Document:

Master Services Agreement

 Exhibit 4.2 
 EXECUTION VERSION 
 BROOKFIELD ASSET MANAGEMENT INC. 

- and - 

BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. 
 - and - 
 BROOKFIELD RENEWABLE ENERGY L.P. 

- and - 

BROOKFIELD BRP HOLDINGS (CANADA) INC. 
 - and - 
 BRP BERMUDA HOLDINGS I LIMITED 

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BROOKFIELD BRP CANADA CORP. 
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 BROOKFIELD BRP HOLDINGS (US) INC. 

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BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC. 
 - and - 
 BRP FINANCE ULC 

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BRP ENERGY GROUP L.P. 
 - and - 
 BROOKFIELD RENEWABLE ENERGY GROUP LLC 

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BROOKFIELD RENEWABLE ENERGY GROUP (BERMUDA) LIMITED 

 
  
 MASTER SERVICES AGREEMENT 
  

 
 November 28, 2011

  
 

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1
INTERPRETATION
	  	 	2	  
	 1.1
	  	Definitions	  	 	2	  
	 1.2
	  	Headings and Table of Contents	  	 	9	  
	 1.3
	  	Interpretation	  	 	9	  
	 1.4
	  	Actions by the Manager or the Service Recipients	  	 	10	  
	 1.5
	  	Generally Accepted Accounting Principles	  	 	10	  
	 1.6
	  	Invalidity of Provisions	  	 	10	  
	 1.7
	  	Entire Agreement	  	 	11	  
	 1.8
	  	Waiver, Amendment	  	 	11	  
	 1.9
	  	Governing Law	  	 	11	  
		
	 ARTICLE 2
APPOINTMENT OF THE MANAGERS
	  	 	11	  
	 2.1
	  	Appointment and Acceptance	  	 	11	  
	 2.2
	  	Other Holding Entities	  	 	12	  
	 2.3
	  	Subcontracting and Other Arrangements	  	 	12	  
		
	 ARTICLE 3
SERVICES AND POWERS OF THE MANAGERS
	  	 	12	  
	 3.1
	  	Services	  	 	12	  
	 3.2
	  	Services Provided to BREP and BRELP	  	 	13	  
	 3.3
	  	Supervision of Managers’ Activities	  	 	14	  
	 3.4
	  	Restrictions on the Managers	  	 	14	  
	 3.5
	  	Errors and Omissions Insurance	  	 	14	  
		
	 ARTICLE 4
RELATIONSHIP BETWEEN THE MANAGERS AND THE SERVICE RECIPIENTS
	  	 	15	  
	 4.1
	  	Other Activities	  	 	15	  
	 4.2
	  	Exclusivity	  	 	15	  
	 4.3
	  	Independent Contractor, No Partnership or Joint Venture	  	 	15	  
		
	 ARTICLE 5
MANAGEMENT AND EMPLOYEES
	  	 	15	  
	 5.1
	  	Management and Employees	  	 	15	  
		
	 ARTICLE 6
INFORMATION AND RECORDS
	  	 	16	  
	 6.1
	  	Books and Records	  	 	16	  
	 6.2
	  	Examination of Records by the Service Recipients	  	 	16	  
	 6.3
	  	Access to Information by Manager Group	  	 	16	  
	 6.4
	  	Additional Information	  	 	17	  

							
		
	 ARTICLE 7
FEES AND EXPENSES
	  	 	17	  
	 7.1
	  	Net Base Management Fee and Base Management Fee Adjustment	  	 	17	  
	 7.2
	  	Maximum Fees Payable by Service Recipients	  	 	18	  
	 7.3
	  	Currency	  	 	18	  
	 7.4
	  	Computation and Payment of Net Base Management Fee	  	 	18	  
	 7.5
	  	Expenses	  	 	19	  
	 7.6
	  	Governmental Charges	  	 	20	  
	 7.7
	  	Computation and Payment of Expenses and Governmental Charges	  	 	20	  
		
	 ARTICLE 8
BROOKFIELD’S OBLIGATION
	  	 	20	  
		
	 ARTICLE 9
REPRESENTATIONS AND WARRANTIES
OF THE MANAGERS AND THE SERVICE RECIPIENTS
	  	 	20	  
	 9.1
	  	Representations and Warranties of the Managers	  	 	20	  
	 9.2
	  	Representations and Warranties of the Service Recipients	  	 	21	  
		
