Document:

<PAGE>
                                                                     Exhibit 4.6

                     ECOSTAR ELECTRIC DRIVE SYSTEMS L.L.C.

                   AUDITED CONSOLIDATED FINANCIAL STATEMENTS
                              FOR THE YEARS ENDED
                         DECEMBER 31, 2000 AND 1999 AND
                       THE PERIOD ENDED DECEMBER 31, 1998
                          (EXPRESSED IN U.S. DOLLARS)

                                       I-1
<PAGE>

                       REPORT OF INDEPENDENT ACCOUNTANTS

To the Management Board of
  ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

     In our opinion, the accompanying balance sheet and the related statements
of operations, members' equity, and cash flows present fairly, in all material
respects, the financial position of Ecostar Electric Drive Systems, L.L.C., (the
"Company") at December 31, 2000 and 1999, and the results of its operations and
its cash flows for each of the three fiscal periods in the period ended December
31, 2000, in conformity with accounting principles generally accepted in the
United States of America. These financial statements are the responsibility of
the Company's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

(Signed) PricewaterhouseCoopers LLP
Detroit, Michigan
April 20, 2001

                                       I-2
<PAGE>

                     ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

                                 BALANCE SHEET

                           DECEMBER 31, 2000 AND 1999

<Table>
<Caption>
                                                                  2000            1999
                                                              ------------    ------------
<S>                                                           <C>             <C>
ASSETS
CURRENT ASSETS
  Cash and cash equivalents.................................  $         --    $    337,120
  Investments held by related party.........................    19,924,725      20,312,552
  Accounts receivable, trade................................        48,503         116,574
  Accounts receivable, affiliates...........................     1,021,388       1,028,837
  Inventory, raw materials..................................       531,977              --
  Prepaid expenses..........................................         5,945           4,712
                                                              ------------    ------------
     Total current assets...................................    21,532,538      21,799,795
Net property................................................    13,668,701      12,603,939
Other assets
  Note receivable from Ballard Automotive...................        87,973          87,973
                                                              ------------    ------------
     Total noncurrent assets................................    13,756,674      12,691,912
                                                              ------------    ------------
     TOTAL ASSETS...........................................  $ 35,289,212    $ 34,491,707
                                                              ============    ============
LIABILITIES
CURRENT LIABILITIES
  Accounts payable, affiliates..............................  $  2,010,614    $  2,256,340
  Accounts payable, trade...................................       229,581         142,351
  Accounts payable, other...................................     2,200,030              --
  Accrued liabilities.......................................     3,560,288       1,804,406
                                                              ------------    ------------
     Total liabilities......................................     8,000,513       4,203,097
                                                              ------------    ------------
MEMBERS' EQUITY
Members' equity.............................................    56,347,300      41,347,252
Accumulated deficit.........................................   (29,058,601)    (11,058,642)
                                                              ------------    ------------
     Total members' equity..................................    27,288,699      30,288,610
                                                              ------------    ------------
     TOTAL LIABILITIES AND MEMBERS' EQUITY..................  $ 35,289,212    $ 34,491,707
                                                              ============    ============
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       I-3
<PAGE>

                     ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

                            STATEMENT OF OPERATIONS

<Table>
<Caption>
                                                                                          PERIOD FROM
                                                                                         APRIL 7, 1998
                                                           YEAR ENDED DECEMBER 31,       (INCEPTION) TO
                                                         ----------------------------     DECEMBER 31,
                                                             2000            1999             1998
                                                         ------------    ------------    --------------
<S>                                                      <C>             <C>             <C>
REVENUES
Prototype sales and royalties..........................  $  3,331,068    $    515,464     $    68,820
Engineering services...................................     4,009,003       3,641,595       5,334,270
                                                         ------------    ------------     -----------
  Total revenues.......................................     7,340,071       4,157,059       5,403,090
COSTS AND EXPENSES
Cost of prototype sales................................     1,068,641          30,966           5,644
Engineering expenses...................................    15,578,332      10,119,248       3,405,444
Selling, general and administrative expenses...........     9,505,405       6,556,483       3,623,780
                                                         ------------    ------------     -----------
  Operating loss.......................................   (18,812,307)    (12,549,638)     (1,631,778)
Interest income........................................       843,330       1,700,758       1,422,138
Other expenses.........................................        30,982             122              --
                                                         ------------    ------------     -----------
  Net loss for the period..............................  $(17,999,959)   $(10,849,002)    $  (209,640)
                                                         ============    ============     ===========
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       I-4
<PAGE>

