning assigned to such term in
Section 4.8.3; 
 1.1.24. “Capital Account” means, in relation to each Partner, the account maintained in
the books of the Partnership for each Partner in accordance with Section 4.1; 
 1.1.25. “Capital Amount”
means, as of the date hereof and with respect to each Unit and General Partner Unit Outstanding as of the date hereof, $1.00; provided, however, that the Capital Amount with respect to each Unit and General Partner Unit shall hereafter be adjusted
as provided in Section 3.4.3; 
 1.1.26. “Capital Contribution” means the amount of capital contributed to
the Partnership by each Record Holder (or a Person from which the Record Holder purchased or acquired its Partnership Interests) in respect of the Partnership Interests purchased or acquired by or issued to that Record Holder; 

1.1.27. “Capital Surplus” has the meaning assigned to such term in Section 5.2.3; 

1.1.28. “Cause” means a court of competent jurisdiction has entered a final, non-appealable judgment finding the General
Partner liable for actual fraud, gross negligence, bad faith or willful or wanton misconduct in its capacity as General Partner of the Partnership; 
 1.1.29. “Certificate” means a certificate issued by the Partnership evidencing ownership of one or more Units or any other Partnership Interests, or of options, rights, warrants or
appreciation rights relating to Partnership Interests, in such form as may be adopted by the General Partner from time to time; 

1.1.30. “Certificate of Exempted Partnership” has the meaning assigned to such term in the recitals; 

1.1.31. “Certificate of Limited Partnership” has the meaning assigned to such term in the recitals; 

1.1.32. “Class A Units” means the limited partner interests in the Partnership having the rights and obligations
specified in this Agreement and that are designated as Class A Units; 
 1.1.33. “Closing Date” means the
date that the Fund Conversion is effective; 
 1.1.34. “Code” means the Internal Revenue Code of 1986, as
amended and in effect from time to time, as interpreted by the applicable regulations thereunder, and any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provisions of future
law; 
 1.1.35. “Combination Agreement” means the Combination Agreement by and among BRPI, Brookfield Renewable
Power Fund (“BRPF”), Brookfield Renewable Power Trust and BREP, dated September 12, 2011, as may be amended from time to time; 
 1.1.36. “Conflicts Guidelines” has the meaning assigned to such term in Section 9.7.2; 

  
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 1.1.37. “Control” means the control by one Person of another Person in
accordance with the following: a Person (“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example the status of A being the general
partner of B) or by virtue of the beneficial ownership of or control over a majority of the voting interests in B; and, for certainty and without limitation, if A owns or has control over shares or other securities to which are attached more than
50% of the votes permitted to be cast in the election of directors to the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose, and the term “Controlled” has
the corresponding meaning; 
 1.1.38. “Departing General Partner” means a former General Partner, from and
after the effective date of any withdrawal or removal of such former General Partner pursuant to Section 15.1 or 15.2; 

1.1.39. “Depreciation” means, for each fiscal year, an amount equal to the depreciation, amortization, or
other cost recovery deduction allowable for U.S. federal income tax purposes with respect to an asset for such fiscal year, except that (a) with respect to any asset the Gross Asset Value of which differs from its adjusted tax basis for U.S.
federal income tax purposes at the beginning of such fiscal year and which difference is being eliminated by use of the “remedial method” as defined by Section 1.704-3(d) of the Treasury Regulations, Depreciation for such fiscal year
shall be the amount of book basis recovered for such fiscal year under the rules prescribed by Section 1.704-3(d)(2) of the Treasury Regulations, and (b) with respect to any other asset the Gross Asset Value of which differs from its
adjusted tax basis for U.S. federal income tax purposes at the beginning of such fiscal year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the U.S. federal income tax depreciation, amortization,
or other cost recovery deduction for such fiscal year bears to such beginning adjusted tax basis; provided, however, that in the case of clause (b) above, if the adjusted tax basis for U.S. federal income tax purposes of an asset at the
beginning of such fiscal year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner; 

1.1.40. “Effective Date” has the meaning assigned to such term under the Combination Agreement; 

1.1.41. “Event of Withdrawal” has the meaning assigned to such term in Section 15.1.1; 

1.1.42. “Exchange Notice” has the meaning assigned to such term in Section 6.2.2; 

1.1.43. “Exchange Ratio” has the meaning assigned to such term in Section 7.2; 

1.1.44. “Exchange Right” has the meaning assigned to such term in Section 6.1.3; 

1.1.45. “Exempted Partnerships Act” means the Exempted Partnerships Act 1992 (Bermuda); 

  
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 1.1.46. “First Distribution Threshold” means $0.375 per Unit per Quarter
(pro rated for any Quarter in which (i) a Unit is not Outstanding for the entire Quarter or (ii) the Capital Amount in respect of a Unit is adjusted pursuant to Section 3.4.3); 

1.1.47. “fiscal year” as such term relates to the Partnership shall be the fiscal year of the Partnership as determined
in accordance with Section 11.2; 
 1.1.48. “Fund Conversion” has the meaning assigned to such term in the
recitals; 
 1.1.49. “General Partner” means BREP Holding L.P., an exempted limited partnership existing under
the laws of Bermuda, and includes any person who becomes a successor or replacement general partner of the Partnership pursuant to the terms of this Agreement after the date hereof; 

1.1.50. “General Partner Units” means the interest in the Partnership owned by the General Partner, having the rights
and obligations specified in this Agreement, and which are designated as General Partner Units; 
 1.1.51. “Governing
Body” means (i) with respect to a corporation or limited company, the board of directors of such corporation or limited company, (ii) with respect to a limited liability company, the manager(s) or managing partner(s) of such
limited liability company, (iii) with respect to a partnership, the board, committee or other body of each general partner or managing partner of such partnership, respectively, that serves a similar function (or if any such general partner is
itself a partnership, the board, committee or other body of such general or managing partner’s general or managing partner that serves a similar function), and (iv) with respect to any other Person, the body of such Person that serves a
similar function, and in the case of each of (i) through (iv) includes any committee or other subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer and managing director;

 1.1.52. “Governing Instruments” means (i) the Memorandum of Association and Bye-laws in the case of any
exempted company existing under the Laws of Bermuda, (ii) the certificate of incorporation, amalgamation or continuance, as applicable, and bylaws in the case of a corporation, (iii) the memorandum and articles of association and by-laws,
as applicable, in the case of a limited company, (iv) the partnership agreement in the case of a partnership, (v) the articles of formation and operating agreement in the case of a limited liability company, (vi) the trust instrument
in the case of a trust, and (vii) any other similar governing document under which an entity was organized, formed or created and operates, in each case as amended, supplemented or otherwise modified from time to time; 

1.1.53. “Governmental Authority” means any (i) international, multinational, national, federal, provincial, state,
regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or instrumentality, domestic or foreign, including ISO/RTOs, (ii) self-regulatory
organization or stock exchange, (iii) subdivision, agent, commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the
account of any of the foregoing; 

  
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 1.1.54. “Gross Asset Value” means, with respect to any asset, the
asset’s adjusted basis for U.S. federal income tax purposes, except as follows: 
 1.1.54.1 the Gross Asset Value of any
asset contributed by a Partner to the Partnership is the gross fair market value of such asset as determined by the General Partner at the time of contribution; 
 1.1.54.2 the Gross Asset Value of all Assets (i) shall be adjusted to equal their respective gross fair market values, as determined by the General Partner, effective as of the acquisition of an
additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution, unless the General Partner determines that such adjustment is not necessary or appropriate to reflect the
relative economic interests of the Partners in the Partnership; and (ii) may be so adjusted, as determined by the General Partner, as of the following times: (a) the distribution by the Partnership to the Partner of more than a de
minimis amount of property as consideration for an interest in the Partnership; (b) the grant of an interest in the Partnership (other than a de minimis interest) as consideration for the provision of services to or for the benefit
of the Partnership by an existing Partner acting in a Partner capacity, or by a new Partner acting in a Partner capacity or in anticipation of becoming a Partner; and (c) the liquidation of the Partnership within the meaning of Treasury
Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to clauses (ii)(a) and (ii)(b) above shall be made only if the General Partner reasonably determines that such adjustments are necessary or
appropriate to reflect the relative economic interests of the Partners in the Partnership; 
 1.1.54.3 the Gross Asset Value of
an Asset distributed to any Partner shall be adjusted to equal the gross fair market value of such asset on the date of distribution as determined by the General Partner; and 
 1.1.54.4 if the Gross Asset Value of an Asset has been determined or adjusted pursuant to 1.1.54.1 or 1.1.54.2 above, such Gross Asset Value shall thereafter be adjusted by Depreciation taken into account
with respect to such asset for purposes of computing Net Income or Net Loss; 
 1.1.55. “HB LP” has the meaning
assigned to such term in the recitals; 
 1.1.56. “Holding Entities” means Bermuda HoldCo, CanHoldco and any
direct wholly-owned Subsidiary of the Partnership created or acquired after the date of this Agreement; 
 1.1.57.
“IFRS-IASB” means International Financial Reporting Standards as issued by the International Accounting Standards Board consistently applied; 
 1.1.58. “Incentive Distribution” means any performance-based carried interest, dividend, distribution or other profit entitlement but, for greater certainty, does not include the Base
Management Fee (as such term is defined in the Master Services Agreement), Service Agreement Fees or Creditable Operating Entity Payment (as such terms are defined in the Master Services Agreement); 

  
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 1.1.59. “Incentive Distribution Account” has the meaning assigned to such
term in Section 5.4; 
 1.1.60. “Income for Canadian Tax Purposes” means in respect of any fiscal year of
the Partnership, the income of the Partnership for that fiscal year, determined in accordance with the Income Tax Act; 

1.1.61. “Income Tax Act” means the Income Tax Act (Canada), and includes the regulations promulgated thereunder;

 1.1.62. “Indemnified Party” has the meaning assigned to such term in Section 9.6; 

1.1.63. “Independent Committee” means a committee of the board of directors of the General Partner’s general
partner made up of directors that are “independent” of Brookfield and its Affiliates, as contemplated by applicable securities Laws; 
 1.1.64. “Initial Aggregate Gain” means the difference between the fair market value immediately after the completion of the Fund Conversion of all CanHoldco Shares transferred to the
Partnership less the aggregate adjusted cost base of such shares at that time; 
 1.1.65. “Initial GP Capital
Contribution” has the meaning assigned to such term in Section 3.2; 
 1.1.66. “Initial Limited
Partner” has the meaning assigned to such term in the recitals; 
 1.1.67. “Initial Limited Partnership
Agreement” has the meaning assigned to such term in the recitals; 
 1.1.68. “Initial LP Capital
Contribution” has the meaning assigned to such term in Section 3.2; 
 1.1.69. “Interested Party”
has the meaning assigned to such term in Section 9.5.1; 
 1.1.70. “Interim Capital Transactions” means
sales or other voluntary or involuntary dispositions of any Assets (other than cash, cash equivalents, marketable securities and the like) prior to the commencement of the dissolution and liquidation of the Partnership. 

1.1.71. “Invested Capital” means, on any particular date, the amount of capital contributed (directly or indirectly and
either as debt or equity) to an Operating Entity prior to such date; 
 1.1.72. “ISO/RTO” means an independent
electricity system operator, a regional transmission organization, national system operator and/or any other similar organization overseeing the transmission of electricity in any jurisdiction in which the BREP Group owns assets or operates;


  
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 1.1.73. “Laws” means any and all applicable (i) laws, constitutions,
treaties, statutes, codes, ordinances, principles of common and civil law and equity, rules, regulations and municipal by-laws, whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and
regulatory judgments, orders, writs, injunctions, decisions, and awards of any Governmental Authority, and (iii) policies, practices and guidelines of any Governmental Authority which, although not actually having the force of law, are
considered by such Governmental Authority as requiring compliance as if having the force of law; and the term “applicable”, with respect to such Laws and in the context that refers to one or more Persons, means such Laws that apply to such
Person or Persons or its or their business, undertaking, property or securities at the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or
securities; 
 1.1.74. “LB LP” means BRP Canada GP LP; 

1.1.75. “Liabilities” has the meaning assigned to such term in Section 9.6.1; 

1.1.76. “Limited Partner” means a Person who is the direct beneficial owner of a Unit, without regard to the Record
Holder (unless the Record Holder is such Person), and includes holders of Class A Units and Redemption-Exchange Units; 

1.1.77. “Limited Partnership Act” means the Limited Partnership Act 1883 (Bermuda); 

1.1.78. “Liquidator” means the General Partner or other Person approved pursuant to Section 16.3 who performs the
functions described therein; 
 1.1.79. “Loss for Canadian Tax Purposes” means, in respect of any fiscal year
of the Partnership, the loss of the Partnership for that fiscal year, determined in accordance with the Income Tax Act; 

“Managers” means Brookfield Renewable Energy Group L.P., Brookfield Renewable Energy Group LLC, and Brookfield Renewable
Energy Group (Bermuda) Inc.; 
 1.1.80. “Market Value” means, at any time, the volume-weighted average trading
price of a security traded on the principal stock exchange (determined on the basis of trading volumes) for the preceding five trading days; 
 1.1.81. “Master Services Agreement” means the master services agreement among the Managers, the Partnership, BREP, the Holding Entities and others; 

1.1.82. “Net Income” and “Net Loss” means, for each fiscal year or other period, an amount equal
to the Partnership’s taxable income or loss for such fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss) with the following adjustments: 
 1.1.82.1 any income of
the Partnership that is exempt from U.S. federal income tax, and to the extent not otherwise taken into account in computing Net Income or Net Loss pursuant to this paragraph, shall be added to such taxable income or loss; 

  
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 1.1.82.2 any expenditures of the Partnership described in Code Section 705(a)(2)(B) or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and to the extent not otherwise taken into account in computing Net Income or Net Loss pursuant to this paragraph,
shall be subtracted from such taxable income or loss; 
 1.1.82.3 in the event the Gross Asset Value of any Asset is adjusted
pursuant to subdivisions 1.1.54.2 or 1.1.54.3 of the definition of Gross Asset Value herein, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net
Loss; 
 1.1.82.4 gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is
recognized for U.S. federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

1.1.82.5 in lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such fiscal year; and 
 1.1.82.6 any items which are specially
allocated pursuant to the provisions of Section 4.4 shall not be taken into account in computing Net Income or Net Loss; 

1.1.83. “Net Proceeds” has the meaning assigned to such term in Section 3.8; 

1.1.84. “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(1) and
1.704-2(c); 
 1.1.85. “Nonrecourse Liability” has the meaning set forth in Treasury Regulations
Section 1.752-1(a)(2); 
 1.1.86. “Notice” has the meaning assigned to such term in Section 18.2;

 1.1.87. “Operating Entities” means, from time to time, the Persons that (i) directly hold the Power
Operations, or (ii) indirectly hold the Power Operations but all of the interests of which are not held by the Service Recipients including, in the case of each of (i) and (ii), any joint ventures, partnerships and consortium arrangements;

 1.1.88. “Opinion of Counsel” means a written opinion of counsel acceptable to the General Partner and the
Independent Committee, as the case may be; 
 1.1.89. “Outstanding” means, with respect to Units or Partnership
Interests, all Units or Partnership Interests that are issued by the Partnership and reflected as outstanding on the Partnership’s books and records as of the date of determination; 

  
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 1.1.90. “Partner” means the General Partner or a Limited Partner;

 1.1.91. “Partner Nonrecourse Debt” has the meaning set forth in Treasury Regulations
Section 1.704-2(b)(4); 
 1.1.92. “Partner Nonrecourse Debt Minimum Gain” means an amount, with respect to
each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if the Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulations Section 1.704-2(i)(3);

 1.1.93. “Partner Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Sections
1.704-2(i)(1) and 1.704-2(i)(2); 
 1.1.94. “Partnership” means Brookfield Renewable Energy L.P., the limited
partnership heretofore formed and continued pursuant to this Agreement; 
 1.1.95. “Partnership Interest” means
any partnership interest, including any General Partner Unit, Class A Unit or Redemption-Exchange Unit; 
 1.1.96.
“Partnership Minimum Gain” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d); 
 1.1.97. “Percentage Interest” means, as of the date of such determination, as to any Partner, the quotient of the number of Partnership Interests held by such Partner divided by the total
number of all Partnership Interests then Outstanding; 
 1.1.98. “Person” means any natural person,
partnership, limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company,
unincorporated association, trust, trustee, executor, administrator or other legal personal representative, Governmental Authority or other entity however designated or constituted and pronouns have a similarly extended meaning; 

1.1.99. “Plan of Arrangement” has the meaning assigned to such term under the Combination Agreement; 

1.1.100. “Power Operations” means power generating operations or developments directly or indirectly held or acquired by
members of the BREP Group from time to time; 
 1.1.101. “Quarter” means a calendar quarter ending on the last
day of March, June, September or December; 
 1.1.102. “Record Date” means the date established by the General
Partner for determining (a) the identity of Record Holders entitled to notice of any meeting of Limited Partners or entitled to consent to a Partnership action in writing without a meeting or entitled to exercise rights in respect of any lawful
action of Limited Partners or (b) the identity of Record Holders entitled to receive any report or distribution; 