	 ARTICLE 10
LIABILITY AND INDEMNIFICATION
	  	 	22	  
	 10.1
	  	Indemnity	  	 	22	  
	 10.2
	  	Limitation of Liability	  	 	23	  
	 10.3
	  	Benefit to all Indemnified Parties	  	 	24	  
		
	 ARTICLE 11
TERM AND TERMINATION
	  	 	24	  
	 11.1
	  	Term	  	 	24	  
	 11.2
	  	Termination by the Service Recipients	  	 	24	  
	 11.3
	  	Termination by the Managers	  	 	25	  
	 11.4
	  	Survival Upon Termination	  	 	26	  
	 11.5
	  	Action Upon Termination	  	 	26	  
	 11.6
	  	Release of Money or other Property Upon Written Request	  	 	26	  
		
	 ARTICLE 12
ARBITRATION
	  	 	27	  
	 12.1
	  	Dispute	  	 	27	  
	 12.2
	  	Arbitration	  	 	27	  
	 12.3
	  	Continued Performance	  	 	28	  
		
	 ARTICLE 13
GENERAL PROVISIONS
	  	 	28	  
	 13.1
	  	Limited Liability of Limited Partners of BREP and BRELP	  	 	28	  
	 13.2
	  	Assignment	  	 	28	  
	 13.3
	  	Failure to Pay When Due	  	 	29	  

  
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	 13.4
	  	Enurement	  	 	29	  
	 13.5
	  	Notices	  	 	29	  
	 13.6
	  	Further Assurances	  	 	32	  
	 13.7
	  	Counterparts	  	 	32	  

  
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 MASTER SERVICES AGREEMENT 

THIS AGREEMENT made as of the 28th day of November, 2011. 
 A M O N G: 
 BROOKFIELD ASSET MANAGEMENT INC.
(“Brookfield”), a corporation existing under the laws of the Province of Ontario 
 - and - 

BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. (“BREP”), an exempted partnership existing under the laws of Bermuda

 - and - 
 BROOKFIELD RENEWABLE ENERGY L.P. (“BRELP”), an exempted partnership existing under the laws of Bermuda 
 - and - 
 BROOKFIELD BRP HOLDINGS (CANADA) INC.
(“CanHoldco”), a corporation existing under the laws of the Province of Ontario 
 - and - 

BRP BERMUDA HOLDINGS I LIMITED (“Bermuda Holdco”), a corporation existing under the laws of Bermuda 

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BROOKFIELD BRP CANADA CORP. (“BBCC”), a corporation existing under the laws of the Province of Alberta

 - and - 
 BROOKFIELD BRP HOLDINGS (US) INC. (“CanUSHoldco”), a corporation existing under the laws of Province of Ontario 

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BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC. (“BRPPE”), a corporation existing under the laws of Canada

 - and - 
 BRP FINANCE ULC (“FinanceCo”), an unlimited liability company existing under the laws of the Province of Alberta 

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BRP ENERGY GROUP L.P. (the “Canadian Manager”), a limited partnership existing under the laws of the Province of
Manitoba 
 - and - 
 BROOKFIELD RENEWABLE ENERGY GROUP LLC (the “US Manager”), a limited liability company existing under the laws of the State of Delaware 

 - and - 
 BROOKFIELD RENEWABLE ENERGY GROUP (BERMUDA) LIMITED (the “International Manager”), a corporation existing under the laws of Bermuda 

RECITALS: 
 A. The
Service Recipients (as defined below) indirectly hold interests in the Power Operations. 
 B. BREP, BRELP and the Holding
Entities (as defined below) wish to engage the Managers to provide or arrange for other Service Providers (as defined below) to provide to the Service Recipients certain services, subject to the terms and conditions of this Agreement, and the
Managers wish to accept such engagement. 
 NOW THEREFORE in consideration of the 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 hereto agree as follows: 
 ARTICLE 1 
 INTERPRETATION 

1.1 Definitions 
 In this
Agreement, except where the context otherwise requires, the following terms will have the following meanings: 
 1.1.1
“Act” has the meaning assigned thereto in Section 12.2.1; 
 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 Master Services Agreement, and “herein”, “hereof”, “hereby”,
“hereunder” and similar expressions refer to this Agreement and include every instrument supplemental or ancillary to this Agreement and, except where the context otherwise requires, not to any particular article or section thereof;

 1.1.4 “Arbitration” has the meaning assigned thereto in Section 12.2.1; 

1.1.5 “Arbitrator” has the meaning assigned thereto in Section 12.2.3; 