                     ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

                          STATEMENT OF MEMBERS' EQUITY

<Table>
<Caption>
                                                           MEMBERS'      ACCUMULATED
                                                           EQUITY          DEFICIT          TOTAL
                                                         -----------    ------------    ------------
<S>                                                      <C>            <C>             <C>
Capital contributions from members at inception........  $41,694,609    $         --    $ 41,694,609
Net loss for the period................................           --        (209,640)       (209,640)
                                                         -----------    ------------    ------------
Balance, December 31, 1998.............................   41,694,609        (209,640)     41,484,969
Net loss for the period................................           --     (10,849,002)    (10,849,002)
Members' assets not contributed to the Company.........     (347,357)             --        (347,357)
                                                         -----------    ------------    ------------
Balance, December 31, 1999.............................   41,347,252     (11,058,642)     30,288,610
Net loss for the period................................           --     (17,999,959)    (17,999,959)
Capital contributions from members.....................   15,000,048              --      15,000,048
                                                         -----------    ------------    ------------
Balance, December 31, 2000.............................  $56,347,300    $(29,058,601)   $ 27,288,699
                                                         ===========    ============    ============
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       I-5
<PAGE>

                     ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

                            STATEMENT OF CASH FLOWS

<Table>
<Caption>
                                                                                          PERIOD FROM
                                                                                         APRIL 7, 1998
                                                           YEAR ENDED DECEMBER 31,       (INCEPTION) TO
                                                         ----------------------------     DECEMBER 31,
                                                             2000            1999             1998
                                                         ------------    ------------    --------------
<S>                                                      <C>             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period................................  $(17,999,959)   $(10,849,002)    $   (209,640)
Adjustments to reconcile net loss to net cash used in
  operating activities
  Depreciation and amortization........................     1,819,762       1,332,762        1,185,748
  Changes in assets and liabilities
     Accounts receivable...............................        75,520       1,124,700       (2,270,111)
     Inventory.........................................      (531,977)             --               --
     Prepaid expenses..................................        (1,233)             --           (4,712)
     Accounts payable..................................     2,041,534        (484,479)       2,883,170
     Accrued liabilities...............................     1,755,882       1,467,706          336,700
                                                         ------------    ------------     ------------
       NET CASH (USED IN) PROVIDED BY OPERATING
          ACTIVITIES...................................   (12,840,471)     (7,408,313)       1,921,155
                                                         ------------    ------------     ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Change in investments held by related party............       387,827      16,699,606      (37,012,158)
Expenditures for property, equipment and leasehold
  improvements.........................................    (2,884,524)     (8,964,197)              --
Loan to Ballard Automotive, Inc........................            --              --          (87,973)
                                                         ------------    ------------     ------------
       NET CASH (USED IN) PROVIDED BY INVESTING
          ACTIVITIES...................................    (2,496,697)      7,735,409      (37,100,131)
                                                         ------------    ------------     ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from members' contributions...................    15,000,048              --       35,189,000
                                                         ------------    ------------     ------------
       NET CASH PROVIDED BY FINANCING ACTIVITIES.......    15,000,048              --       35,189,000
                                                         ------------    ------------     ------------
Net increase (decrease) in cash........................      (337,120)        327,096           10,024
Cash and cash equivalents, beginning of period.........       337,120          10,024               --
                                                         ------------    ------------     ------------
Cash and cash equivalents, end of period...............  $         --    $    337,120     $     10,024
                                                         ============    ============     ============
SUPPLEMENTARY CASH FLOW INFORMATION, PROPERTY AND
  EQUIPMENT CAPITAL CONTRIBUTION FROM MEMBERS..........  $         --    $    292,643     $  5,865,609
                                                         ============    ============     ============
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       I-6
<PAGE>