  
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 1.1.103. “Record Holder” means, as of any particular Business Day, the
Person in whose name a Unit is registered on the books of the Partnership as of the opening of business on such Business Day, or with respect to other Partnership Interests, the Person in whose name any such other Partnership Interest is registered
on the books which the General Partner has caused to be kept as of the opening of business on such Business Day; 
 1.1.104.
“Redemption Amount” has the meaning assigned to such term in Section 7.1; 
 1.1.105.
“Redemption-Exchange Date” has the meaning assigned to such term in Section 6.3; 
 1.1.106.
“Redemption-Exchange Unitholder” means a holder of Redemption-Exchange Units; 
 1.1.107.
“Redemption-Exchange Units” means the limited partner interests in the Partnership having the rights and obligations specified in this Agreement and that are designated as Redemption-Exchange Units; 

1.1.108. “Redemption Notice” has the meaning assigned to such term in Section 6.2.1; 

1.1.109. “Redemption Right” has the meaning assigned to such term in Section 6.1.2; 

1.1.110. “Relationship Agreement” means the relationship agreement between certain members of the Brookfield Group, the
Partnership, BREP, the Holding Entities and others dated as of the date hereof; 
 1.1.111. “Reorganization”
means the transactions relating to the indirect acquisition of the Power Operations (other than those Power Operations held by Brookfield Renewable Power Trust) by the Holding Entities; 

1.1.112. “Second Distribution Threshold” means $0.4225 per Unit per Quarter (pro rated for any Quarter in which
(i) a Unit is not Outstanding for the entire Quarter or (ii) the Capital Amount in respect of a Unit is adjusted pursuant to Section 3.4.3); 
 1.1.113. “Service Recipient” means the Partnership, BREP and the Holding Entities and any Person in which any of the foregoing or any combination of the foregoing holds all of the common
equity or equivalent interests excluding any Operating Entities; 
 1.1.114. “Subscription Number” has the
meaning assigned to such term in Section 3.8; 
 1.1.115. “Subsidiary” means, with respect to any Person,
(i) any other Person that is directly or indirectly Controlled by such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any partnership, limited liability company or similar entity in which
such Person holds all of the interests other than the interests of any general partner, managing member or similar Person; 

  
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 1.1.116. “Tax” means all forms of taxation, whether direct or indirect and
whether levied by reference to income, profits, gains, net wealth, asset values, turnover, added value or other reference and statutory, governmental, national, federal, state, provincial, local governmental or municipal impositions, duties,
contributions and levies (including social security contributions, national insurance contributions and any other payroll taxes), whenever and wherever imposed (whether imposed by way of a withholding or deduction for or on account of tax or
otherwise) and in respect of any Person, and all penalties, charges, costs and interest relating thereto; 
 1.1.117.
“transfer” has the meaning assigned to such term in Section 13.4.1; 
 1.1.118. “Treasury
Regulations” means the Income Tax Regulations promulgated under the Code, as amended from time to time; 
 1.1.119.
“Underlying Incentive Distribution” has the meaning assigned to such term in Section 5.4.1; 
 1.1.120.
“Unit” means any Class A Unit or Redemption-Exchange Unit; 
 1.1.121. “Unit
Reclassification” has the meaning assigned to such term in Section 8.2; 
 1.1.122. “Unit
Reorganization” has the meaning assigned to such term in Section 8.1; 
 1.1.123. “Unrecovered Capital
Amount” means, as of the relevant date of determination and with respect to any Unit or General Partner Unit, an amount equal to the excess of (i) the Capital Amount then applicable to such Unit or General Partner Unit over
(ii) the amount of distributions made in respect of such Unit or General Partner Unit pursuant to Section 5.2.3 or Section 16.3.3.3.2 during the period of time beginning on the date the Capital Amount in respect of each Unit and
General Partner Unit was last adjusted pursuant to Section 3.4.3 and ending on such date of determination; and 
 1.1.124.
“Withdrawal Opinion of Counsel” an Opinion of Counsel (delivered by counsel acceptable to the Independent Committee) that withdrawal of the General Partner (following the selection of the successor general partner) would not
(i) result in the loss of the limited liability of any Limited Partner, (ii) cause the Partnership or any BREP Group member to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for tax purposes (to
the extent not previously treated as such), or (iii) cause the Partnership or BREP to become an “investment company” under the U.S. Investment Company Act of 1940, as amended, or similar legislation in other jurisdictions. 

 

	1.2	Headings and Table of Contents 

 The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof. 

  
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	1.3	Interpretation 

 In this
Agreement, unless the context otherwise requires: 
 1.3.1. words importing the singular shall include the plural and vice
versa, words importing gender shall include all genders or the neuter, and words importing the neuter shall include all genders; 
 1.3.2. the words “include”, “includes”, “including”, or any variations thereof, when following any general term or statement, are not to be construed as limiting the general
term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement;

 1.3.3. references to any Person include such Person’s successors and permitted assigns; 

1.3.4. except as otherwise provided in this Agreement, any reference in this Agreement to a statute, regulation, policy, rule or
instrument shall include, and shall be deemed to be a reference also to, all rules and regulations made under such statute, in the case of a statute, all amendments made to such statute, regulation, policy, rule or instrument, and to any statute,
regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or instrument so referred to; 

1.3.5. any reference to this Agreement or any other agreement, document or instrument shall be construed as a reference to this Agreement
or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise modified; 

1.3.6. in the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not a
Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and 

1.3.7. except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid in U.S. currency.

  

	1.4	Invalidity of Provisions 


Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any
such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Law, the parties waive any provision of Law which renders any
provision of this Agreement invalid or unenforceable in any respect. The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect
of which comes as close as possible to that of the invalid or unenforceable provision which it replaces. 

  
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	1.5	Entire Agreement 

 This
Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement. There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in
connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after
entering into this Agreement, or any amendment or supplement hereto, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the
extent that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement or any amendment or supplement by reason of any such warranty,
representation, opinion, advice or assertion of fact. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent
contemplated above. 
  

	1.6	Waiver, Amendment 

 Except
as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless executed in writing by the party to be bound thereby. No waiver of any provision of this Agreement will constitute a waiver of any other
provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that
right. A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right. 
  

	1.7	Governing Law; Submission to Jurisdiction 

 This Agreement will be governed by and construed in accordance with the laws of Bermuda. Each of the Partners (other than governmental entities prohibited from submitting to the jurisdiction of a
particular jurisdiction) will submit to the non-exclusive jurisdiction of any court in Bermuda in any dispute, suit, action or proceeding arising out of or relating to this Agreement. Each Partner waives, to the fullest extent permitted by Law, any
immunity from jurisdiction of any such court or from any legal process therein and further waives, to the fullest extent permitted by Law, any claim of inconvenient forum, improper venue or that any such court does not have jurisdiction over the
Partner. Any final judgment against a Partner in any proceedings brought in any court in Bermuda will be conclusive and binding upon the Partner and may be enforced in the courts of any other jurisdiction of which the Partner is or may be subject,
by suit upon such judgment. The foregoing submission to jurisdiction and waivers will survive the dissolution, liquidation, winding up and termination of the Partnership. 
 ARTICLE 2 
 ORGANIZATIONAL MATTERS 

 

	2.1	Formation 

 The
Partnership has been formed as an exempted limited partnership on June 27, 2011, pursuant to the provisions of the Limited Partnership Act and the Exempted Partnerships Act. Except as expressly provided to the contrary in this Agreement, the
rights, duties (including fiduciary duties), liabilities and obligations of the Partners and the administration, dissolution 

  
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and termination of the Partnership shall be governed by the Limited Partnership Act and the Exempted Partnerships Act. All Partnership Interests shall constitute personal property of the owner
thereof for all purposes and a Partner has no interest in any specific Partnership property. 
  

	2.2	Purpose 

 The purpose of
the Partnership shall be to (i) establish, acquire and/or hold interests in the Holding Entities and, subject to the approval of the General Partner, in other Persons involved in the power generation and development business; (ii) engage
in any activity related to the capitalization and financing of the Partnership’s interests in those Holding Entities and such other Persons; and (iii) engage in any activity that is incidental to or in furtherance of the foregoing and that
is approved by the General Partner and that lawfully may be conducted by a limited partnership organized under the Limited Partnership Act and the Exempted Partnerships Act and this Agreement. Except as specified herein, the General Partner shall
exercise its powers and carry out its functions honestly and in good faith and the General Partner shall exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances, in each case,
subject to, and after taking into account, the terms and conditions of the Relationship Agreement, the Master Services Agreement and the Conflicts Guidelines. Subject to the foregoing, to the fullest extent permitted by Law, the General Partner
shall have no additional duty or obligation to propose or approve, and may decline to propose or approve, the conduct by the Partnership of any activity free of any additional duty (including any fiduciary duty) or obligation whatsoever to the
Partnership or any Limited Partner or Record Holder and, in declining to so propose or approve, shall not be deemed to have breached this Agreement, any other agreement contemplated hereby, the Limited Partnership Act, the Exempted Partnerships Act
or any other provision of Law. For greater certainty, the General Partner shall not be in breach of any duty owed to the Partnership if it takes an action or engages in an activity contemplated or permitted by this Agreement, the Relationship
Agreement, the Master Services Agreement or the Conflicts Guidelines. 
  

	2.3	Powers 

 The Partnership
shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and activities described in Section 2.2 and for the protection
and benefit of the Partnership. 
  

	2.4	Name 

 The name of the
Partnership shall be “Brookfield Renewable Energy L.P.” The Partnership’s activities and affairs may be conducted under any other name or names deemed necessary or appropriate by the General Partner, including the name of the
General Partner or any Affiliate thereof. The words “Limited Partnership”, “L.P.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the
Laws of any jurisdiction that so requires. Subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships Act, the General Partner in its sole discretion may change the name of the Partnership at any time
and from time to time and shall notify the Record Holders of such change in the next regular communication to Record Holders. 

  
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 If the General Partner ceases to be the general partner of the Partnership and the new
general partner is not an Affiliate of Brookfield, the Partnership shall change its name so that it does not include “Brookfield” and could not be capable of confusion in any way with such name. This obligation shall be enforceable
and waivable by the General Partner notwithstanding that it may have ceased to be the general partner of the Partnership. 
  

	2.5	Registered Office; Principal Office 

 Unless and until changed by the General Partner, the registered office of the Partnership shall be located at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda, and the resident
representative in Bermuda shall be Appleby Corporate Services (Bermuda) Limited, Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda. The head office of the Partnership and the General Partner shall be 73 Front Street, 5th Floor,
Hamilton HM 12, Bermuda, or such other place as the General Partner may from time to time designate by notice to the Record Holders. The Partnership may maintain offices at such other place or places within Bermuda as the General Partner deems
necessary or appropriate. 
  

	2.6	Power of Attorney 

 2.6.1.
Each Limited Partner hereby constitutes and appoints each of the General Partner and, if a Liquidator shall have been selected pursuant to Section 16.3, the Liquidator severally (and any successor to either thereof by merger, transfer,
assignment, election or otherwise) and each of their authorized officers and attorneys-in-fact, with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, to:

 2.6.1.1 execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) all certificates,
documents and other instruments (including this Agreement, the Certificate of Limited Partnership and the Certificate of Exempted Partnership and all amendments or restatements thereof) that the General Partner or the Liquidator deems necessary or
appropriate to form, qualify or continue the existence or qualification of the Partnership as an exempted limited partnership (or a partnership in which the limited partners have limited liability) in Bermuda and in all other jurisdictions in which
the Partnership may conduct activities and affairs or own property; (B) all certificates, documents and other instruments that the General Partner or the Liquidator deems necessary or appropriate to reflect, in accordance with its terms, any
amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments (including conveyances and a certificate of cancellation) that the General Partner or the Liquidator deems necessary or
appropriate to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or removal of any Partner pursuant
to, or other events described in, Article 14, Article 15 or to the Capital Contribution of any Partner; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of
any class or series of Units or other Partnership Interests issued pursuant to Section 3.4; and (F) any tax election with any Limited Partner or General Partner on behalf of the Partnership and/or all Partners including any such election
contemplated by the Plan of Arrangement; and 

  
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 2.6.1.2 execute, swear to, acknowledge, deliver, file and record all ballots, consents,
approvals, waivers, certificates, documents and other instruments necessary or appropriate, in the sole discretion of the General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other
action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement or is necessary or appropriate, in the sole discretion of the General Partner or the Liquidator, to effectuate the terms or intent of this
Agreement; provided, that when required by any other provision of this Agreement that establishes a percentage of the Limited Partners or of the Limited Partners of any class or series required to take any action, the General Partner or the
Liquidator may exercise the power of attorney made in this Section 2.6.1.2 only after the necessary vote, consent or approval of the Limited Partners or of the Limited Partners of such class or series, as applicable. 

Nothing contained in this Section 2.6.1 shall be construed as authorizing the General Partner to amend this Agreement except in
accordance with Article 17 or as may be otherwise expressly provided for in this Agreement. 
 2.6.2. The foregoing power
of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Limited
Partner or the transfer of all or any portion of such Limited Partner’s Partnership Interest and shall extend to such Limited Partner’s heirs, successors, assigns and personal representatives. Each Limited Partner hereby agrees to be bound
by any representation made by the General Partner or the Liquidator acting in good faith pursuant to such power of attorney; and each Limited Partner hereby waives any and all defenses that may be available to it to contest, negate or disaffirm the
action of the General Partner or the Liquidator taken in good faith under such power of attorney. Each Limited Partner shall execute and deliver to the General Partner or the Liquidator, within 15 days after receipt of the General
Partner’s or the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator deems necessary to effectuate this Agreement and the purposes of the Partnership.

  

	2.7	Term 

 The
Partnership commenced upon the formation of the Partnership on June 27, 2011, pursuant to the Initial Limited Partnership Agreement, the Certificate of Limited Partnership and the Certificate of Exempted Partnership and shall continue in
perpetual existence until the termination of the Partnership in accordance with the provisions of Section 16.1. 

  
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 ARTICLE 3 
 CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS 
  

	3.1	Formation of the Partnership 

 In connection with the formation of the Partnership, the General Partner has been admitted as the General Partner of the Partnership and the Initial Limited Partner has been admitted as a Limited Partner
as of the date of the Initial Limited Partnership Agreement. 
  

	3.2	Initial Capital Contributions by the General Partner and the Initial Limited Partner 


The General Partner made a Capital Contribution of $100.00 to the Partnership (“Initial GP Capital Contribution”). The
Initial Limited Partner made a Capital Contribution of $1.00 (“Initial LP Capital Contribution”). 
  

	3.3	Interest and Withdrawal 


No interest on Capital Contributions shall be paid by the Partnership. No Partner shall be entitled to the withdrawal or return of its
Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution of the Partnership may be considered as such by Law and then only to the extent provided for in this Agreement. Except to the
extent expressly provided in this Agreement, no Partner shall have priority over any other Partner either as to the return of Capital Contributions or as to profits, losses or distributions. 

 

	3.4	Issuances of Additional Partnership Interests 

 3.4.1. Subject to any approval required by applicable Law, the Partnership may issue additional Partnership Interests (including new classes of Partnership Interests) and options, rights, warrants and
appreciation rights relating to Partnership Interests for any Partnership purpose (including in connection with any distribution reinvestment plan and any payment of an Incentive Distribution pursuant to Section 5.5) at any time and from time
to time to such Persons for such consideration and on such terms and conditions as the General Partner shall determine in its sole discretion, all without the approval of any Limited Partners. 

3.4.2. Upon the issuance of any Class A Units to BREP pursuant to Section 3.8 hereof, the Capital Amount attributable to each
such newly issued Class A Unit shall equal the amount paid or contributed to the Partnership in respect of such Class A Unit. 
 3.4.3. If the General Partner deems it necessary or advisable so as to preserve the economic preferences and rights of the Partners, upon or with respect to any issuance of additional Units or General
Partner Units (whether in connection with the issuance of Class A Units pursuant to Section 3.8 or otherwise), the General Partner may (subject to Section 11 of the Limited Partnership Act) adjust (which adjustment may be upward or
downward) the Capital Amount attributable to each Unit and General Partner Unit Outstanding prior to such issuance of new Units or General Partner Units to equal the amount that would be distributed pursuant to Section 16.3.3 in respect of such
Unit or General Partner Unit (as applicable) assuming the Partnership were liquidated at the end of the day immediately prior to such issuance of new Units or General Partners Units. 