1.1.6 “Base Management Fee” means the base management fee, calculated quarterly in arrears, in an aggregate amount equal
to the sum of (i) 25% per Quarter of the Fee Amount, plus (ii) 0.3125% of the Total Capitalization Value Increase for the preceding Quarter; 

  
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 1.1.7 “Base Management Fee Adjustment” has the meaning assigned thereto in
Section 7.1.2; 
 1.1.8 “BBCC” has the meaning assigned thereto in the preamble; 

1.1.9 “Bermuda Holdco” has the meaning assigned thereto in the preamble; 

1.1.10 “BRELP” has the meaning assigned thereto in the preamble; 

1.1.11 “BRELP General Partner” means 2288508 Ontario Inc., which is the general partner of the BRELP GP LP;

 1.1.12 “BRELP GP LP” means BREP Holding L.P., which is the general partner of BRELP; 

1.1.13 “BRELP Units” means the limited partnership units of BRELP; 

1.1.14 “BREP” has the meaning assigned thereto in the preamble; 

1.1.15 “BREP Group” means BREP, BRELP, the Holding Entities, the Operating Entities and any other direct or indirect
Subsidiary of a Holding Entity; 
 1.1.16 “BREP Indemnified Party” has the meaning assigned thereto in
Section 10.1.2; 
 1.1.17 “Brookfield” has the meaning assigned thereto in the preamble; 

1.1.18 “Brookfield Group” means Brookfield and its Affiliates, other than any member of the BREP Group; 

1.1.19 “BRPPE” has the meaning assigned thereto in the preamble; 

1.1.20 “Business” means the business carried on from time to time by the BREP Group; 

1.1.21 “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; 
 1.1.22 “Canadian Manager” has the meaning
assigned thereto in the preamble; 
 1.1.23 “CanHoldco” has the meaning assigned thereto in the preamble;

 1.1.24 “CanHoldco Services” has the meaning assigned thereto in Section 3.2.2; 

1.1.25 “CanUSHoldco” has the meaning assigned thereto in the preamble; 

1.1.26 “Capital Commitment” means, with respect to any Operating Entity, at any time, the amount that a Service Recipient
has committed at such time to contribute (either as debt or equity) to such Operating Entity as set forth in the terms of the subscription agreement or other underlying documentation with respect to such Operating Entity at or prior to such time;

  
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 1.1.27 “Capital Contribution” means, with respect to any Operating Entity,
at any time, the amount of capital that a Service Recipient has contributed (either as debt or equity) to such Operating Entity at or prior to such time; 
 1.1.28 “Capital Expenditure Plan” means a plan setting out the plan, schedule and budget for Capital Maintenance and Improvements for the Power Operations; 

1.1.29 “Capital Maintenance and Improvement” means any material change, enhancement, addition or modification to the
Power Operations, which is intended to maintain or improve the performance of the Power Operations, including to increase the production of energy, capacity or ancillary services from the Power Operations; 

1.1.30 “Claims” has the meaning assigned thereto in Section 10.1.1; 

1.1.31 “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 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 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; 

1.1.32 “Creditable Operating Entity Payment” means the proportion of each cash payment made by an Operating Entity to any
member of the Brookfield Group, including any payment made in the form of a dividend, distribution or other profit entitlement, which the Managers determine to be comparable to the Base Management Fee that is attributable to the Partnership
Capital invested in or committed to that Operating Entity, as applicable; provided that the aggregate amount of any Creditable Operating Entity Payments made by such Operating Entity in any Quarter shall not exceed an amount equal to 0.3125% of the
amount of Partnership Capital invested in such Operating Entity; 
 1.1.33 “delegatee” has the meaning assigned
thereto in Section 2.3; 
 1.1.34 “Dispute” has the meaning assigned thereto in Section 12.1;

 1.1.35 “Expenses” has the meaning assigned thereto in Section 7.5.2; 

1.1.36 “Fair Market Value” means, with respect to any Unit or Security, (i) if such Unit or Security is listed on a
stock exchange or public quotation system, the Trading Price of such Unit or Security, as applicable, or (ii) if such Unit or Security is not listed on a stock exchange or public quotation system, the fair market value of such Unit or Security,
as applicable, determined by the Governing Body of the Managing General Partner; provided that if the Units are listed on a stock exchange or public quotation system, the Fair Market Value of any BRELP Unit shall be deemed to be the Trading Price of
a Unit; 
 1.1.37 “Fee Amount” means an amount equal to $20 million, which amount shall be adjusted for
inflation annually beginning on January 1, 2013 at the Inflation Factor; 

  
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 1.1.38 “FinanceCo” has the meaning assigned thereto in the preamble;