                     ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

                         NOTES TO FINANCIAL STATEMENTS

1.  ORGANIZATION OF BUSINESS

    Ecostar Electric Drive Systems, L.L.C. (the "Company"), a joint venture
    incorporated on April 7, 1998, by Ballard Power Corporation, DaimlerChrysler
    AG and Ford Motor Company, is engaged in pursuing the development and
    production of electric drive systems for use in electrically powered
    vehicles and related markets.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    ESTIMATES

    The preparation of financial statements in conformity with generally
    accepted accounting principles requires management to make estimates and
    assumptions that affect the reported amounts of assets and liabilities and
    disclosure of contingent assets and liabilities at the date of the financial
    statements and the reported amounts of revenues and expenses during the
    reporting period. Actual results could differ from those estimates.

    CASH AND CASH EQUIVALENTS

    The Company considers all highly-liquid investments with a maturity of three
    months or less to be cash and cash equivalents. All cash and cash
    equivalents of the Company are held on deposit with one bank.

    INVESTMENTS HELD BY RELATED PARTY

    The Company invests its cash through a related party, Ford Motor Company,
    which invests in highly-liquid investments with a maturity of three months
    or less.

    INVENTORY

    Inventory is stated at lower of cost or market, determined principally by
    the first-in, first-out method.

    ACCOUNTS PAYABLE, OTHER

    Accounts payable, other represents a bank overdraft.

    INTERNAL USE SOFTWARE

    The Company expensed costs of $118,619 and $257,606 for software developed
    or obtained for internal use for the periods ended December 31, 2000 and
    1999, respectively. In addition, the Company included in net property
    $381,188 and $56,208 of software developed or obtained for internal use at
    December 31, 2000 and 1999, respectively. These costs will be amortized on a
    straight-line basis over their estimated useful lives. Amortization expense
    for such costs was $93,271 and $3,639 for the periods ended December 31,
    2000 and 1999, respectively.

    RESEARCH AND DEVELOPMENT

    Research and development costs are expensed as incurred and were
    $13,741,066, $8,537,707 and $2,717,169 for the periods ended December 31,
    2000, 1999 and 1998, respectively.

    REVENUE RECOGNITION

    The Company records prototype revenues when the prototypes are shipped to
    customers. In addition, the Company records engineering services revenues in
    the period services are rendered and royalty revenues upon receipt.

    INCOME TAXES

    The Company has elected to be taxed as a limited liability company.
    Accordingly, no income tax is paid at the corporate level. The taxable
    income or loss of the Company will be included in the tax returns of the
    members.

                                       I-7
<PAGE>
                     ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

                  NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

3.  NET PROPERTY

    Net property at December 31 was as follows:

<Table>
<Caption>
                                                                     2000           1999
                                                                  -----------    -----------
    <S>                                                           <C>            <C>
    Leasehold improvements......................................  $ 4,648,832    $    40,254
    Machinery, equipment and other..............................    8,742,859      4,097,201
    Construction in progress....................................      101,292      7,344,686
                                                                  -----------    -----------
      Total property and equipment..............................   13,492,983     11,482,141
    Accumulated depreciation....................................   (1,834,727)    (1,013,385)
                                                                  -----------    -----------
      Net property and equipment................................   11,658,256     10,468,756
                                                                  -----------    -----------
    Product tooling and capitalizable software..................    6,256,135      5,382,453
    Accumulated amortization....................................   (4,245,690)    (3,247,270)
                                                                  -----------    -----------
      Net tooling and capitalizable software....................    2,010,445      2,135,183
                                                                  -----------    -----------
      Net property..............................................  $13,668,701    $12,603,939
                                                                  ===========    ===========
</Table>

    Depreciation and amortization expenses were as follows:

<Table>
<Caption>
                                                                     2000          1999          1998
                                                                  ----------    ----------    ----------
    <S>                                                           <C>           <C>           <C>
    Depreciation................................................  $  821,342    $  191,472    $  127,468
    Amortization................................................     998,420     1,141,290     1,058,280
                                                                  ----------    ----------    ----------
      Total.....................................................  $1,819,762    $1,332,762    $1,185,748
                                                                  ==========    ==========    ==========
</Table>