  
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 3.4.4. Except with respect to Class A Units issued to BREP pursuant to
Section 3.8, and except as provided in Section 3.4.2 or Section 3.4.3, each additional Partnership Interest authorized to be issued by the Partnership pursuant to Section 3.4.1 may be issued in one or more classes, or one or more
series of any such classes, with such designations, preferences, rights, powers and duties (which may be senior to existing classes and series of Partnership Interests), as shall be fixed by the General Partner in its sole discretion, including
(i) the right to share in Partnership profits and losses or items thereof; (ii) the right to share in Partnership distributions; (iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms
and conditions upon which, the Partnership may or shall be required to redeem the Partnership Interest (including sinking fund provisions); (v) whether such Partnership Interest is issued with the privilege of conversion or exchange and, if so,
the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which each Partnership Interest will be issued, evidenced by certificates and assigned or transferred; and (viii) the requirement, if any, of each
such Partnership Interest to consent to certain partnership matters. 
 3.4.5. The General Partner is hereby authorized to take
all actions that it determines to be necessary or appropriate in connection with each issuance of Partnership Interests and options, rights, warrants and appreciation rights relating to Partnership Interests pursuant to this Section 3.4,
including the admission of additional Limited Partners in connection therewith and any related amendment of this Agreement, and all additional issuances of Partnership Interests and options, rights, warrants and appreciation rights relating to
Partnership Interests. The General Partner is authorized to do all things that it determines to be necessary or appropriate in connection with any future issuance of Partnership Interests or options, rights, warrants or appreciation rights relating
to Partnership Interests, including compliance with any Laws or guideline of any governmental agency. 
  

	3.5	Pre-emptive Rights 


Unless otherwise determined by the General Partner, in its sole discretion, no Person shall have any pre-emptive, preferential or other
similar right with respect to the issuance of any Partnership Interest, whether unissued, held in the treasury or hereafter created. 
  

	3.6	Splits and Combinations 


3.6.1. Subject to Section 3.6.4, the Partnership may make a distribution of Partnership Interests to all Record Holders pro
rata to their Percentage Interests or may effect a subdivision or combination of Partnership Interests so long as, after any such event, each Partner shall have the same Percentage Interest in the Partnership as before such event. 

3.6.2. Whenever such a distribution, subdivision or combination of Partnership Interests or options, rights, warrants or appreciation
rights relating to Partnership Interests is declared, the General Partner shall select a Record Date as of which the distribution, subdivision or combination shall be effective and shall send notice thereof at least 20 days prior to such


  
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Record Date to each Record Holder as of a date not less than 10 days prior to the date of such notice. The General Partner also may cause independent public accountants of international
standing selected by it to calculate the number of Partnership Interests to be held by each Record Holder after giving effect to such distribution, subdivision or combination. The General Partner shall be entitled to rely on any certificate provided
by such firm as conclusive evidence of the accuracy of such calculation. 
 3.6.3. Promptly following any such distribution,
subdivision or combination, the Partnership may issue Certificates to the Record Holders of Partnership Interests or options, rights, warrants or appreciation rights relating to Partnership Interests as of the applicable Record Date representing the
new number of Partnership Interests or options, rights, warrants or appreciation rights relating to Partnership Interests held by such Record Holders, or the General Partner may adopt such other procedures that it determines to be necessary or
appropriate to reflect such changes. If any such combination results in a smaller total number of Partnership Interests Outstanding or outstanding options, rights, warrants or appreciation rights relating to Partnership Interests, the Partnership
shall require, as a condition to the delivery to a Record Holder of any such new Certificate, the surrender of any Certificate held by such Record Holder immediately prior to such Record Date. 

3.6.4. The Partnership shall not be required to issue fractional Units upon any distribution, subdivision or combination of Units. If a
distribution, subdivision or combination of Units would result in the issuance of fractional Units but for the provisions of this Section 3.6.4, each fractional Unit shall be rounded to the nearest whole Unit, with each half Unit being rounded
to the next higher Unit. 
  

	3.7	Fully Paid and Non-Assessable Nature of Units 

 All Units issued pursuant to, and in accordance with the requirements of this Article 3 shall be fully paid and non-assessable Units in the Partnership. 

 

	3.8	Issuance of Units to BREP 


If, and to the extent that, BREP raises funds by way of the issuance of equity or debt securities, or otherwise, and is required under the
BREP Partnership Agreement to use the proceeds of such issuance of securities to subscribe for Class A Units, BREP shall invest an amount equal to the net proceeds of such issuance (the “Net Proceeds”) for a number of
Class A Units (the “Subscription Number”) equal to the (i) the quotient of the amount of the Net Proceeds divided by the issue price of one BREP Unit (in the case of an issuance of BREP Units) or the Market Value of
one BREP Unit (in the case of an issuance of another security) (ii) multiplied by the inverse of the Exchange Ratio. 

ARTICLE 4 
 ALLOCATIONS 
  

	4.1	Maintenance of Capital Accounts 

 The General Partner will maintain a separate capital account (a “Capital Account”) for each Partner in accordance with the following provisions: 

  
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 4.1.1. to each Partner’s Capital Account there shall be credited the amount of cash and
the Gross Asset Value of any property contributed to the Partnership by such Partner, such Partner’s distributive share of Net Income or any item in the nature of income or gain which is specially allocated pursuant to Section 4.4, and the
amount of any Partnership liabilities assumed by such Partner or which are secured by any property distributed to such Partner; 

4.1.2. to each Partner’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any property
distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Loss and any item in the nature of expense or loss which is specially allocated pursuant to Section 4.4, and the amount of
any liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by such Partner to the Partnership; and 
 4.1.3. in the event all or a portion of an interest in the Partnership is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor
to the extent that it relates to the transferred interest. 
 The provisions of this Section 4.1 and other provisions of
this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury Regulations. 

 

	4.2	Allocations – Overview 

 The rules set forth below in this Article 4 shall apply for the purpose of determining each Partner’s allocable share of the items of income, gain, loss and expense of the Partnership comprising
Net Income or Net Loss of the Partnership for each fiscal year or other period, determining special allocations of other items of income, gain, loss and expense, and adjusting the balance of each Partner’s Capital Account to reflect the
aforementioned general and special allocations. For each fiscal year, the special allocations in Section 4.4 shall be made immediately prior to the general allocations of Section 4.3. 

 

	4.3	General Allocations 


4.3.1. Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each fiscal year of the Partnership
as of the end of each such year, at such times as the Gross Asset Value of any Partnership Asset is adjusted pursuant to the definition thereof, and more often as determined by the General Partner. The items of income, gain, loss and expense of the
Partnership comprising Net Income or Net Loss for a fiscal year shall be allocated among the Persons who were Partners during such fiscal year or other period in a manner that will, as nearly as possible, cause the Capital Account balance of each
Partner at the end of such fiscal year or other period to equal the excess (which may be negative) of: 
 4.3.1.1 the amount of
the hypothetical distribution (if any) that such Partner would receive if, on the last day of the fiscal year, (x) all Assets, including cash and any amount required to be contributed to the Partnership by the General Partner, were sold for
cash in an amount equal to their Gross Asset Values, taking 

  
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into account any adjustments thereto for such fiscal year, (y) all Partnership liabilities were satisfied in cash according to their terms (limited, with respect to each Nonrecourse
Liability or any Partner Nonrecourse Debt in respect of such Partner, to the Gross Asset Values of the assets securing such liability), and (z) the net proceeds thereof (after satisfaction of such liabilities) were distributed in full pursuant
to Section 16.3.3 over 
 4.3.1.2 the sum of (x) the amount, if any, without duplication, that such Partner would be
obligated to contribute to the capital of the Partnership, (y) such Partner’s share of Partnership Minimum Gain determined pursuant to Treasury Regulations Section 1.704-2(g) and (z) such Partner’s share of Partner
Nonrecourse Debt Minimum Gain determined pursuant to Treasury Regulations Section 1.704-2(i)(5), all computed as of the hypothetical sale described in Section 4.3.1.1 above. 

4.3.2. Notwithstanding anything to the contrary in this Article 4, the amount of items of Partnership expense and loss allocated
pursuant to Section 4.3.1 to any Limited Partner shall not exceed the maximum amount of such items that can be so allocated without causing such Limited Partner to have an Adjusted Capital Account Deficit at the end of any fiscal year. All such
items in excess of the limitation set forth in this Section 4.3.2 shall be allocated first, to Partners who would not have an Adjusted Capital Account Deficit, pro rata, in proportion to their Capital Account balances, adjusted as
provided in Sections 1.1.1.1 and 1.1.1.2, until no Partner would be entitled to any further allocation, and thereafter to the General Partner. 
  

	4.4	Special Allocations 

 The
following special allocations shall be made in the following order: 
 4.4.1. In the event that there is a net decrease during a
fiscal year in either Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain, then notwithstanding any other provision of this Article 4, each Partner shall receive such special allocations of items of Partnership income and gain as
are required in order to conform to Treasury Regulations Section 1.704-2. 
 4.4.2. Subject to Section 4.4.1, but
notwithstanding any other provision of this Article 4, items of income and gain shall be specially allocated to the Partners in a manner that complies with the “qualified income offset” requirement of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(3). 
 4.4.3. In the event that a Partner has a deficit Capital Account balance at the
end of any fiscal year which is in excess of the sum of (i) the amount such Partner is then obligated to restore pursuant to this Agreement, and (ii) the amount such Partner is then deemed to be obligated to restore pursuant to the
penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Partner shall be specially allocated items of Partnership income and gain (consisting of a pro rata portion of each item of income and
gain of the Partnership for such fiscal year in accordance with Treasury Regulations Section 

  
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1.704-1(b)(2)(ii)(d)) in the amount of such excess as quickly as possible; provided, however, that any allocation under this Section 4.4.3 shall be made only if and to the extent that
a Partner would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article 4 have been tentatively made as if this Section 4.4.3 were not in this Agreement. 

4.4.4. Partner Nonrecourse Deductions shall be specially allocated to the Partners in the manner in which they share the economic risk of
loss (as defined in Treasury Regulations Section 1.752-2) for such Partner Nonrecourse Debt. 
 4.4.5. Each Nonrecourse
Deduction of the Partnership shall be specially allocated to the Partners, pro rata, in proportion to their respective Percentage Interests. 
 4.4.6. The amounts of any Partnership income, gain, loss or expense available to be specially allocated pursuant to this Section 4.4 shall be determined by applying rules analogous to those set forth
in Section 1.1.82 as modified by Sections 1.1.82.1 through 1.1.82.5. 
  

	4.5	Allocation of Nonrecourse Liabilities 

 For purposes of determining each Partner’s share of Nonrecourse Liabilities, if any, of the Partnership in accordance with Treasury Regulations Section 1.752-3(a)(3), the Partners’ interest
in Partnership profits shall be determined in the same manner as prescribed by Section 4.4.5. 
  

	4.6	Transfer of Interest 

 In
the event of a transfer of all or part of any Partnership Interest (in accordance with the provisions of this Agreement) at any time other than the end of a fiscal year, or the admission of an additional Limited Partner in connection with the
issuance of additional Partnership Interests pursuant to Section 3.4, the shares of items of Net Income or Net Loss and specially allocated items allocable to the interest transferred shall be allocated between the transferor and the transferee
in a manner determined by the General Partner in its sole discretion that is not inconsistent with the applicable provisions of the Code and Treasury Regulations. 
  

	4.7	Allocations for U.S. Tax Purposes 

 4.7.1. Each item of income, gain, loss, or deduction for U.S. federal income tax purposes that corresponds to an item of income, gain, loss or expense that is either taken into account in computing Net
Income or Net Loss or is specially allocated pursuant to Section 4.4 (a “Book Item”) shall be allocated among the Partners in the same proportion as the corresponding Book Item is allocated among them pursuant to
Section 4.3 or Section 4.4 hereof. 
 4.7.2. In the event any property of the Partnership is credited to the Capital
Account of a Partner at a value other than its tax basis (whether as a result of a contribution of such property or a revaluation of such property pursuant to Section 1.1.54.2, then allocations of taxable income, gain, loss and deductions with
respect to such property shall be made in a 

  
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manner which will comply with Section 704(b) and Section 704(c) of the Code and the Treasury Regulations thereunder. The Partnership, in the discretion of the General Partner, may make,
or not make, “curative” or “remedial” allocations (within the meaning of the Treasury Regulations under Section 704(c) of the Code) including, but not limited to: 

4.7.2.1 “curative” allocations which offset the effect of the “ceiling rule” for a prior fiscal year (within the
meaning of Treasury Regulations Section 1.704-3(c)(3)(ii)); and 
 4.7.2.2 “curative” allocations from
dispositions of contributed property (within the meaning of Treasury Regulations Section 1.704-3(c)(3)(iii)(B)). 
 4.7.3.
All tax credits shall be allocated among the Partners as determined by the General Partner in its sole and absolute discretion, consistent with applicable Law. 
  

	4.8	Allocations for Canadian Federal Income Tax Purposes. 

 4.8.1. The Income for Canadian Tax Purposes for a given fiscal year of the Partnership will be allocated to each Partner in an amount calculated by multiplying the Income for Canadian Tax Purposes by a
fraction, the numerator of which is the sum of the distributions received by such Partner with respect to such fiscal year and the denominator of which is the aggregate amount of the distributions made by the Partnership to Partners with respect to
such fiscal year. Generally, the source and character of items of income so allocated to a Partner with respect to a fiscal year of the Partnership will be the same source and character as the distributions received by such Partner with respect to
such fiscal year. 
 4.8.2. If, with respect to a given fiscal year, no distribution is made by the Partnership or the
Partnership has a loss for Canadian federal income tax purposes, one quarter of the income, or loss, as the case may be, for Canadian federal income tax purposes of the Partnership for such fiscal year, will be allocated to the Partners of record at
the end of each Quarter ending in such fiscal year pro rata to their respective Percentage Interests at each such date. To such end, any Person who was a Partner at any time during such fiscal year but who has disposed of all of such
Person’s Units before the last day of that fiscal year may be deemed to be a Partner on the last day of such fiscal year for the purposes of subsection 96(1) of the Income Tax Act. Generally, the source and character of such income or losses so
allocated to a Partner at the end of each Quarter will be the same source and character as the income or loss earned or incurred by the Partnership in such Quarter. 
 4.8.3. Notwithstanding Sections 4.8.1 and 4.8.2, in respect of the gain(s) for Canadian Tax Purposes realized by the Partnership on the disposition of the common shares of CanHoldco (the
“CanHoldco Shares”) or any property substituted therefor for any given fiscal year of the Partnership, the lesser of: (i) the amount of the gain (if any) and (ii) the Initial Aggregate Gain less any amounts previously
allocated pursuant to this Section 4.8.3 (taking into account such changes in the CanHoldco Shares or any property substituted therefor if any so as to trace the accrued gains to the original CanHoldco Shares), shall be allocated as follows:


  
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 4.8.3.1 such portion thereof that (A) (i) the Brookfield Group Allocable Gain is
to (ii) the Initial Aggregate Gain, multiplied by (B) the portion that (i) the holdings of Partnership Units by the Brookfield Group at such time is to (ii) the holdings of Partnership Units by the Brookfield Group at the date of
Fund Conversion, shall be allocated to Brookfield Group pro rata in proportion to their respective Partnership Interests at the time of the disposition of the CanHoldco Shares or any property substituted therefor; and 

4.8.3.2 the remainder of such gain shall be allocated to the Limited Partners (other than the Brookfield Group) in an amount equal to the
aggregate Partnership Interests held by such Limited Partners at the time of the disposition of the CanHoldco Shares or any property substituted therefor . 
 Any gain (or loss) not allocated by Section 4.8.3 shall be allocated in accordance with Sections 4.8.1 and 4.8.2. 
  

	4.9	Currency Translation 


Allocations of amounts other than in U.S. Dollars shall be undertaken following translation into the amount of U.S. Dollars into which
such amount could have been converted on the last date of the relevant Quarter (or such other relevant period of determination) using the exchange rate between such other currency and the U.S. Dollars published in the “Exchange Rates”
table of the Wall Street Journal on such date, or similar publication if The Wall Street Journal is no longer published or, in the event that the “Exchange Rates” table of the Wall Street Journal, or similar publication was not published
on such date, the closest date immediately preceding the date of such payment on which the “Exchange Rates” table of the Wall Street Journal, or similar publication, was published provided that all such translations shall be in accordance
with the applicable rules set forth in the Code and applicable Treasury Regulations. 
  

	4.10	Authority of General Partner 

 Except as otherwise specifically provided by this Agreement, all decisions and other matters concerning (i) the computation and allocation of specific items of income, gain, expense or loss among the
Partners and (ii) accounting procedures to be employed by the Partnership shall be determined in good faith by the General Partner, which determination shall be final and conclusive as to all Partners. In furtherance of the foregoing, the
General Partner may adjust allocations of items that would otherwise be made pursuant to the terms of this Agreement to the extent necessary to (A) comply with the requirements of the Code and Treasury Regulations (including the requirements of
Section 704(b) and Section 704(c) of the Code and the Treasury Regulations promulgated thereunder), (B) comply with the requirements of the Income Tax Act, or (C) reflect the Partners’ interests in the Partnership. The
General Partner may make or revoke, but shall not be obligated to make or revoke, any tax election provided for under the Code, or any provision of state, local or non-U.S. tax Law or under the Income Tax Act. 

  
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 ARTICLE 5 
 DISTRIBUTIONS 
  

	5.1	In General 

 Subject to
this Article 5 and Section 16.3.3, the General Partner may in its sole discretion make distributions at any time or from time to time to the Partners in accordance with their Percentage Interests. Such payment shall constitute full payment
and satisfaction of the Partnership’s liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise. The amount of Taxes withheld or paid by the
Partnership or another member of the BREP Group in respect of taxable income allocated to a Partner shall be treated as a distribution to such Partner. 
  