 1.1.39 “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 limited partnership, the board, committee
or other body of the general partner of such partnership that serves a similar function (or if any such general partner is itself a limited partnership, the board, committee or other body of such general partner’s general 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; 
 1.1.40 “Governing
Instruments” means (i) the Memorandum of Association and Bye-laws in the case of the Managing General Partner and BRELP General Partner; (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 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/or operates, including any conflict guidelines
or protocols in place from time to time; 
 1.1.41 “Governmental Authority” means any (i) international,
national, multinational, 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; 
 1.1.42 “Governmental
Charges” has the meaning assigned thereto in Section 7.6; 
 1.1.43 “Holding Entities” means
CanHoldco, Bermuda Holdco, BBCC, CanUSHoldco, BRPPE and FinanceCo and any direct wholly-owned Subsidiary of BRELP created or acquired on or after the date of this Agreement, excluding, for greater certainty, any Operating Entities; 

1.1.44 “Incentive Distribution” means any performance-based dividend, distribution or other profit entitlement but, for
greater certainty, does not include Service Agreement Fees or Creditable Operating Entity Payments; 
 1.1.45
“Indemnified Party” means a Person making a claim for indemnification pursuant to Article 10; 

  
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 1.1.46 “Indemnifying Party” means a Person against whom a claim for
indemnification is asserted pursuant to Article 10; 
 1.1.47 “Independent Committee” means a committee of
the Governing Body of the Managing General Partner made up of directors that are “independent” of Brookfield and its Affiliates, in accordance with the Managing General Partner’s Governing Instruments; 

1.1.48 “Inflation Factor” means, at any time, the fraction obtained where the numerator is the Consumer Price Index for
the United States of America (all items) for the then current year and the denominator is the Consumer Price Index for the United States of America (all items) for the year immediately preceding the then current year, with appropriate mathematical
adjustment made to ensure that both the numerator and the denominator have been prepared on the same basis; 
 1.1.49
“Interest Rate” means, for any day, the rate of interest equal to the overnight U.S. dollar London interbank offered rate on such day; 
 1.1.50 “International Manager” has the meaning assigned thereto in the preamble; 
 1.1.51 “ISO/RTO” means an independent electricity system operator, a regional transmission organization, national system operator or any other similar organization overseeing the
transmission of electricity in any jurisdiction in which the BREP Group owns assets or operates; 
 1.1.52
“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 or 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; 
 1.1.53
“Liabilities” has the meaning assigned thereto in Section 10.1.1; 
 1.1.54 “Licensing
Agreement” means the licensing agreement between Brookfield Global Asset Management Inc., BREP and BRELP dated as of the date hereof pursuant to which BREP and BRELP have been granted a non-exclusive, royalty-free license to use the
“Brookfield” name and the Brookfield logo; 
 1.1.55 “Manager Group” means the Managers and any other
Service Providers; 
 1.1.56 “Manager Indemnified Parties” has the meaning assigned thereto in
Section 10.1.1; 

  
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 1.1.57 “Managers” means the Canadian Manager, the US Manager and the
International Manager; 
 1.1.58 “Managing General Partner” means 2288509 Ontario Inc., which is BREP’s
general partner; 
 1.1.59 “Marketing Plan” means a generation and marketing plan and related budget for the
Power Operations; 
 1.1.60 “Net Base Management Fee” means the Base Management Fee, as adjusted pursuant to
Section 7.1.2; 
 1.1.61 “Opening Total Capitalization Value” means the sum of (i) the volume-weighted
average trading price of a Unit on the Toronto Stock Exchange for the twenty trading days following the date hereof (converted to U.S. dollars in accordance with the applicable exchange rate, as determined by the Managers acting reasonably)
multiplied by the number of Units issued and outstanding on the last of those trading days (assuming full conversion of any limited partnership interests held by any member of the Brookfield Group in BRELP into Units), plus (ii) $1,460,763,250;

 1.1.62 “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; 
 1.1.63 “Operational and Other Services” means any services provided by any member of the
Brookfield Group to the Operating Entities, including financial advisory, operations and maintenance, energy marketing, agency, development, operating management and other services; 

1.1.64 “Operating Plan” means a plan setting out the operating costs and budget for the Power Operations and shall
include incorporation of the Marketing Plan and scheduled maintenance outages; 
 1.1.65 “Partnership Capital”
means any Capital Commitment and/or (as the context requires) any Capital Contribution; 
 1.1.66 “Permit” means
any consent, license, approval, registration, permit or other authorization granted by any Governmental Authority; 
 1.1.67
“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, regulatory body or agency, government or Governmental Agency, authority or
entity however designated or constituted and pronouns have a similarly extended meaning; 