    Property and equipment are recorded at cost and depreciated over their
    estimated useful lives using the straight-line method. On average, leasehold
    improvements and certain machinery and equipment costs are depreciated based
    on a 14.5 year life; computers are depreciated based on a 6 year life;
    assembly robotics are depreciated based on a 25 year life; capitalizable
    software costs developed or obtained for internal use are amortized based on
    a 3 year life; and system implementation costs are amortized over a 7 year
    life. Production tools are amortized using an accelerated method over
    periods of time representing the estimated life of those tools. Upon
    retirement or sale, the cost of assets disposed of and the related
    accumulated depreciation or amortization are eliminated from the respective
    accounts and any resulting gain or loss is credited or charged to income.
    Maintenance and repair costs are expensed as incurred.

4.  RELATED PARTY TRANSACTIONS

    The Company recorded revenue from members totaling $3,700,000, $3,877,595
    and $5,403,090 for the periods ended December 31, 2000, 1999 and 1998,
    respectively. Accounts receivable, affiliates include amounts owed by
    members totaling $1,021,388 and $1,028,837 at December 31, 2000 and 1999,
    respectively. The amounts owed consist of trade receivables of $338,912 and
    $613,936 as well as reimbursable costs of $682,476 and $414,901 at December
    31, 2000 and 1999, respectively. The reimbursable costs are a result of a
    contractual agreement between Ecostar and Ford Motor Company, whereby Ford
    Motor Company has committed to reimburse Ecostar for costs incurred in
    designing  prototypes, developing the tools necessary to produce the
    prototypes and for the actual prototypes produced.

    The Company expensed  $668,000 of expected  reimbursable costs  from
    DaimlerChrysler at December 31, 2000. The Company expects to be able to
    negotiate reimbursement for these costs in the future.

    The Company expensed $10,800 in the periods ended December 31, 2000 and 1999
    and $57,740 for the period ended December 31, 1998, for accounting services
    provided by a member.

    Included in accounts payable are amounts due to a member totaling $2,010,614
    and $2,256,340 at December 31, 2000 and 1999, respectively.

    As further described in Note 2, amounts totaling $19,924,725 and $20,312,551
    were held by a related party at December 31, 2000 and 1999, respectively.

5.  NOTE RECEIVABLE FROM BALLARD AUTOMOTIVE

    As part of the initial marketing agreement between the Company, Ballard
    Power Systems, Inc., and DBB Fuel Cell Engines GmbH, the Company provided an
    interest free loan to Ballard Automotive Inc. to provide working capital for
    future Ballard Automotive expenses and disbursements. This note is payable
    upon joint demand of the companies listed.

6.  SIGNIFICANT CONCENTRATION OF CREDIT RISK

    Substantially all of the Company's business activity has been with two
    automobile manufacturers who are members.

                                       I-8
<PAGE>
                     ECOSTAR ELECTRIC DRIVE SYSTEMS, L.L.C.

                  NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)

7.  LEASE COMMITMENT

    During 1999, the Company entered into a non-cancelable five-year operating
    lease of its office and laboratory facilities. The Company has two options
    to renew the lease of five years each. Rental expense amounted to $448,294
    and $389,821 for the periods ended December 31, 2000 and 1999, respectively.
    At December 31, 2000, the remaining future minimum rental payments are
    $562,633 in 2001, $599,300 in 2002 and $594,967 in 2003.

8.  DIFFERENCES BETWEEN CANADIAN AND UNITED STATES ACCOUNTING PRINCIPLES AND
    PRACTICES

    These financial statements have been prepared in accordance with accounting
    principles and practices generally accepted in both the United States of
    America and Canada; no reconciliation is necessary.