	5.2	Distributions Prior to Dissolution 

 5.2.1. Prior to the dissolution of the Partnership pursuant to Section 16.1, distributions of Available Cash shall be made pursuant to this Section 5.2. Any distribution to the General Partner
pursuant to Sections 5.2.2.3 to 5.2.2.4 shall be made to the General Partner in its capacity as the general partner and without regard to the number of General Partner Units held by the General Partner. 

5.2.2. Subject to Section 5.2.3, any distributions of Available Cash made by the Partnership with respect to any Quarter shall be
distributed: 
 5.2.2.1 first, 100% to BREP until there has been distributed pursuant to this Section 5.2.2.1 an amount
equal to the amount of BREP’s outlays and expenses for the Quarter properly incurred; 
 5.2.2.2 second, 100% to all
Partners pro rata in proportion to their respective Percentage Interests until there has been distributed pursuant to this Section 5.2.2.2 in respect of each Unit Outstanding as of the last day of such Quarter an amount equal to the
First Distribution Threshold; 
 5.2.2.3 third, (i) 85% to all the Partners pro rata in proportion to their
respective Percentage Interests and, (ii) 15% to the General Partner until there has been distributed pursuant to this Section 5.2.2.3 in respect of each Unit Outstanding as of the last day of such Quarter an amount equal to the excess of
(x) the Second Distribution Threshold over (y) the First Distribution Threshold; and 
 5.2.2.4 thereafter,
(i) 75% to all Partners pro rata in proportion to their respective Percentage Interests and, (ii) 25% to the General Partner. 

  
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 5.2.3. Available Cash that is deemed by the General Partner to be cash from Interim Capital
Transactions and representative of unrecovered capital (“Capital Surplus”) shall be distributed: 
 5.2.3.1
first, to Partners pro rata in proportion to the Unrecovered Capital Amounts attributable to the Units and General Partner Units held by the Partners until the Unrecovered Capital Amount attributable to each Unit and General Partner Unit is
equal to zero; and 
 5.2.3.2 thereafter, in accordance with Section 5.2.2. 

 

	5.3	Distributions on or After Dissolution 

 Upon a dissolution of the Partnership pursuant to Section 16.1, distributions shall be made in the manner prescribed in Section 16.3.3 hereof. 

 

	5.4	Adjustment to Incentive Distributions Payable to General Partner 

 5.4.1. The General Partner shall maintain a notional account (as adjusted pursuant to this Section 5.4, the “Incentive Distribution Account”) that will track the amount of Incentive
Distributions that have been paid or are payable in respect of any period following the Closing Date by any Operating Entity to any member of the Brookfield Group with respect to the Partnership’s Invested Capital in such Operating Entity
(“Underlying Incentive Distributions”). 
 5.4.2. Notwithstanding anything to the contrary in this
Article 5, any amounts otherwise payable to the General Partner pursuant to clause (ii) of either Section 5.2.2.3 or Section 5.2.2.4 shall, subject to Section 5.4.3, be reduced by (but will not be less than zero) any amount
in the Incentive Distribution Account at the time of the distribution (any such amount, once applied to reduce amounts otherwise payable, is referred to as an “Applied Incentive Amount”). 

5.4.3. The amount of any reduction pursuant to Section 5.4.2 in the amounts otherwise payable to the General Partner shall be
adjusted on an equitable basis as necessary in order to take into account the benefit that Limited Partners would have received had the Underlying Incentive Distributions not been paid or payable. 

5.4.4. The Incentive Distribution Account shall be adjusted from time to time to deduct the amount of any Applied Incentive Amount or any
clawback or similar amount paid or contributed to an Operating Entity in respect of an Underlying Incentive Distribution. For greater certainty, it is acknowledged that the Incentive Distribution Account may be negative as a result of the adjustment
for such clawback or similar amount. In no event will a negative balance in the Incentive Distribution Account require a payment to the General Partner. 
 5.4.5. Any amounts in the Incentive Distribution Account shall be taken into account in a similar manner to the foregoing in effecting distributions pursuant to Section 16.3.3. 

  
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	5.5	Incentive Distributions Paid in the Form of Redemption Exchange Units 

 The General Partner may elect, at its sole discretion, to reinvest the distribution amounts paid or payable by the Partnership to the General Partner, as contemplated by clause (ii) of either
Section 5.2.2.3 or Section 5.2.2.4, in exchange for a number of Redemption-Exchange Units issued by the Partnership to the General Partner equal to the amount of cash that would otherwise be paid to the General Partner divided by the
Market Value of a BREP Unit on the date that the distribution is declared. 
  

	5.6	Prohibition on Distributions 

 The General Partner shall not cause the Partnership to make any distribution pursuant to this Article 5: 
 5.6.1. unless there is sufficient cash available therefor; 
 5.6.2. which would
render the Partnership unable to pay its debts as and when they fall due; or 
 5.6.3. which, in the opinion of the General
Partner, would or might leave the Partnership with insufficient funds to meet any future or contingent obligations or which would contravene the Limited Partnership Act. 
 ARTICLE 6 
 REDEMPTION-EXCHANGE RIGHTS 

 

	6.1	Redemption-Exchange Rights 


6.1.1. Subject to Section 6.1.3, the Redemption-Exchange Units entitle the Redemption-Exchange Unitholder to redeem all or any
portion of its Redemption-Exchange Units in accordance with this Article 6 at any time after the second anniversary of the Closing Date. 
 6.1.2. Subject to the provisions of this Agreement, a Redemption-Exchange Unitholder may require the Partnership to redeem all or any portion of the Redemption-Exchange Units (the “Redemption
Right”) for an amount of cash equal to the Redemption Amount, provided that exercise of the Redemption Right or the payment of the Redemption Amount would not otherwise cause the Partnership to be in breach or violation of any agreement
material to the Partnership or the BREP Group or applicable Law. Each Redemption-Exchange Unit to be redeemed by the Redemption-Exchange Unitholder must be tendered in accordance with the procedures set out in Section 6.2. 

6.1.3. Subject to the provisions of this Agreement, BREP shall have the right (the “Exchange Right”), which shall be
exercisable after presentation of the Redemption Notice in accordance with Section 6.2, to elect to acquire all (but not less than all) the Redemption-Exchange Units to be redeemed under the Redemption Notice in consideration for the Applicable
Number of BREP Units. 
  

	6.2	Redemption and Exchange Procedures 

 6.2.1. In order to exercise its Redemption Right, a Redemption-Exchange Unitholder shall deliver to the Partnership and BREP a notice (the “Redemption Notice”) of its intention to redeem
the Redemption-Exchange Units that contains all relevant information 

  
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(including the Redemption-Exchange Date), and that is presented together with all related certificates and documents that the Partnership or BREP may reasonably require or as may be required by
applicable Law to effect the Redemption Right, including the certificates representing the Redemption-Exchange Units being redeemed. 
 6.2.2. At any time within two Business Days from the date of BREP’s receipt of the Redemption Notice, BREP may elect to exercise the Exchange Right with respect to all (but not less than all) of the
Redemption-Exchange Units to be redeemed pursuant to the Redemption Notice and shall give written notice to the Partnership and to the Redemption-Exchange Unitholder of such election (the “Exchange Notice”). The Exchange Notice
shall contain all relevant information, and shall be presented together with all related certificates and documents that the Partnership and Redemption-Exchange Unitholder may reasonably require or as may be required by applicable Law to effect the
Exchange Right. 
 6.2.3. If BREP exercises its Exchange Right, on the Redemption-Exchange Date, BREP will acquire the number of
Redemption-Exchange Units specified in the Redemption Notice in exchange for the Applicable Number of BREP Units. BREP shall take all steps necessary under the BREP Partnership Agreement to effect the issuance of the Applicable Number of BREP Units
to the Redemption-Exchange Unitholder, including by issuing a certificate in the name of the Redemption-Exchange Unitholder upon request and subject to the terms of the BREP Partnership Agreement. The General Partner and the Partnership shall take
all steps necessary under this Agreement to effect the transfer of the Redemption-Exchange Units specified in the Redemption Notice to BREP, including the register of such transfer in the Partnership’s register of Limited Partners and, upon
request, by issuing a new certificate in the name of BREP representing the Redemption-Exchange Units transferred to BREP in accordance with this Article 6, without expense to BREP. 

6.2.4. If BREP does not exercise its Exchange Right, on the Redemption-Exchange Date, for each Redemption-Exchange Unit that is presented
by the Redemption-Exchange Unitholder for redemption, the Partnership will pay to the Redemption-Exchange Unitholder cash in an amount equal to the Redemption Amount. Upon the surrender of certificates representing more Redemption-Exchange Units
than the number of Redemption-Exchange Units to be redeemed under the Redemption Notice, the holder thereof will be entitled, upon request, to receive from the Partnership forthwith, without expense to such holder, a new certificate representing the
Redemption-Exchange Units not being redeemed at that time. 
  

	6.3	Redemption-Exchange Date 


The date specified in any Redemption Notice (the “Redemption-Exchange Date”) must be a Business Day and must not be less
than five Business Days nor more than ten Business Days after the date upon which the Redemption Notice is received by the Partnership and BREP. If no such Business Day is specified in the Redemption Notice, the Redemption-Exchange Date shall be
deemed to be the fifth Business Day after the date on which the Redemption Notice is received by the Partnership and BREP. 

  
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	6.4	Withdrawal of Exercise 


At any time prior to the applicable Redemption-Exchange Date, any Redemption-Exchange Unitholder who delivers a Redemption Notice to the
Partnership will be entitled to withdraw such Redemption Notice. 
  

	6.5	Effect of Exercise of the Redemption-Exchange Right 

 6.5.1. If the Redemption Right has been exercised, at 8:30 a.m. (Bermuda time) on the Redemption-Exchange Date: 
 6.5.1.1 the closing of the redemption contemplated by the Redemption Notice or, if applicable, the closing of the exchange contemplated by the Exchange Notice will be deemed to have occurred; 

6.5.1.2 any Redemption-Exchange Unitholder who exercised the Redemption Right will cease to be a holder of such Redemption-Exchange Units
and will not be entitled to exercise any of the rights in respect of such Redemption-Exchange Units, other than the right to receive the Redemption Amount or the Applicable Number of BREP Units deliverable hereunder and any right to receive
distributions payable in respect of such Redemption-Exchange Units for any Quarter ending prior to the Redemption-Exchange Date; 
 6.5.1.3 immediately following the closing of the exchange contemplated by Section 6.5.1.1, if applicable, BREP shall exchange the Redemption-Exchange Units for Class A Units on a one for one
basis and, in addition to any other Units previously held by BREP, BREP will be considered and deemed for all purposes to be the holder of the number of Class A Units equal to the number of Redemption-Exchange Units exchanged pursuant to the
Exchange Right; and 
 6.5.1.4 other than as specifically contemplated herein, the BREP Units issued to any Redemption-Exchange
Unitholder pursuant to Section 6.2.2 will be issued in accordance with the BREP Partnership Agreement. 
  

	6.6	FIRPTA 

 The General
Partner, on behalf of the Brookfield Group, shall indemnify the Partnership and BREP for any Taxes imposed on the Partnership or BREP pursuant to Section 897, Section 1445, or Section 1461 of the Code as a result of the exercise of
the Redemption Right or the Exchange Right by a member of the Brookfield Group. Notwithstanding the foregoing, such indemnification shall not be required unless at all times during the period beginning 30 days before such exercise and ending at the
close of the Redemption-Exchange Date on which the Partnership pays to the Redemption-Exchange Unitholder cash in an amount equal to the Redemption Amount or BREP acquires the number of Redemption-Exchange Units specified in the Redemption Notice in
exchange for the Applicable Number of BREP Units, whichever is applicable, each of the General Partner of the Partnership and the general partner of BREP is a member of the Brookfield Group. 

  
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 ARTICLE 7 
 REDEMPTION AMOUNT AND EXCHANGE RATIO 
  

	7.1	Redemption Amount 


Subject to Section 8.2, the “Redemption Amount” shall be the product of (i) the Market Value of one BREP Unit
multiplied by the number of Redemption-Exchange Units specified in a Redemption Notice to be redeemed and (ii) the Exchange Ratio. 
  

	7.2	Exchange Ratio and Adjustments 

 The “Exchange Ratio” shall initially be one and shall be adjusted from time to time pursuant to Sections 8.1 or 8.2. 

ARTICLE 8 
 ADJUSTMENTS 
  

	8.1	Unit Reorganization 

 In
the event that there is any change in the number of Redemption-Exchange Units or BREP Units Outstanding from time to time as a result of a subdivision, consolidation, reclassification, capital reorganization or similar change in the
Redemption-Exchange Units or the BREP Units, as the case may be, (each such event, a “Unit Reorganization”), the Exchange Ratio shall be adjusted to be the number of BREP Units that would be received in respect of one
Redemption-Exchange Unit immediately following the Unit Reorganization as if the Redemption Right and the Exchange Right had been exercised in respect of such Redemption-Exchange Unit immediately before the Unit Reorganization. 

 

	8.2	Unit Reclassification 

 In
the event that there is any consolidation, amalgamation, arrangement, merger or other form of combination of BREP with or into any other entity resulting in a reclassification of the Outstanding BREP Units (“Unit Reclassification”),
then the Exchange Ratio will be adjusted in a manner approved by the General Partner, acting reasonably, to ensure that: 

8.2.1. the Redemption-Exchange Unitholders would receive the amount of cash equal to the Market Value (or, if no Market Value is
available, the fair market value) of the securities that such Redemption-Exchange Unitholder would have been entitled to receive pursuant to the Unit Reclassification if, on the effective date of such Unit Reclassification, the holders had been the
registered holders of the number of BREP Units that they would have received had such Redemption-Exchange Units been exchanged for the Applicable Number of BREP Units pursuant to the Exchange Right immediately before the effective date of the Unit
Reclassification; and 
 8.2.2. the Redemption-Exchange Unitholders would receive the securities that such Redemption-Exchange
Unitholders would have been entitled to receive pursuant to the Unit Reclassification if, on the effective date of the Unit Reclassification, the holders had been the registered holders of the number of BREP Units that they would have received had
such Redemption-Exchange Units been exchanged for the Applicable Number of BREP Units pursuant to the Exchange Right immediately before the effective date of the Unit Reclassification. 

  
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	8.3	Adjustments Cumulative 


The adjustments to the Exchange Ratio provided for in Section 8.1 and 8.2 shall be cumulative. 

ARTICLE 9 
 MANAGEMENT AND OPERATION OF PARTNERSHIP 
  

	9.1	Management 

 9.1.1. The
General Partner shall conduct, direct and manage all activities of the Partnership. Except as otherwise expressly provided in this Agreement, all management powers over the activities and affairs of the Partnership shall be exclusively vested in the
General Partner, and no Limited Partner shall have any management power over the activities and affairs of the Partnership. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable Law or that
are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to Section 9.2, shall have full power and authority to do all things and on such terms as it determines, in its sole discretion, to be
necessary or appropriate to conduct the activities and affairs of the Partnership, to exercise all powers set forth in Section 2.3 and to effectuate the purposes set forth in Section 2.2. 

9.1.2. In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account
the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by it. The General Partner and the Partnership shall not have any liability to a Limited Partner for monetary damages or otherwise for losses
sustained, liabilities incurred or benefits not derived by such Limited Partner in connection with the tax consequences of such decisions so long as (i) the General Partner has acted pursuant to its authority under this Agreement; and
(ii) the General Partner has not acted in a grossly negligent manner or in bad faith or engaged in fraud or willful misconduct. 
 9.1.3. Notwithstanding any other provision of this Agreement, the Limited Partnership Act, the Exempted Partnerships Act or any applicable Law, each Person who is a Partner on the date hereof and each
other Person who may acquire a Partnership Interest hereby: (i) approves, ratifies and confirms the execution, delivery and performance by the parties thereto of the Combination Agreement, the Master Services Agreement, the Relationship
Agreement and the other agreements described in or contemplated by the Combination Agreement; (ii) agrees that the General Partner (on its own or through any officer of the Partnership) is authorized to execute, deliver and perform the
agreements referred to in clause (i) of this sentence and the other agreements, acts, transactions and matters described in or contemplated by the Combination Agreement on behalf of the Partnership without any further act, approval, or vote of
the Persons who are Partners on the date hereof or the other 

  
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Persons who may acquire a Partnership Interest; and (iii) agrees that the execution, delivery or performance by the General Partner, the Managers or any Affiliate of any of them, of this
Agreement or any agreement authorized or permitted under this Agreement, shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this
Agreement (or any other agreements) or of any duty existing at Law, in equity or otherwise. 
  

	9.2	Restrictions on General Partner’s Authority 

 9.2.1. Except as provided in Article 16, the General Partner may not sell, exchange or otherwise dispose of all or substantially all of the BREP Group’s assets, taken as a whole, in a single
transaction or a series of related transactions without the approval of holders of at least 50% of the voting power of Outstanding Units; provided however that this provision shall not preclude or limit the General Partner’s ability, in its
sole discretion, to mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets of the BREP Group (including for the benefit of Persons who are not members of the BREP Group and Affiliates of the General
Partner) and shall not apply to any forced sale of any or all of the assets of the BREP Group pursuant to the foreclosure of, or other realization upon, any such encumbrance. The General Partner shall not, on behalf of the Partnership, except as
permitted under Section 13.6, Section 15.1 and Section 15.2, elect or cause the Partnership to elect a successor general partner of the Partnership. The General Partner shall not amend or agree to amend the Master Services Agreement,
the Relationship Agreement, or the Voting Agreement without the approval of a majority of members of the Independent Committee. 

9.2.2. The General Partner covenants that it will cause: (i) CanHoldco not to dispose of any shares of BRP Canada (or the shares of
any successor thereof) within 24 months of the Effective Date to any Person in a transaction that results in a current material net tax liability (as compared to the Brookfield Group Allocable Gain) to CanHoldco unless, prior to such disposition,
BRP Canada (or its successor) is amalgamated or wound up into CanHoldco; and (ii) the Partnership not to dispose of any of its CanHoldco Shares (or any property substituted therefor) to a corporation on a tax-deferred rollover basis as part of
a series of transactions by which such shares of CanHoldco (or any property substituted therefor) are disposed of by such corporation on a fully taxable basis that results in a material current net tax liability (as compared to the Brookfield Group
Allocable Gain) to such corporation and where one of the purposes of such dispositions was the avoidance of the application of Section 4.8.3 hereof. 
  

	9.3	Reimbursement of Partnership Expenses 

 9.3.1. Except as provided in this Section 9.3 and elsewhere in this Agreement, the General Partner shall not be compensated for its services as General Partner of the Partnership. 

9.3.2. The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its
reasonable discretion, for (i) all direct and indirect out-of-pocket expenses it incurs or payments it makes on behalf of the Partnership 

  
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(including amounts paid to any Person to perform services for the Partnership or for the General Partner in the discharge of its duties to the Partnership), and (ii) all other necessary or
appropriate out-of-pocket expenses allocable to the Partnership or otherwise reasonably incurred by the General Partner in connection with conducting the Partnership’s affairs (including out-of-pocket expenses allocated to the General Partner
by its Affiliates). The General Partner shall determine the fees and expenses that are allocable to the Partnership in any reasonable manner determined by the General Partner in its sole discretion. Reimbursements pursuant to this Section 9.3
shall be in addition to any reimbursement to the General Partner as a result of indemnification pursuant to Section 9.6. 
  

	9.4	Outside Activities 


9.4.1. The General Partner shall, for so long as it is the general partner of the Partnership, (i) maintain as its sole activity the
activity of acting as the general partner of the Partnership and undertaking activities that are ancillary or related thereto and (ii) not engage in any business or activity or incur or guarantee any debts or liabilities except in connection
with or incidental to its performance as general partner as described above or incurring, guaranteeing, acquiring, owning or disposing of debt or equity securities of any other member of the BREP Group. 

9.4.2. Each Indemnified Party (other than the General Partner) shall have the right to engage in businesses of every type and description
and other activities for profit, and to engage in and possess interests in business ventures of any and every type or description, whether in activities similar to those of the General Partner, the Partnership or any other member of the BREP Group,
in direct competition to, and/or in preference to, or to the exclusion of, the Partnership, the General Partner or any other member of the BREP Group. Such business interests, activities and engagements shall not constitute a breach of this
Agreement or any duties stated or implied by Law or equity, including fiduciary duties, to any of the General Partner, the Partnership (or any of their respective investors) or any other member of the BREP Group (or any of their respective
investors) and shall be deemed not to be a breach of the General Partner’s fiduciary duties or any other obligation of any type whatsoever of the General Partner. None of the General Partner, the Partnership or any other member of the BREP
Group or any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby or otherwise in any business ventures of an Indemnified Party. 

9.4.3. To the extent permitted by Law, the General Partner and the Indemnified Parties shall have no obligation hereunder, to present
business or investment opportunities to the Partnership, the Limited Partners or any member of the BREP Group. 
 9.4.4. The
Affiliates of the General Partner shall have no obligation to (i) permit the Partnership or any other member of the BREP Group to use any facilities or assets of the Affiliates of the General Partner (other than the Assets), except as may be
provided in contracts, agreements or of the arrangements entered into from time to time specifically dealing with such use, or (ii) to enter into such contracts, agreements or other arrangements. 

  
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 9.4.5. Notwithstanding anything to the contrary in this Section 9.4, nothing in this
Section 9.4 shall affect any obligation of an Indemnified Party to present a business or investment opportunity to the Partnership, the General Partner or any other member of the BREP Group pursuant to the Relationship Agreement or any other
separate written agreement between such Indemnified Party and the Partnership, the General Partner or any other member of the BREP Group. 
  

	9.5	Disclosure of Interests 

 9.5.1. The General Partner, its Affiliates and their respective partners, members, shareholders, directors, officers, employees and shareholders (each hereinafter referred to as an “Interested
Party”) may become Limited Partners or beneficially interested in Limited Partners in the Partnership and may hold, dispose of or otherwise deal with Units with the same rights they would have if the General Partner were not party to this
Agreement. 
 9.5.2. An Interested Party shall not be liable to account either to other Interested Parties or to the
Partnership, the Partners or any other Persons for any profits or benefits made or derived by or in connection with any transaction contemplated by Section 9.4.2. 
 9.5.3. Subject to applicable Laws, an Interested Party may sell investments to, purchase Assets from, vest Assets in and contract or enter into any contract, arrangement or transaction with the
Partnership, any other member of the BREP Group or any other Person whose securities are held directly or indirectly by or on behalf of the Partnership or another member of the BREP Group, including any contract, arrangement or transaction relating
to any financial, banking, investment banking, insurance, secretarial or other services, and may be interested in any such contract, transaction or arrangement and shall not be liable to account either to the Partnership, any other member of the
BREP Group or any other Person in respect of any such contract, transaction, arrangement or interest, or any benefits or profits made or derived therefrom, by virtue only of the relationship between the parties concerned, provided that nothing
herein contained shall permit an Interested Party or Limited Partner to enter into any such contract, transaction or arrangement as aforesaid, unless the terms thereof are permitted by or approved in accordance with the provisions of the Governing
Instruments of the General Partner. 
 9.5.4. Without limiting the generality of the foregoing, an Interested Party or Limited
Partner may enter into any contract, transaction or arrangement with any member of the BREP Group to provide advice or services, including investment management, monitoring or oversight services, services with respect to corporate finance matters
and valuations, services relating to the arrangement of new financing, mergers and acquisitions, services relating to the provision of directors or other manager of a Person and other investment banking services, including introduction and
transaction organization services. 
  

	9.6	Indemnification 

 9.6.1.
The General Partner and any of its Affiliates, and their respective officers, directors, agents, shareholders, partners, members and employees, any Person who serves on the board of directors or other Governing Body of any member of the BREP Group,
and any 

  
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Person that the General Partner designates as an indemnified person (each, an “Indemnified Party”) shall, to the fullest extent permitted by Law, be indemnified on an after Tax
basis out of the Assets (and the General Partner shall be entitled to grant indemnities on behalf of the Partnership, and to make payments out of the Assets, to any Indemnified Party in each case in accordance with this Section 9.6) against any
and all losses, claims, damages, liabilities, costs and expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements and other amounts (collectively, “Liabilities”) arising from any and all
claims, demands, actions, suits and proceedings, whether civil, criminal, administrative or investigative, in which any Indemnified Party is or may be involved, or is threatened to be involved, as a party or otherwise, in connection with the
investments and activities of the Partnership or by reason of such Person being the General Partner, or an Affiliate of the General Partner, or an officer, director, agent, shareholder, partner, member or employee of the General Partner or an
Affiliate of the General Partner, or a Person who serves on the board of directors or other Governing Body of any member of the BREP Group, provided that no such Indemnified Party shall be so indemnified, with respect to any matter for which
indemnification is sought, to the extent that a court of competent jurisdiction determines pursuant to a final and non-appealable judgment that, in respect of such matter, the Indemnified Party acted in a grossly negligent manner or in bad faith or
engaged in fraud or willful misconduct, or, in the case of a criminal matter, acted with knowledge that the Indemnified Party’s conduct was unlawful. An Indemnified Party shall not be denied indemnification in whole or in part under this
Section 9.6 because the Indemnified Party had an interest in the transaction with respect to which indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

9.6.2. To the fullest extent permitted by Law, amounts incurred in respect of Liabilities incurred by an Indemnified Party in defending
any claim, demand, action, suit or proceeding, whether civil, criminal, administrative or investigative, shall from time to time be advanced by the Partnership prior to a determination that the Indemnified Party is not entitled to be indemnified,
upon receipt by the Partnership of an undertaking by or on behalf of the Indemnified Party to repay such amount if it shall be determined that the Indemnified Party is not entitled to be indemnified as provided by the proviso of Section 9.6.1.

 9.6.3. The indemnification provided by this Section 9.6 shall be in addition to any other rights to which an Indemnified
Party may be entitled under any agreement, as a matter of the Law or otherwise, both as to actions in the Indemnified Party’s capacity as an Indemnified Party and as to actions in any other capacity, and shall continue as to any Indemnified
Party who has ceased to serve in the capacity in which such Indemnified Party became entitled to indemnification under this Section 9.6, and shall inure to the benefit of such Person’s heirs, successors, assigns and administrators. The
indemnification provisions of this Section 9.6 are for the benefit of each Indemnified Party, its heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Person. 

9.6.4. No amendment, modification or repeal of this provision or any other provision of this Agreement shall in any manner terminate,
reduce or impair the right of any past, present or future Indemnified Party to be indemnified by the Partnership or the obligations of the Partnership to indemnify any such Indemnified Party under and in accordance with the


  
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provisions of this Agreement as in effect immediately prior to such amendment, modification or repeal with respect to any claim, demand, action, suit or proceeding, whether civil, criminal,
administrative or investigative, arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claim, demand, action, suit or proceeding may arise or be asserted.

 9.6.5. Notwithstanding anything to the contrary in this Agreement, (i) no Indemnified Party shall be liable to the
Partnership, any Partner or any other Person who has acquired an interest in a Partnership Interest for any Liabilities sustained or incurred by such Person as a result of any act or omission of the Indemnified Party, except to the extent there has
been a final and non-appealable judgment entered by a court of competent jurisdiction determining that such Liabilities resulted from the Indemnified Party’s gross negligence, bad faith, fraud, wilful misconduct, or in the case of a criminal
matter, actions with knowledge that the conduct was unlawful and (ii) subject to applicable Law, any matter that is approved by a majority of the members of the Independent Committee shall not constitute a breach of this Agreement or any duties
to the Partnership or to the Partners stated or implied by Law or equity, including fiduciary duties. 
 9.6.6. Any amendment,
modification or repeal of this Section 9.6 (or that otherwise affects Section 9.6) that limits its scope shall be prospective only and shall not in any way affect the limitations on the liability of the Indemnified Parties under this
Section 9.6 as in effect immediately prior to such amendment, modification or repeal with respect to any claim, demand, action, suit or proceeding, whether civil, criminal, administrative or investigative, arising from or relating to matters
occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claim, demand, action, suit or proceeding may arise or be asserted, provided that the Indemnified Party became an Indemnified Party hereunder
prior to such amendment, modification or repeal. 
 9.6.7. The provisions of this Section 9.6 shall survive the dissolution
of the Partnership. 
  

	9.7	Resolution of Conflicts of Interest 

 9.7.1. Notwithstanding anything to the contrary in this Agreement, conflicts of interest and potential conflicts of interest that are approved by a majority of the members of the Independent Committee
from time to time are hereby approved by all Partners. 
 9.7.2. The parties acknowledge and agree that the Independent
Committee may grant approvals for any matters that may give rise to a conflict of interest or potential conflict of interest pursuant to the guidelines, policies or procedures adopted by the Independent Committee at the date hereof and as amended
from time to time with the approval of a majority of the members of the Independent Committee (the “Conflicts Guidelines”), and if and to the extent that such matters are permitted by the Conflicts Guidelines, no further special
approval will be required in connection with such matter permitted thereby other than any approvals required by Law. 

  
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	9.8	Other Matters Concerning the General Partner 

 9.8.1. The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 9.8.2. The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or
omitted to be taken in reliance upon the opinion (including an Opinion of Counsel) of such Persons as to matters that such General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively
presumed to have been done or omitted in good faith and in accordance with such opinion. 
 9.8.3. The General Partner shall
have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers or any duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner
in the power of attorney, have full power and authority to do and perform each and every act and duty that is permitted or required to be done by the General Partner hereunder. 

9.8.4. To the fullest extent permitted by applicable Law, any standard of care applicable to the General Partner shall be modified,
waived or limited as required to permit the General Partner to act in accordance with the terms of this Agreement or any other agreement contemplated hereby. 
  

	9.9	Title to Partnership Assets 

 Title to Assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have
any ownership interest in such Assets or any portion thereof. Title to any or all of the Assets may be held in the name of the Partnership, the General Partner, the general partner of the General Partner, one or more of its Affiliates or one or more
nominees, as the General Partner may determine. The General Partner hereby declares and warrants that any Assets for which record title is held in the name of the General Partner, its general partner or one or more Affiliates of the General Partner
or one or more nominees shall be held by the General Partner, its general partner or such Affiliate or nominee for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General
Partner shall use its reasonable efforts to cause record title to such Assets (other than those assets in respect of which the General Partner determines that the expense and difficulty of conveyancing makes transfer of record title to the
Partnership impracticable) to be transferred into the name of the Partnership as soon as reasonably practicable; provided that, prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable, the General Partner shall
use reasonable efforts to effect the transfer of record title to the Partnership and prior to any such transfer, will provide for the use of such Assets in a manner satisfactory to the Partnership. All Assets shall be recorded as the property of the
Partnership in its books and records, irrespective of the name in which record title to such Assets is held. 

  
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	9.10	Purchase or Sale of Units 


The General Partner may cause the Partnership to purchase or otherwise acquire Units. As long as Units are held by the Partnership, such
Units shall not be considered Outstanding for any purpose, except as otherwise provided herein. The General Partner or any Affiliate of the General Partner may also purchase or otherwise acquire and sell or otherwise dispose of Units for its own
account, subject to the provisions of Article 13 and Article 14. 
  

	9.11	Reliance by Third Parties 


Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the
General Partner has full power and authority to encumber, sell or otherwise use in any manner any and all Assets of the Partnership and to enter into any contracts on behalf of the Partnership, including contracts related to the incurrence or
guarantee of indebtedness, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or
other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be
obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other
instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and
delivery of such certificate, document or instrument, this Agreement was in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of
the Partnership and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

 

	9.12	Services 

 The General
Partner may cause the Partnership to appoint any Person (including any Affiliate of the General Partner) to manage the affairs of the Partnership, in accordance with the Conflicts Guidelines. Any services rendered pursuant to such appointment shall
be on terms that are fair and reasonable to the Partnership, provided that the requirements of this Section 9.12 shall be deemed satisfied as to (i) any services provided under the Master Services Agreement and any agreement contemplated
thereby, (ii) any transaction approved by a majority of the members of the Independent Committee, subject to compliance with the requirements of applicable Law, or (iii) any transaction entered into in accordance with the Conflicts
Guidelines, subject to compliance with the requirements of applicable Law. The provisions of Section 9.3 shall apply to the rendering of services described in this Section 9.12. 

  
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 ARTICLE 10 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
  

	10.1	Limitation of Liability 


The Limited Partners shall have no liability under this Agreement except as expressly provided in this Agreement or the Limited
Partnership Act or the Exempted Partnerships Act. 
 If it were determined that a Limited Partner was participating in the
control or management of the Partnership or conducting the affairs of, signing or executing documents for or otherwise binding the Partnership (or purporting to do any of the foregoing) within the meaning of the Limited Partnership Act or the
Exempted Partnerships Act, such legislation provides that such Limited Partner would be liable as if it were a general partner of the Partnership in respect of all debts of the Partnership incurred while that Limited Partner was so acting or
purporting to act. 
  

	10.2	Management of Partnership Affairs 

 No Limited Partner (other than the General Partner or any officer, director, employee, partner, agent or trustee of the General Partner, in its capacity as such, if such Person shall also be a Limited
Partner) shall take part in the management or control of the activities and affairs of the Partnership or have any right or authority to act for or bind the Partnership or to take part or in any way to interfere in the conduct or management of the
Partnership or to vote on matters relating to the Partnership, to have access to the books and records of the Partnership or any other member of the BREP Group other than as required by applicable Law or as set forth in this Agreement. The
transaction of any such activities or affairs by the General Partner or any officer, director, employee, partner, agent or trustee of the General Partner, in its capacity as such, shall not affect, impair or eliminate the limitations on the
liability of the Limited Partners under this Agreement. 
  