                                       I-9<PAGE>
                                                                     Exhibit 4.7

                                  FORM 53-901F

                   MATERIAL CHANGE REPORT UNDER SECTION 85(1)
        OF THE SECURITIES ACT (BRITISH COLUMBIA) AND SECTION 151 OF THE
                      SECURITIES RULES (BRITISH COLUMBIA)

ITEM 1    REPORTING ISSUER

Ballard Power Systems Inc.
9000 Glenlyon Parkway
Burnaby, B.C.
V5J 5J9

("Ballard")

Telephone: (604) 454-0900

ITEM 2.   DATE OF MATERIAL CHANGE

July 22, 2002

ITEM 3.   PRESS RELEASES

July 16, 2002, at Vancouver, Canada

ITEM 4.   SUMMARY OF MATERIAL CHANGE

Ballard announced the appointment of Dennis Campbell as President and Chief
Operating Officer of the Company effective July 22, 2002.

ITEM 5.   FULL DESCRIPTION OF MATERIAL CHANGE

Please see attached News Release dated July 16, 2002.

ITEM 6.   RELIANCE ON SECTION 85(2) OF THE ACT

Not applicable.

ITEM 7.   OMITTED INFORMATION

Not applicable.

<PAGE>
                                     - 2 -

ITEM 8.   SENIOR OFFICERS

The following senior officer of the Issuer is knowledgeable about the material
change and may be contacted by the Commission at the following address and
telephone number:

Noordin S.K. Nanji
Vice-President, Strategic Development and Corporate Secretary
9000 Glenlyon Parkway
Burnaby, B.C.
V5J 5J9

Telephone: (604) 412-454-0900

ITEM 9.   STATEMENT OF SENIOR OFFICER

The foregoing accurately discloses the material change referred to herein.

July 18, 2002                              "Noordin S. K. Nanji"
------------------------                   -------------------------------------
Date                                       Signature

                                           Noordin S. K. Nanji
                                           -------------------------------------
                                           Name

                                           Vice-President, Strategic Development
                                           and Corporate Secretary
                                           -------------------------------------
                                           Position

                                           Burnaby, B.C.
                                           -------------------------------------
                                           Place of Declaration

IT IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT IN A DOCUMENT REQUIRED TO BE
FILED OR FURNISHED UNDER THE APPLICABLE SECURITIES LEGISLATION THAT, AT THE TIME
AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH IT IS MADE, IS A
MISREPRESENTATION.

<PAGE>
                                 [BALLARD LOGO]

NEWS RELEASE

BALLARD POWER SYSTEMS APPOINTS PRESIDENT

FOR IMMEDIATE RELEASE - JULY 16, 2002

Vancouver, Canada - Ballard Power Systems Inc. announced today the appointment
of Dennis Campbell as President and Chief Operating Officer effective July 22,
2002.

Mr. Campbell comes to Ballard after a 30-year career encompassing all aspects of
manufacturing in businesses as diverse as automotive, plastics, power
generation, helicopters, specialty compressors, and filter systems. He is
joining Ballard from Home Care Industries, a leading filter system manufacturer
where he was President and Chief Executive Officer. Before that he held
positions with Nash Engineering (President and Chief Executive Officer), United
Technologies (Executive Vice President, Sikorsky Aircraft), Cummins Engine
Company (Vice President, Power Generation Group, Onan Corporation), and Plastech
Corporation (President and Chief Operating Officer). Mr. Campbell began his
career in 1970 with the Ford Motor Company, starting in product development,
progressing through a series of operating assignments in the Engine, Tractor,
Climate Control and Plastics businesses.

As part of Ballard's management succession plan, Mr. Campbell will take on the
position of Chief Executive Officer on March 31, 2003, when Firoz Rasul will
become Executive Chairman of the Board of Directors.

Mr. Campbell brings to Ballard a vast amount of commercial experience that
directly applies to Ballard's fuel cell and related businesses in the portable,
stationary and transportation power markets. He is 54 years of age and has a
Bachelor of Science in Aerospace Engineering from the University of Oklahoma and
a Master of Business Administration from Wayne State University.

"We are pleased to welcome Dennis Campbell to the Ballard team as President and
Chief Operating Officer," said Firoz Rasul, Ballard's Chairman and Chief
Executive Officer. "As Ballard is evolving to become a commercial manufacturer
of fuel cell products it is undergoing dramatic change. In the past 12 months,
Ballard has made three major acquisitions, is completing a major reorganization,
and is now focused on commercial product introduction. Dennis' experience and
capabilities in product development, manufacturing, business processes and
building lasting customer relationships, match the requirements to lead Ballard
into its next stage - mass commercialization. As a result, Dennis will succeed
me as Chief Executive Officer next year to drive this change and lead Ballard
going forward."