	10.3	Outside Activities 


Subject to the provisions of Section 9.4, which shall continue to be applicable to the Persons referred to therein, regardless of
whether such Persons shall also be Limited Partners, any Limited Partner shall be entitled to and may have interests and engage in activities in addition to activities relating to the Partnership, including interests and activities in direct
competition with the Partnership or BREP. Neither the Partnership nor any of the other Partners shall have any rights by virtue of this Agreement in any ventures of any Limited Partner. 

ARTICLE 11 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 
  

	11.1	Books, Records and Accounting 

 The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the Partnership’s activities and affairs. Any books and
records maintained by or on behalf of the Partnership in the regular course of its 

  
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activities and undertakings, including the record of the Record Holders, books of account and records of Partnership proceedings, may be kept on information storage devices, provided, that the
books and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with
IFRS-IASB. Such books, records and registers will be kept available for inspection by and at the sole expense of any Limited Partner or its duly authorized representatives upon notice to the General Partner during regular business hours at the
office of the General Partner for any purpose relating to such Limited Partner’s Partnership Interest. Limited Partners shall not have access to any information of the Partnership contained in its books and records which the General Partner is
required by legal or contractual restriction to keep confidential or which, in the opinion of the General Partner, acting reasonably, should be kept confidential in the interests of the Partnership or may be kept confidential as provided in this
Agreement, and each Limited Partner hereby waives any right, statutory or otherwise, to greater access to the books and records of the Partnership than is permitted herein, to the greatest extent permitted by law. 

 

	11.2	Fiscal Year 

 Subject to
Section 17.1.9, the first fiscal year of the Partnership shall end on December 31, 2011 and subsequent fiscal years of the Partnership shall be the calendar year; provided, however, that if the Code requires the Partnership to use a
taxable year other than a calendar year then, for U.S. tax purposes, the fiscal year of the Partnership shall be such taxable year. 
  

	11.3	Delivery of Financial Statements 

 The General Partner shall deliver to BREP (i) the annual financial statements of the Partnership and (ii) the accounts and financial statements of any Holding Entity or any other holding vehicle
established by the Partnership. 
  

	11.4	Reports 

 11.4.1. Within
the period of time required by applicable Law, including any rule of any stock exchange on which the BREP Units or other partnership interests of BREP are or will be listed for trading, the General Partner shall prepare in accordance with IFRS-IASB
and make publicly available as of a date selected by the General Partner in its reasonable discretion financial statements of the Partnership for such fiscal year of the Partnership audited by a firm of independent public accountants of
international standing selected by the General Partner as well as a statement of the accounting policies used in their preparation, such information as may be required by applicable Laws and such information as the General Partner deems appropriate.

 11.4.2. As and within the period of time required by any applicable Law, including any rule of any stock exchange, the
General Partner shall prepare in accordance with IFRS-IASB and make publicly available quarterly financial statements of the Partnership, which may be unaudited, as may be required by applicable Law, including any rule of any stock exchange on which
the BREP Units or other partnership interests of BREP are or will be listed for trading. 

  
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 ARTICLE 12 

TAX MATTERS 
  

	12.1	Tax Information 

 12.1.1.
Following each taxable year of the Partnership, the General Partner shall use commercially reasonable efforts to supply each Person that was a Partner at any time during such taxable year with a Schedule K-1 (or equivalent) within ninety
(90) days after the close of such taxable year. The General Partner shall also, where reasonably possible and applicable, prepare and send such Persons such other information required by any non-U.S. Limited Partner for U.S. federal income tax
reporting purposes. 
 12.1.2. Within eighty (80) days following the end of each fiscal year of the Partnership and within
the eighty (80) days after the date of the dissolution of the Partnership, the General Partner shall use commercially reasonable efforts to supply each Person that was a Partner at any time during such fiscal year and who is required to file an
income tax return under the Income Tax Act (or, in the case of a Partner that is a partnership, that has one or more partners who is required to file an income tax return under the Income Tax Act) all necessary income tax reporting information with
respect to such Partner’s income from the Partnership for such fiscal year. 
  

	12.2	Preparation of Tax Returns 


The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses
and other items required of the Partnership for U.S. federal and state income tax purposes and, where applicable, Canadian federal income tax purposes. The classification, realization and recognition of income, gain, losses and deductions and other
items shall be computed (i) for U.S. federal income tax purposes, on the accrual method of accounting, and (ii) for Canadian federal income tax purposes, in accordance with the Income Tax Act. 

 

	12.3	Tax Elections 

 The
General Partner shall determine whether to make, to refrain from making or to revoke the election provided for in Section 754 of the Code, and any and all other elections permitted by the Code, the Income Tax Act or any other national, federal,
state or local tax Law, in its sole discretion. 
  

	12.4	Tax Controversies 


Subject to the provisions hereof, the General Partner is designated the Tax Matters Partner (as defined in Section 6231 of the Code)
and the designated partner for the purposes of the Income Tax Act including subsections 152(1.4) to 152(1.8) thereof, and is authorized and required to represent the Partnership (at the Partnership’s expense) in connection with all
examinations of the Partnership’s affairs by tax authorities, including resulting 

  
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administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated therewith. Each Partner agrees to cooperate with the General Partner and to
do or refrain from doing any or all things reasonably required by the General Partner to conduct such proceedings. 
  

	12.5	Withholding 


Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines in its sole
discretion to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code, the Income Tax Act or any other national, federal, state or local Law including pursuant to Chapters 3 and 4
of Subtitle A of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner, the amount withheld shall be treated as a
distribution of cash pursuant to Section 5.2 or Section 16.3 (as applicable) in the amount of such withholding from such Partner. To the extent an amount otherwise payable to a member of the BREP Group is required to be withheld and paid
over to any taxing authority, and such withheld amount is attributable to a Partner’s ownership of Units, then such withheld amount shall be treated as a distribution of cash to such Partner pursuant to Section 5.2 or Section 16.3 (as
applicable) in the amount of such withholding. 
  

	12.6	Election to be Treated as a Corporation 

 Notwithstanding anything to the contrary contained herein, if the General Partner determines in its sole discretion that it is no longer in the best interests of the Partnership to continue as a
partnership for U.S. federal income tax purposes, the General Partner may elect to treat the Partnership as an association or as a publicly traded partnership taxable as a corporation for U.S. federal (and applicable state) income tax
purposes. 
  

	12.7	U.S. Tax Classification of the Partnership 

 Prior to the General Partner making an election described in Section 12.7 hereof, it is intended that the Partnership be classified as a partnership for U.S. federal income tax purposes. In
furtherance of the foregoing, and prior to the General Partner making an election described in Section 12.7, to ensure that interests in the Partnership are not traded on an established securities market within the meaning of Treasury
Regulations Section 1.7704-1(b) or readily tradable on a secondary market or the substantial equivalent thereof within the meaning of Treasury Regulations Section 1.7704-1(c), notwithstanding anything to the contrary contained in this
Agreement, (i) the Partnership shall not participate in the establishment of a market or the inclusion of its interests thereon, and (ii) the Partnership shall not recognize any transfer made on any market by (x) redeeming the
transferor Partner (in the case of a redemption or repurchase by the Partnership) or (y) admitting the transferee as a Partner or otherwise recognizing any rights of the transferee, such as a right of the transferee to receive Partnership
distributions (directly or indirectly) or to acquire an interest in the capital or profits of the Partnership. 

  
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 ARTICLE 13 

CERTIFICATES; RECORD HOLDERS; TRANSFERS OF PARTNERSHIP 
 INTERESTS 
  

	13.1	Certificates 

 13.1.1.
Upon the Partnership’s issuance of Partnership Interests of all or any classes to any Person and the request of such Person, the Partnership shall issue one or more Certificates in the name of such Person evidencing the number of such
Partnership Interests being so issued. Certificates shall be executed on behalf of the Partnership by the General Partner. No Certificate evidencing the issuance of Partnership Interests shall be valid for any purpose until it has been countersigned
by the General Partner. 
 13.1.2. Certificates may bear any legends required by applicable Law or otherwise determined to be
appropriate by the General Partner. 
  

	13.2	Mutilated, Destroyed, Lost or Stolen Certificates 

 13.2.1. If any mutilated Certificate is surrendered to the General Partner, the General Partner on behalf of the Partnership shall execute, countersign and deliver in exchange therefor, a new Certificate
evidencing the same number of Partnership Interests as the Certificate so surrendered. 
 13.2.2. The General Partner on behalf
of the Partnership shall execute, countersign and deliver a new Certificate in place of any Certificate previously issued if the Record Holder of the Certificate: 
 13.2.2.1 makes proof by affidavit, in form and substance satisfactory to the General Partner, that a previously issued Certificate has been lost, destroyed or stolen; 

13.2.2.2 requests the issuance of a new Certificate before the Partnership has notice that the Certificate has been acquired by a
purchaser for value in good faith and without notice of an adverse claim; 
 13.2.2.3 if requested by the General Partner,
delivers to the Partnership a bond, in form and substance satisfactory to the General Partner, with surety or sureties and with fixed or open penalty as the General Partner may reasonably direct, in its sole discretion, to indemnify the Partnership,
and the General Partner against any claim that may be made on account of the alleged loss, destruction or theft of the Certificate; and 
 13.2.2.4 satisfies any other reasonable requirements imposed by the General Partner. 
 13.2.3. If a Record Holder fails to notify the Partnership within a reasonable time after the holder has notice of the loss, destruction or theft of a Certificate, and a transfer of the Partnership
Interests represented by the Certificate is registered before the Partnership or the General Partner receives such notification, the Record Holder shall be precluded from making any claim against the Partnership or the General Partner for such
transfer or for a new Certificate. 

  
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 13.2.4. As a condition to the issuance of any new Certificate under this Section 13.2,
the General Partner may require the payment of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto and any other expenses reasonably connected therewith. 

 

	13.3	Record Holder 

 In
accordance with Section 13.5.2, the Partnership shall be entitled to recognize the Record Holder as the Limited Partner with respect to any Units and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in
such Units on the part of any other Person, whether or not the Partnership shall have actual or other notice thereof, except as otherwise provided by applicable Law. Without limiting the foregoing, when a Person (such as a broker, dealer, bank,
trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring and/or holding Units, as between the Partnership on the one hand and such
other Person on the other hand, such representative Person shall be the Record Holder of such Partnership Interest. A Person may become a Record Holder without the consent or approval of any Partner. 

 

	13.4	Transfer Generally 


13.4.1. The term “transfer”, when used in this Agreement with respect to a Partnership Interest, shall be deemed to refer
to a transaction (i) by which the General Partner assigns its General Partner Units to another Person or (ii) by which the holder of a Unit assigns such Unit to another Person, and includes a sale, assignment (including the foreclosure of
a pledge, encumbrance, hypothecation or mortgage), gift, or exchange; save that the term transfer shall not be deemed to include the grant of a security interest, mortgage, charge or pledge of any kind over a Partnership Interest. 

13.4.2. No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth
in this Article 13. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article 13 shall be null and void. 
 13.4.3. Nothing contained in this Agreement shall be construed to prevent the parent entity of the General Partner from disposing of all of the issued and outstanding capital stock of the General Partner.

  

	13.5	Registration and Transfer of Units 

 13.5.1. The General Partner shall cause to be kept at its registered office in Bermuda on behalf of the Partnership a register in which, subject to such reasonable regulations as it may prescribe and
subject to the provisions of Section 13.5.2, the General Partner will provide for the registration and transfer of Units. The Partnership shall not recognize transfers of 

  
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Certificates representing Units unless such transfers are effected in the manner described in this Section 13.5. Upon surrender for registration of transfer of any Units evidenced by a
Certificate, and subject to the provisions of Section 13.5.2, the General Partner on behalf of the Partnership shall execute, countersign and deliver, in the name of the holder or the designated transferee or transferees, as required pursuant
to the holder’s instructions, one or more new Certificates evidencing the same aggregate number of Units as was evidenced by the Certificate so surrendered. 
 13.5.2. Except as otherwise provided in Article 14, the Partnership shall not recognize any transfer of Units until the Certificates evidencing such Units are surrendered for registration of
transfer. 
 13.5.3. Subject to (i) the foregoing provisions of this Section 13.5; (ii) Section 13.3;
(iii) Section 13.7; (iv) with respect to any class or series of Units, the provisions of any statement of designations or amendment to this Agreement establishing such class or series; (v) any contractual provisions binding on
any Limited Partner; (vi) Section 12.7; and (vii) provisions of applicable Law including the Limited Partnership Act and the Exempted Partnerships Act, Units shall be freely transferable. 

13.5.4. The General Partner may, in its sole discretion and without giving a reason, refuse to register a transfer of any Unit in
Certificated form which is not fully paid or on which the Partnership has a lien. 
  

	13.6	Transfer of General Partner Units 

 13.6.1. The General Partner may transfer its General Partner Units to a single transferee (including upon its merger, consolidation or other combination into any other Person or the transfer by it of all
or substantially all of its assets to another Person) if, but only if, (i) the transferee is an Affiliate of the general partner of BREP (or the transfer is being made concurrently with a transfer of the general partnership units of BREP to an
Affiliate of the transferee), (ii) the transferee agrees to assume and be bound by the provisions of this Agreement and (iii) the Partnership receives an Opinion of Counsel (delivered by counsel acceptable to the Independent Committee)
that such transfer (or merger, consolidation or combination) would not result in the loss of limited liability of any Limited Partner or of any limited partner of BREP or cause the Partnership or BREP to be treated as an association taxable as a
corporation or otherwise to be taxed as an entity for tax purposes (to the extent not previously treated as such). 
 13.6.2. In
the case of a transfer pursuant to this Section 13.6, the transferee or successor (as the case may be) shall be admitted to the Partnership as the General Partner immediately after the transfer of the General Partner Units, and the Partnership
shall continue without dissolution. 
 13.6.3. The Parties agree that no transfer under this Section 13.6 will occur
without the notification to and approval of the relevant Bermuda regulatory authorities in accordance with Bermuda law. 

  
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	13.7	Restrictions on Transfers 


Notwithstanding the other provisions of this Article 13, no transfer of any Partnership Interest shall be made if such transfer would
(a) violate the then applicable securities Laws or rules and regulations of any securities commission of any jurisdiction or any other Governmental Authorities with jurisdiction over such transfer, (b) result in the taxation of the
Partnership as an association taxable as a corporation or otherwise subject the Partnership to entity-level taxation for tax purposes (in either case, for U.S. tax purposes, to the extent not otherwise elected by the General Partner pursuant to
Section 12.6 to be treated as such) or (c) affect the Partnership’s existence or qualification as an exempted limited partnership under the Limited Partnership Act or Exempted Partnerships Act. 

ARTICLE 14 
 ADMISSION OF ADDITIONAL OR SUCCESSOR PARTNERS 
  

	14.1	Admission of Additional Limited Partners 

 14.1.1. By acceptance of the transfer of any Units or the issuance of any Units in accordance with this Agreement, each Person to whom a Unit is transferred or issued (including any nominee holder or an
agent or representative acquiring such Units for the account of another Person) shall: 
 14.1.1.1 be admitted to the
Partnership as a Limited Partner with respect to the Units so transferred or issued to such Person when any such transfer or issuance is reflected in the books and records of the Partnership, with or without execution of this Agreement; 

14.1.1.2 become bound by, and shall be deemed to have agreed to be bound by, the terms of this Agreement; 

14.1.1.3 shall become the Record Holder of the Units so transferred or issued; 

14.1.1.4 represents that the transferee or other recipient has the capacity, power and authority to enter into this Agreement;

 14.1.1.5 be deemed to grant the powers of attorney set forth in this Agreement; 

14.1.1.6 be deemed to make the consents and waivers contained in the Agreement, including with respect to the approval of the
transactions and agreements entered into in connection with the formation of the Partnership, the Reorganization and the Fund Conversion; and 
 14.1.1.7 be deemed to ratify and confirm all contracts, agreements, assignments and instruments entered into on behalf of the Partnership, in accordance with this Agreement, including the granting of any
charge or security interest over the Assets and the assumption of any indebtedness in connection with the affairs of the Partnership. 

  
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 14.1.2. The transfer of any Unit and/or the admission of any new Limited Partner to the
Partnership will not constitute any amendment to this Agreement. A Person may become a Record Holder without the consent or approval of any of the Partners. A Person may not become a Limited Partner without acquiring a Unit. 

14.1.3. Any transfer of a Unit shall not entitle the transferee to share in the profits and losses, to receive distributions, to receive
allocations of income, gain, loss, deduction or credit or any similar item or to any other rights to which the transferor was entitled until the transferee becomes a Limited Partner and a party to this Agreement pursuant to this Article 14.