Mr. Rasul continued, "As future Executive Chairman of the Board I will continue
to lead the Board of Directors to provide the resources and mandate to the Chief
Executive Officer to carry out Ballard's strategic plan and vision. As Executive
Chairman, I will ensure our continued high standards of corporate governance and
will work, together with Dennis, to enhance key external relationships with
customers, partners, shareholders and governments to meet the needs of our
growing business. I remain deeply committed to the mass commercialization of
Ballard(R) fuel cells and helping to shape the fuel cell industry."

                                                                     Page 1 of 2

<PAGE>
                                 [BALLARD LOGO]

NEWS RELEASE

BALLARD POWER SYSTEMS APPOINTS PRESIDENT (CONTINUED)

Dennis Campbell commented, "The opportunity to join Ballard is exciting - not
only because fuel cells can solve many of the world's pressing environmental
issues - but because of Ballard's ability to become a highly successful
business. Ballard has assembled a strong management team, dedicated and talented
employees, committed strategic partners, formidable technology position and
financial strength, all of which we can use to convert Ballard's leadership
position into great commercial success."

Mr. Campbell added, "Over the past 14 years, under Firoz's leadership, Ballard
has progressed enormously from a small research and development company to a
global leader in fuel cell technology. I am committed to working with Firoz and
the Ballard team to build upon Ballard's strengths and deliver even greater
success in the coming years."

A 30-minute conference call will be held today at 7:00 a.m. PDT (10:00 a.m. EDT)
to introduce Mr. Campbell to Ballard's stakeholders. Access to the call may be
obtained by calling the operator at (303) 262-2190 before the scheduled start
time. A playback version of the call will be available for 24 hours after the
call at (416) 640-1917. The confirmation number to access the playback version
is 199398#. The live webcast can be accessed on Ballard's web site at
www.ballard.com and will be archived for replay for a two-week period.

Ballard Power Systems is recognized as the world leader in developing,
manufacturing and marketing zero-emission proton exchange membrane fuel cells.
Ballard is commercializing fuel cell engines for transportation applications and
fuel cell systems for portable and stationary products ranging from 1 kilowatt
to 250 kilowatts. Ballard is also commercializing electric drives for fuel cell
and battery-powered electric vehicles, power conversion products for fuel cells
and other distributed generation products, and is a Tier 1 automotive supplier
of friction materials for power train components. Ballard's proprietary
technology is enabling automobile, bus, electrical equipment, portable power and
stationary generator manufacturers to develop environmentally clean products for
sale. Ballard is partnering with strong, worldleading companies, including
DaimlerChrysler, Ford, EBARA, ALSTOM and FirstEnergy, to commercialize
Ballard(R) fuel cells. Ballard supplies fuel cells and related products to the
automotive, electrical, and other energy industries.

For investor information,               For media information,
please contact:                         please contact:

Michael Rosenberg                       Gitta Oldendorff
BALLARD POWER SYSTEMS INC.              BALLARD POWER SYSTEMS INC.
9000 Glenlyon Parkway                   9000 Glenlyon Parkway
Burnaby, BC, Canada V5J 5J9             Burnaby, BC, Canada V5J 5J9
Tel: 604.412.3195 Fax: 604.412.3100     Tel: 604.412.8612 Fax: 604.412.3100
Investors@ballard.com

BALLARD'S COMMON SHARES ARE LISTED ON THE TORONTO STOCK EXCHANGE UNDER THE
TRADING SYMBOL "BLD" AND ON THE NASDAQ NATIONAL MARKET SYSTEM UNDER THE SYMBOL
"BLDP". BALLARD, THE BALLARD LOGO AND POWER TO CHANGE THE WORLD ARE REGISTERED
TRADEMARKS OF BALLARD POWER SYSTEMS INC.

                                                                     Page 2 of 2

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