  

	14.2	Admission of Successor General Partner 

 A successor general partner approved pursuant to Sections 15.1 or 15.2 or the transferee of or successor to the General Partner’s General Partner Units pursuant to Section 13.6 shall be
admitted to the Partnership as the general partner, subject to the requirements of the Limited Partnership Act and the Exempted Partnerships Act, effective immediately prior to the withdrawal or removal of the General Partner pursuant to
Sections 15.1 or 15.2 or immediately after the transfer of the General Partner’s General Partner Units pursuant to Section 13.6. Any such successor shall conduct the activities and affairs of the Partnership without the Partnership
being dissolved. In each case, the admission shall be subject to the successor general partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as
may be required to effect the admission. Any such successor is hereby authorized to and shall, subject to the terms hereof, conduct the activities and affairs of the Partnership without the Partnership being dissolved and shall be deemed to ratify
and confirm all contracts, agreements, assignments and instruments entered into on behalf of the Partnership, in accordance with this Agreement, including the granting of any charge or security interest over the Assets and the assumption of any
indebtedness in connection with the affairs of the Partnership. 
 ARTICLE 15 

WITHDRAWAL OF PARTNERS 
  

	15.1	Withdrawal of the General Partner 

 15.1.1. The General Partner shall be deemed to have withdrawn from the Partnership upon the occurrence of any one of the following events (each such event herein referred to as an “Event of
Withdrawal”): 
 15.1.1.1 the General Partner voluntarily withdraws from the Partnership by giving 180 days advance
written notice to the other Partners; 
 15.1.1.2 the General Partner transfers all of its rights as General Partner pursuant to
Section 13.6; 
 15.1.1.3 the General Partner is removed pursuant to Section 15.2; 

  
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 15.1.1.4 the General Partner (a) makes a general assignment for the benefit of
creditors; (b) files a voluntary bankruptcy petition; (c) files a petition or answer seeking for itself a reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Law; (d) files an
answer or other pleading admitting or failing to contest the material allegations of a petition filed against the General Partner in a proceeding of the type described in Sections (a)-(c) of this Section 15.1.1.4; or (e) seeks,
consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the General Partner or of all or any substantial part of its properties; 
 15.1.1.5 a final and non-appealable judgment is entered by a court with appropriate jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and non-appealable order for relief is
entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency Laws as now or hereafter in effect; or 

15.1.1.6 a certificate of dissolution or its equivalent is filed for the General Partner, or 90 days expire after the date of notice
to the General Partner of revocation of its charter without a reinstatement of its charter, under the Laws of its state of incorporation. 
 15.1.2. If an Event of Withdrawal specified in Sections 15.1.1.4, 15.1.1.5 or 15.1.1.6 or 15.1.1.6 occurs or is expected, the withdrawing General Partner shall give notice as soon as reasonably
practicable to the Limited Partners. The Partners hereby agree that only the Events of Withdrawal described in this Section 15.1 shall result in the withdrawal of the General Partner from the Partnership. 

15.1.3. Withdrawal of the General Partner from the Partnership upon the occurrence of an Event of Withdrawal shall not constitute a
breach of this Agreement under the following circumstances: (i) the General Partner voluntarily withdraws by giving at least 180 days’ advance notice to the Limited Partners, such withdrawal to take effect on the date specified in
such notice; or (ii) at any time that the General Partner ceases to be a general partner pursuant to Section 15.1.1.2 or is removed pursuant to Section 15.2. 
 15.1.4. If the General Partner gives a notice of withdrawal pursuant to Sections 15.1.1.1 or 15.1.2, holders of at least a majority of the voting power of the Class A Units may, prior to the
effective date of such withdrawal, elect a successor general partner. If, prior to the effective date of the General Partner’s withdrawal, a successor is not selected by the Limited Partners as provided herein or the Partnership does not
receive a Withdrawal Opinion of Counsel, the Partnership shall be dissolved in accordance with Section 16.2. Any such successor general partner shall be subject to the provisions of Section 14.2. 

 

	15.2	Removal of the General Partner 

 The General Partner may be removed if (i) such removal is approved by holders of at least 66 2/3% of the voting power of the Outstanding Class A Units; and (ii) the Partnership receives a Withdrawal Opinion of Counsel. Any such action by such
holders of Class A Units 

  
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for removal of the General Partner must also provide for the election and succession of a new general partner. Such removal shall be effective immediately following the admission of the successor
general partner pursuant to Article 14. The removal of the General Partner is subject to the approval of the successor general partner by holders of a majority of the voting power of the Outstanding Class A Units. Any such successor
general partner shall be subject to the provisions of Section 14.2. 
  

	15.3	Interest of Departing General Partner and Successor General Partner 

 15.3.1. In the event of (i) withdrawal of the General Partner under circumstances where such withdrawal does not violate this Agreement or (ii) removal of the General Partner by the Limited
Partners under circumstances where Cause does not exist, the Departing General Partner shall, at its option exercisable prior to the effective date of the departure of such Departing General Partner, promptly receive from its successor in exchange
for its General Partner Units an amount in cash equal to the fair market value of the General Partner Units, such amount to be determined and payable as of the effective date of its departure. If the General Partner is removed by the Limited
Partners under circumstances where Cause exists or if the General Partner withdraws under circumstances where such withdrawal violates this Agreement, its successor shall have the option described in the immediately preceding sentence, and the
Departing General Partner shall not have such option. 
 15.3.2. For purposes of this Section 15.3.2, the fair market value
of the Departing General Partner’s General Partner Units shall be determined by agreement between the Departing General Partner and its successor or, failing agreement within 30 days after the effective date of such Departing General
Partner’s departure, by an independent investment banking firm or other independent expert selected by the Departing General Partner and its successor, which, in turn, may rely on other experts and the determination of which shall be conclusive
as to such matter. If such parties cannot agree upon one independent investment banking firm or other independent expert within 45 days after the effective date of such departure, then the Departing General Partner shall designate an
independent investment banking firm or other independent expert, the Departing General Partner’s successor shall designate an independent investment banking firm or other independent expert, and such firms or experts shall mutually select a
third independent investment banking firm or independent expert, which shall determine the fair market value of the General Partner Units. In making its determination, such independent investment banking firm or other independent expert shall
consider the Partnership’s Assets, the rights and obligations of the General Partner and other factors it may deem relevant. 
 15.3.3. If the General Partner Units are not acquired in the manner set forth in Section 15.3.1, the Departing General Partner shall become a Limited Partner and the General Partner Units shall be
converted into Units pursuant to a valuation made by an investment banking firm or other independent expert selected pursuant to Section 15.3.1, without reduction in such Partnership Interest (but subject to proportionate dilution by reason of
the admission of its successor). 

  
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	15.4	Withdrawal of Limited Partners 

 No Limited Partner shall have any right to withdraw from the Partnership; provided, however, that when a transferee of a Limited Partner’s Units becomes a Record Holder, such transferring Limited
Partner shall, subject to Section 4.8.2 cease to be a Limited Partner with respect to the Units so transferred. 

ARTICLE 16 
 TERMINATION OF THE PARTNERSHIP 
  

	16.1	Dissolution 

 Subject to
Section 16.2, the Partnership shall dissolve and its affairs shall be wound up, upon any of the following occurring: 

16.1.1. the service of notice by the General Partner, with the approval of a majority of the members of the Independent Committee that in
the opinion of the General Partner, the coming into force of any Law or binding authority renders illegal or impracticable the continuation of the Partnership; or 
 16.1.2. the election of the General Partner, with the approval of a majority of the members of the Independent Committee, if the Partnership, as determined by the General Partner, based upon an Opinion of
Counsel, is required to register as an “investment company” under the U.S. Investment Company Act of 1940, as amended, or similar legislation in other jurisdictions; 
 16.1.3. the date that the General Partner withdraws from the Partnership without the appointment of a successor pursuant to Section 15.1 having been implemented; 

16.1.4. the date on which any court of competent jurisdiction enters a decree of judicial dissolution of the Partnership or an order to
wind up or liquidate the General Partner without the appointment of a successor pursuant to Section 15.1 or 15.2 having been implemented; or 
 16.1.5. the date on which the General Partner decides to dispose of, or otherwise realize proceeds in respect of, all or substantially all of the Assets in a single transaction or series of transactions.

  

	16.2	Reconstitution of Partnership 

 The Partnership shall be reconstituted and continue without dissolution, if within 30 days of the date of dissolution (and provided that a notice of dissolution with respect to the Partnership has
not been provided to the Bermuda Monetary Authority) under this Section 16.2, a successor general partner appointed pursuant to this Agreement executes a transfer deed pursuant to which the new general partner assumes the rights and undertakes
the obligations of the original general partner, but only if the Partnership receives an Opinion of Counsel that the admission of the new general partner will not result in the loss of limited liability of any Limited Partner. 

  
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	16.3	Liquidation 

 Upon
dissolution of the Partnership, unless the Partnership is continued under an election to reconstitute and continue the Partnership pursuant to Section 16.2, the General Partner shall act, or cause one or more Persons to act, as the Liquidator.
The Liquidator (if other than the General Partner) shall be entitled to receive such compensation for its services as may be approved by a majority of the members of the Independent Committee. If the General Partner is acting as the Liquidator, it
shall not be entitled to receive any additional compensation for acting in such capacity. The Liquidator shall agree not to resign at any time without 15 days’ prior notice and (if other than the General Partner) may be removed at any
time, with or without cause, by notice of removal approved by a majority of the members of the Independent Committee. Upon dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to
all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved by a majority of the members of the Independent Committee. The right to approve a successor or substitute Liquidator in the manner provided
herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this Section 16.3, the Liquidator approved in the manner provided herein shall have and
may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the General Partner under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise,
upon the exercise of such powers) to the extent necessary or desirable in the good faith judgment of the Liquidator to carry out the duties and functions of the Liquidator hereunder for and during such period of time as shall be reasonably required
in the good faith judgment of the Liquidator to complete the winding-up and liquidation of the Partnership as provided for herein. The Liquidator shall proceed to dispose of the Assets, discharge its liabilities, and otherwise wind up its affairs in
such manner and over such period as the Liquidator determines to be in the best interest of the Partners, subject to applicable Laws and the following: 
 16.3.1. the Assets may be disposed of by public or private sale or by distribution in kind to one or more Partners on such terms as the Liquidators and such Partners or Partners may agree; if any property
is distributed in kind, the Partner receiving the property shall be deemed for purposes of Section 16.3.3 to have received cash equal to its fair market value; and contemporaneously therewith, appropriate cash distributions must be made to the
other Partners; the Liquidator may distribute the Assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Partners; 

16.3.2. liabilities of the Partnership, including amounts owed to the Liquidator as compensation for serving in such capacity (subject to
the terms of Section 16.3) and amounts to Partners otherwise than in respect of their distribution rights under Section 5.2, shall be discharged; with respect to any liability that is contingent, conditional or unmatured or is otherwise
not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment; when paid, any unused portion of the reserve shall be
distributed as additional liquidation proceeds; and 

  
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 16.3.3. by the end of the taxable year in which the liquidation of the Partnership occurs
(or, if later, within 90 days after the date of such liquidation), all property and cash in excess of that required to discharge liabilities of the Partnership pursuant to Section 16.3.2 shall be distributed to the Partners as provided in
this Section 16.3.3: 
 16.3.3.1 an amount equal to the amount of cash or property held by the Partnership at such time,
that is attributable to a realization event occurring prior to the date of an event specified in Section 16.1 and that has not been deemed by the General Partner as Capital Surplus shall be distributed in accordance with Section 5.2.2 as
if such distribution were a distribution occurring prior to dissolution; 
 16.3.3.2 an amount equal to the amount of cash or
property held by the Partnership at such time, that is attributable to a realization event occurring prior to the date of an event specified in Section 16.1 and that has been deemed by the General Partner as Capital Surplus shall be distributed
in accordance with Section 5.2.3 as if such distribution were a distribution occurring prior to dissolution; and 

16.3.3.3 all other cash and property of the Partnership shall be distributed to the Partners as follows: 

16.3.3.3.1 first, 100% to BREP until BREP has received pursuant to this Section 16.3.3.3.1 an amount equal to the excess of
(1) the amount of BREP’s outlays and expenses incurred during the term of the Partnership, over (2) the aggregate amount of distributions received by BREP pursuant to Section 5.2.2.1; 

16.3.3.3.2 second, to the Partners pro rata in proportion to the Unrecovered Capital Amounts attributable to the Units and
General Partner Units held by the Partners until the Unrecovered Capital Amount attributable to each Unit and General Partner Unit is equal to zero; 
 16.3.3.3.3 third, to the Partners pro rata in proportion to their respective Percentage Interests until there has been distributed pursuant to this Section 16.3.3.3.3 in respect of each Unit
Outstanding an amount equal to the excess of (1) the First Distribution Threshold for each Quarter during the period beginning on the date the Capital Amount in respect of each Unit and General Partner Unit was last adjusted pursuant to
Section 3.4.3 and ending on the date of distribution pursuant to this Section 16.3.3.3.3, over (2) the aggregate amount of distributions (if any) made in respect of a Unit pursuant to Section 5.2.2.2 during such period of time;


  
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 16.3.3.3.4 fourth, 15% to the General Partner and 85% to the Partners, pro rata in
proportion to their respective Percentage Interests, until there has been distributed pursuant to this Section 16.3.3.3.4 in respect of each Unit Outstanding an amount equal to the excess of (1) the Second Distribution Threshold less the
First Distribution Threshold for each Quarter during the period beginning on the date the Capital Amount in respect of each Unit and General Partner Unit was last adjusted pursuant to Section 3.4.3 and ending on the date of distribution
pursuant to this Section 16.3.3.3.4, over (2) the aggregate amount of distributions (if any) made in respect of a Unit pursuant to Section 5.2.2.3 during such period of time; and 

16.3.3.3.5 thereafter, 25% to the General Partner and 75% to the Partners, pro rata in proportion to their respective Percentage
Interests. 
 Any distribution to the General Partner pursuant to Sections 16.3.3.3.4-16.3.3.3.5 shall be made to the General
Partner in its capacity as the general partner and without regard to the number of General Partner Units held by the General Partner. 
  

	16.4	Distributions in Kind 


Notwithstanding the provisions of Section 16.3, which require the liquidation of the Assets, but subject to the order of priorities
set forth therein, if prior to or upon dissolution of the Partnership, the Liquidator determines that an immediate sale of part or all of the Assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its absolute
discretion, defer for a reasonable time the liquidation of any Assets except those necessary to satisfy liabilities of the Partnership (including those to Partners as creditors) and/or distribute to the Partners or to specific classes of Partners,
in lieu of cash, as tenants in common and in accordance with the provisions of Section 16.3, undivided interests in such Assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the
good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Limited Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems
reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may
adopt. 
  

	16.5	Cancellation of Certificate of Limited Partnership 

 Upon the completion of the distribution of Partnership cash and property as provided in Sections 16.3 and 16.4, the Partnership shall be terminated and the Certificate of Limited Partnership and
Certificate of Exempted Limited Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than Bermuda shall be cancelled and such other actions as may be necessary to terminate the Partnership
shall be taken. 
  

	16.6	Reasonable Time for Winding Up 

 A reasonable time shall be allowed for the orderly winding up of the activities and affairs of the Partnership and the liquidation of its Assets pursuant to Section 16.3 in order to minimize any
losses otherwise attendant upon such winding up, and the provisions of this Agreement shall remain in effect between the Partners during the period of liquidation. 

  
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	16.7	Return of Capital 

 The
General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners, or any
portion thereof, it being expressly understood that any such return shall be made solely from Assets. 
  

	16.8	No Capital Account Restoration 

 No Partner shall have any obligation to restore any negative balance in its Capital Account upon liquidation of the Partnership. 

 

	16.9	Waiver of Partition 

 Each
Partner hereby waives any right to partition of the Partnership property. 
 ARTICLE 17 

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE 

 

	17.1	Amendment to be Adopted Solely by General Partner 

 Subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships Act, each Limited Partner agrees that the General Partner (pursuant to its powers of attorney from
the Limited Partners), without the approval of any Limited Partner, may amend any provision of this Agreement, and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect:

 17.1.1. a change in the name of the Partnership, the location of the registered office of the Partnership, the registered
agent of the Partnership or the registered office of the Partnership; 
 17.1.2. admission, substitution or withdrawal or
removal of Partners in accordance with this Agreement; 
 17.1.3. a change that the General Partner determines is reasonable and
necessary or appropriate to qualify or continue the qualification of the Partnership as an exempted limited partnership under Bermuda law or a partnership in which the limited partners have limited liability under the Laws of any jurisdiction, or
that is necessary or advisable in the opinion of the General Partner to ensure that the Partnership will not be treated as an association taxable as a corporation or otherwise taxed as an entity for tax purposes; 

17.1.4. an amendment that the General Partner determines to be necessary or appropriate to address changes in tax regulations,
legislation or interpretation; 
 17.1.5. an amendment that is necessary, in the Opinion of Counsel, to prevent the Partnership
or the General Partner or its directors or officers from in any manner being subjected to the provisions of the U.S. Investment Company Act of 1940, as amended, or similar legislation in other jurisdictions; 

  
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 17.1.6. an amendment that the General Partner determines in its sole discretion to be
necessary or appropriate in connection with the creation, authorization or issuance of any class or series of Partnership Interests or options, rights, warrants or appreciation rights relating to Partnership Interests pursuant to Section 3.4;

 17.1.7. any amendment expressly permitted in this Agreement to be made by the General Partner acting alone; 

17.1.8. any amendment that in the sole discretion of the General Partner is necessary or appropriate to reflect and account for the
formation of the Partnership of, or its investment in, any Person, as otherwise permitted by the Agreement; 
 17.1.9. a change
in the Partnership’s fiscal year and related changes; 
 17.1.10. any amendment concerning the computation or allocation of
specific items of income, gain, expense or loss among the Partners that, in the sole discretion of the General Partner, is necessary or appropriate to (w) comply with the requirements of the Code and Treasury Regulations (including the
requirements of Section 704(b) and Section 704(c) of the Code and the Treasury Regulations promulgated thereunder), (x) comply with the requirements of the Income Tax Act, (y) reflect the Partners’ interests in the
Partnership or (z) consistently reflect the distributions made by the Partnership to the Partners pursuant to the terms of this Agreement; 
 17.1.11. any amendment that in the sole discretion of the General Partner is necessary or appropriate to address any statute, rule, regulation, notice, or announcement that affects or could affect the
U.S. federal income tax treatment of any allocation or distribution related to any interest of the General Partner in the profits of the Partnership; or 
 17.1.12. any other amendments substantially similar to the matters described in Section 17.1.1 through 17.1.11. 
 In addition, the General Partner may make amendments to this Agreement, without the approval of any Limited Partner, if those amendments, in the discretion of the General Partner: 

17.1.13. do not adversely affect the Limited Partners considered as a whole (including any particular class of Partnership Interest as
compared to other classes of Partnership Interests) in any material respect; 
 17.1.14. are necessary or appropriate to satisfy
any requirements, conditions or guidelines contained in any opinion or binding directive, order, ruling or regulation of any Governmental Authority; 
 17.1.15. are necessary or appropriate for any action taken by the General Partner relating to splits or combinations of Units or Partnership Interests made in accordance with the provisions of this
Agreement; or 

  
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 17.1.16. are required to effect the intent of the provisions of the Combination Agreement or
the intent of the provisions of this Agreement or are otherwise contemplated by this Agreement. 
  

	17.2	Amendment Procedures 


Except as provided in Sections 17.1 and 17.3, all amendments to this Agreement shall be made in accordance with the following
procedures: 
  

	 	17.2.1.	amendments to this Agreement may only be proposed by or with the consent of the General Partner, provided that the General Partner shall have no duty or obligation to
propose any amendment to this Agreement and may decline to do so free of any fiduciary duty or obligation whatsoever to the Partnership or any Limited Partner and, in declining to propose or consent to an amendment to the fullest extent permitted by
Law, shall not be required to act in good faith or pursuant to any other standard imposed by this Agreement, any other agreement contemplated hereby or under the Limited Partnership Act or the Exempted Partnerships Act or any other Law or at equity;


  

	 	17.2.2.	 a proposed amendment shall be effective upon its approval by the General Partner and, where required under this Agreement or by the Limited Partnership
Act, on the consent, vote or approval of the amendment by the holders of at least 66 2/3% of the voting power of the Outstanding Units; and 


  

	 	17.2.3.	each proposed amendment that requires the approval of the holders of a specified percentage of Outstanding Units shall be set forth in a writing that contains the text
of the proposed amendment. If such an amendment is proposed, the General Partner shall seek the written approval of the requisite percentage of Outstanding Units or call a meeting of the Unitholders to consider and vote on such proposed amendment.


  

	17.3	Amendment Requirements 


17.3.1. Notwithstanding the provisions of Sections 17.1 and 17.2, no provision of this Agreement that establishes a percentage of the
voting power of the Outstanding Units required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of reducing such voting requirement unless such amendment is approved by the
written consent or the affirmative vote of the voting power of Outstanding Units whose aggregate Outstanding Units constitute voting power not less than the voting requirement sought to be reduced. 

17.3.2. Notwithstanding the provisions of Sections 17.1 and 17.2, no amendment to this Agreement may (i) enlarge the
obligations of any Limited Partner without its consent except if the same occurs as a result of any amendment approved pursuant to Section 17.3.3, or (ii) enlarge the obligations, restrict in any way any action by or rights of or reduce in
any way the amounts distributable, reimbursable or otherwise payable by the Partnership to the General Partner or any of its Affiliates without the consent of the General Partner, which may be given or withheld in its sole discretion. 

  
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 17.3.3. Except as otherwise provided, and without limitation of the General Partner’s
authority to adopt amendments to this Agreement as contemplated in Section 17.1, the General Partner may amend the Partnership Agreement without the approval of holders of Outstanding Units, except that any amendment that would have a material
adverse effect on the rights or preferences of any class of Outstanding Units in relation to other classes of Partnership Interests must be consented to or approved by the holders of at least a majority of the Outstanding Partnership Interests of
the class affected. 
 17.3.4. Notwithstanding any other provision of this Agreement, except for amendments pursuant to
Section 17.1, no amendments shall become effective without the approval of at least 90% of the voting power of the Outstanding Units unless the Partnership obtains an Opinion of Counsel to the effect that (a) such amendment will not cause
the Partnership to be treated as an association taxable as a corporation or otherwise taxable as an entity for tax purposes (provided that for U.S. tax purposes the General Partner has not made the election contemplated by Section 12.6) and
(b) such amendment will not affect the limited liability of any Limited Partner or any limited partner of BREP under applicable Law; provided, however, that no such opinion shall be required in connection with an election described in
Section 12.6 made by the General Partner or in connection with a transfer following such election. 
 17.3.5. This
Section 17.3 shall only be amended with the approval of not less than 90% of the Outstanding Units. 
  

	17.4	Meetings 

 17.4.1. All
acts of Limited Partners to be taken hereunder shall be taken in the manner provided in this Article 17. Special meetings of the Limited Partners may be called by the General Partner or by Limited Partners holding greater than 50% or more of
the voting power of the Outstanding Partnership Interests of the class or classes for which a meeting is proposed, provided that, for this purpose, the Partnership Interests Outstanding shall not include Partnership Interests owned by the General
Partner or any of its Affiliates other than any member of the BREP Group. (For the avoidance of doubt, the Class A Units and the Redemption-Exchange Units shall not constitute separate classes for this purpose.) Limited Partners shall call a
special meeting by delivering to the General Partner one or more requests in writing stating that the signing Limited Partners wish to call a special meeting and indicating the general or specific purposes for which the special meeting is to be
called. Within 60 days after receipt of such a call from Limited Partners or within such greater time as may be reasonably necessary for the Partnership to comply with any Laws, governing the holding of a meeting or the solicitation of proxies
for use at such a meeting, the General Partner shall send a notice of the meeting to the Limited Partners. 
 17.4.2. A meeting
shall be held at a time and place (outside of Canada) determined by the General Partner on a date not less than 10 days and not more than 60 days after the mailing of notice of the meeting. Limited Partners shall not vote on matters that
would cause the Limited Partners to be deemed to be taking part in the management and control of the activities and affairs of the Partnership so as to jeopardize the Limited Partners’ limited liability under the Limited Partnership Act or the
Law of any other jurisdiction in which the Partnership is qualified to conduct activities and affairs. 

  
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	17.5	Notice of Meeting 

 Notice
of a meeting called pursuant to Section 17.4 shall be given to the Record Holders of the class or classes of Partnership Interests in writing by mail or other means of written communication in accordance with Section 18.2 and shall include
details of any proposal or other matter required by any provision of this Agreement or Law to be submitted for the consideration and approval of the Limited Partners. The notice shall be deemed to have been given at the time when deposited in the
mail or sent by other means of written communication. In addition, notices of special meetings pursuant to Section 17.4 shall be delivered, announced and/or published to the extent required for the Partnership to comply with applicable Law.

  

	17.6	Record Date 

 For purposes
of determining the Limited Partners entitled to notice of and participation in or to vote at a meeting of the Limited Partners or to provide consents or give approvals to any action by the Partnership as provided in Section 17.11 without a
meeting as provided in Section 17.10, the General Partner may set a Record Date, which shall not be less than 10 nor more than 60 days before (a) the date of the meeting (unless such requirement conflicts with any applicable Law, in
which case the applicable Law shall govern) or (b) in the event that consents or approvals to any action by the Partnership are sought without a meeting, the date by which Limited Partners are requested in writing by the General Partner to
provide such consents or approvals. 
  

	17.7	Adjournment 

 When a
meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new Record Date need not be fixed if the time and place thereof are announced at the meeting at which the adjournment is taken, unless such
adjournment shall be for more than 45 days. At the adjourned meeting, the Partnership may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 45 days or if a new Record Date
is fixed for the adjourned meeting, a notice of the adjourned meeting and/or the new Record Date, as applicable, shall be given in accordance with this Article 17. 

 

	17.8	Quorum 

 A majority of the
Outstanding Units of the class or classes for which a meeting has been called (including Units held by the General Partner) represented in person or by proxy shall constitute a quorum at a meeting of Limited Partners of such class or classes unless
any such action by the Limited Partners requires approval by Limited Partners holding a greater percentage of the voting power of such Units, in which case the quorum shall be such greater percentage. At any meeting of the Limited Partners duly
called and held in accordance with this Agreement at which a quorum is present, the act of Limited Partners holding Outstanding Units that in the aggregate represent a majority of the Outstanding Units entitled to vote and be present in person or by
proxy at such meeting shall be deemed to constitute the act of all Limited 

  
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Partners, unless a greater or different percentage is required with respect to such action under the provisions of this Agreement, in which case the act of the Limited Partners holding
Outstanding Units that in the aggregate represent at least such greater or different percentage shall be required. The Limited Partners present at a duly called or held meeting at which a quorum is present may continue to transact business until
adjournment, notwithstanding the withdrawal of enough Limited Partners to leave less than a quorum, if any action taken (other than adjournment) is approved by the required percentage of the voting power of Outstanding Units specified in this
Agreement (including Outstanding Units deemed owned by the General Partner). In the absence of a quorum, any meeting of Limited Partners may be adjourned from time to time by the affirmative vote of Units holding at least a majority of the voting
power of the Outstanding Units entitled to vote at such meeting (including Outstanding Units deemed owned by the General Partner) represented either in person or by proxy, but no other business may be transacted, except as provided in
Section 17.7. 
  

	17.9	Conduct of Meeting 

 The
General Partner shall have full power and authority concerning the manner of conducting any meeting of the Limited Partners or solicitation of consents or approvals in writing, including the determination of Persons entitled to vote, the existence
of a quorum, the satisfaction of the requirements of Section 17.4, the conduct of voting, the validity and effect of any proxies and the determination of any controversies, votes or challenges arising in connection with or during the meeting or
voting. The General Partner shall designate a Person to serve as chairman of any meeting and shall further designate a Person to take the minutes of any meeting, in either case including a Partner or a director or officer of the General Partner. All
minutes shall be kept with the records of the Partnership maintained by the General Partner. The General Partner may make such other regulations consistent with applicable Law and this Agreement as it may deem advisable concerning the conduct of any
meeting of the Limited Partners or solicitation of approvals in writing, including regulations in regard to the appointment of proxies, the appointment and duties of inspectors of votes and approvals, the submission and examination of proxies and
other evidence of the right to vote, and the revocation of consents or approvals in writing. 
  

	17.10	Action Without a Meeting 


If authorized by the General Partner, any action that may be taken at a meeting of the Limited Partners may be taken without a meeting if
(i) written consent to such action is solicited by or on behalf of the General Partner, and (ii) an approval in writing setting forth the action to be taken is signed by Limited Partners owning not less than the minimum percentage of the
Outstanding Units that would be necessary to authorize or take such action at a meeting at which all the Limited Partners were present and voted. Prompt notice of the taking of action by written consent or without a meeting shall be given to the
Limited Partners who have not approved in writing. The General Partner may specify that any written ballot from Limited Partners for the purpose of taking any action without a meeting shall be returned to the Partnership within the time period,
which shall be not less than 20 days, specified by the General Partner. If a ballot returned to the Partnership does not vote all of the Units held by the Limited Partner, the Partnership shall be deemed to have failed to receive a ballot for
the Units that were not voted. 

  
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	17.11	Voting and Other Rights 


17.11.1. Only those Record Holders of Units on the Record Date set pursuant to Section 17.6 (and also subject to the limitations
contained in the definition of “Outstanding”) shall be entitled to notice of, and to vote at, a meeting of Partners or to act with respect to matters as to which the holders of the Outstanding Units have the right to vote or to act.
All references in this Agreement to votes, consents or approvals of, or other acts that may be taken by, the Outstanding Units shall be deemed to be references to the votes, consents, approvals or acts of the Record Holders of such Outstanding
Units. 
 17.11.2. Each Outstanding Unit shall entitle the holder thereof to one vote for the purposes of any approval at a
meeting of Limited Partners or by written consent. 
 17.11.3. With respect to Units that are held for a Person’s account
by another Person, in whose name such Units are registered, such other Person shall, in exercising the voting or consent rights in respect of such Units on any matter, and unless the arrangement between such Persons provides otherwise, vote such
Units in favor of, and at the direction of, the Person who is the beneficial owner, and the Partnership shall be entitled to assume it is so acting without further inquiry. The provisions of this Section 17.11.3 (as well as all other provisions
of this Agreement) are subject to the provisions of Section 13.3. 
 ARTICLE 18 

GENERAL PROVISIONS 
  

	18.1	Enurement 

 This Agreement
will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 
  

	18.2	Notices 

 18.2.1. To the
Partnership and General Partner 
 18.2.1.1 Any notice, payment demand, request, report or other document required or permitted
to be given or made under this Agreement (“Notice”) by a Limited Partner to the Partnership or General Partner shall be given or sent by fax or letter post or by other means of written communication to the address of the General
Partner specified below, or at such other address as the General Partner may notify to the Record Holders, in compliance with applicable Laws: 
 BREP Holding L.P. 
 Canon’s Court 

22 Victoria Street 
 PO Box HM 1179 
 Hamilton HM 12 

Bermuda 
 Attention: Secretary 
 Telecopier number: 441-298-3433 

  
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 18.2.2. To BREP 
 18.2.2.1 Any Notice by a Limited Partner to BREP shall be given or sent by fax or letter post or by other means of written communication to the address of the general partner of BREP specified below, or
at such other address as the General Partner may notify to the Record Holders, in compliance with applicable Laws and regulations: 
 2288509 Ontario Inc. 
 c/o Appleby Corporate Services 

Canon’s Court 
 22 Victoria Street 
 PO Box HM 1179 

Hamilton HM 12 
 Bermuda 
 Attention: Secretary 

Telecopier number: 441-298-3433 
 18.2.3. To the Limited Partners 
 18.2.3.1 Any Notice by the General Partner or
Partnership to a Limited Partner shall, unless otherwise required by applicable Laws, be deemed given or made to the Limited Partner when delivered in person or when sent to the relevant Record Holder by fax, letter post or by other means of written
communication at the address described in Section 18.2.3.2 or when provided as set forth in Section 18.2.3.3. 

18.2.3.2 Any Notice to be given or made to a Limited Partner hereunder shall be deemed conclusively to have been given or made, and the
obligation to give any Notice shall, unless otherwise required by applicable Laws, be deemed conclusively to have been fully satisfied, upon sending of such Notice to the Record Holder of the Partnership Interests, at such Person’s address as
shown on the records of the Partnership, or as otherwise shown on the records of the Partnership, regardless of any claim of any Person who may have an interest in such Partnership Interests by reason of any transfer or otherwise. An affidavit or
certificate of making of any Notice in Section 18.2 executed by the General Partner, Partnership or the mailing organization shall be prima facie evidence of the giving or making of such Notice. If any Notice addressed to a Record Holder at the
address of such Record Holder appearing on the books and records of the Partnership or the Partnership is returned by letter post marked to indicate that the relevant postal service is unable to deliver it, such Notice and any subsequent Notices
shall be deemed to have been duly given or made without further mailing (until such time as such Record Holder or another Person notifies the Partnership of a change in his address) if they are available for the Limited Partner at the principal
office of the Partnership for a period of one year from the date of the giving or making of such Notice to the other Limited Partners. 

  
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 18.2.3.3 Any Notice to be given or made to a Limited Partner hereunder shall be deemed
conclusively to have been given or made, and the obligation to give any Notice shall, unless otherwise required by applicable Laws, be deemed conclusively to have been fully satisfied, upon issuing a press release complying with applicable Laws, if
deemed by the General Partner in its sole discretion to be a reasonable or appropriate means of providing such Notice. 
  

	18.3	Further Assurances 

 Each
of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may reasonably require from time to time for the purpose of
giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement. 

 

	18.4	Counterparts 

 This
Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument. 

[NEXT PAGE IS SIGNATURE PAGE] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
November 20, 2011. 
  

			
	 GENERAL PARTNER:
  

BREP HOLDING L.P., by its general partner, 2288508 Ontario Inc.

		
	By:	 	 “Jane Sheere”

		 	Name: Jane Sheere
		 	Title: Authorized Signatory


  

			
	 LIMITED PARTNER:
  

BROOKFIELD RENEWABLE ENERGY PARTNERS L.P.,

by its general partner,
 2288509
Ontario Inc.

		
	By:	 	 “Jane Sheere”

		 	Name: Jane Sheere
		 	Title: Authorized Signatory



  
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