  
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 1.1.68 “Power Operations” means the operations or developments directly or
indirectly held or acquired by members of the BREP Group from time to time; 
 1.1.69 “Principal Exchange” means
the principal stock exchange or public quotation system (determined on the basis of aggregate trading volume for the prior four months) on which the Units or such Security, as applicable, are listed; 

1.1.70 “Quarter” means a calendar quarter ending on the last day of March, June, September or December; 

1.1.71 “Relationship Agreement” means the agreement dated as of the date hereof entered into among BREP, BRELP, the
Holding Entities, Brookfield and the Managers that governs aspects of the relationship among them; 
 1.1.72
“Security” means, with respect to each Service Recipient, any issued and outstanding security of such Service Recipient (other than, in the case of BREP, the Units) that is not held by any member of the BREP Group; 

1.1.73 “Service Agreement” means any agreement or arrangement entered into pursuant to Section 2.3 between any
Service Recipient and any Service Provider pursuant to which Services are provided; 
 1.1.74 “Service Agreement
Fee” means any cash payment, including any such payment made in the form of a dividend, distribution or other profit entitlement, which the Managers determine to be comparable to the Base Management Fee, and which is payable by a Service
Recipient to a member of the Brookfield Group; 
 1.1.75 “Service Providers” means the Managers and any member
of the Brookfield Group that any Manager has arranged to provide the Services to any Service Recipient; 
 1.1.76
“Service Recipient” means BREP, BRELP, the Holding Entities and, at the option of the Holding Entities, the Operating Entities; 
 1.1.77 “Services” has the meaning assigned thereto in Section 3.1; 
 1.1.78 “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;

 1.1.79 “Third Party Claim” has the meaning assigned thereto in Section 10.1.3; 

1.1.80 “Total Capitalization Value” means, in any Quarter, the sum of (i) the Fair Market Value of a Unit multiplied
by the number of Units issued and outstanding on the last trading day of the Quarter (assuming full conversion of any limited partnership interests held by any member of the Brookfield Group in BRELP into Units), plus (ii) for

  
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each class or series of Security, the Fair Market Value of a Security of such class or series multiplied by the number of Securities of such class or series issued and outstanding on the last
trading day of the Quarter (calculated on a fully-diluted basis), plus (iii) the principal amount of all debt not captured by paragraph (ii) of this Section 1.1.80 owed by each Service Recipient (excluding for this purpose any
Operating Entity) on the last trading day of the Quarter to any Person that is not a member of the BREP Group, which debt has recourse to any Service Recipient, less any amount of cash held by all Service Recipients (excluding for this purpose any
Operating Entity) on such day; 
 1.1.81 “Total Capitalization Value Increase” means, in any Quarter, an amount
equal to the difference between (i) the Total Capitalization Value for such Quarter, and (ii) the Opening Total Capitalization Value; provided, however, that if the difference between (i) and (ii) in any Quarter is a negative
number, the Total Capitalization Value Increase in such Quarter shall be deemed to be nil; 
 1.1.82 “Trading
Price” means, in any Quarter, with respect to any Unit or Security (other than a BRELP Unit) that is listed on a stock exchange or public quotation system, the volume-weighted average trading price of such Unit or Security on the Principal
Exchange for the five trading days ending on the last trading day of such Quarter; provided that where the Trading Price of any Unit or Security is calculated in any currency other than U.S. dollars, such amount shall be converted to U.S. dollars
for purposes of this Agreement in accordance with the applicable exchange rate, as determined by the Managers acting reasonably; 

1.1.83 “Transaction Fees” means fees paid or payable by the Service Recipients, which are on market terms, with respect
to financial advisory services ordinarily carried out by investment banks in the context of mergers and acquisitions transactions; 
 1.1.84 “Units” means the limited partnership units of BREP; and 

1.1.85 “US Manager” has the meaning assigned thereto in the preamble. 

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. 

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; 

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

 1.3.4 any reference to a statute, regulation, policy, rule or instrument shall include, and shall be deemed to be a reference
also to, 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 Actions by the Manager or the Service Recipients 
 Unless the context requires otherwise, where the consent of or a determination is required by any Manager or Service Recipient hereunder, the parties shall be entitled to conclusively rely upon it having
been given or taken, as applicable, if, such Manager or Service Recipient, as applicable, has communicated the same in writing. 
 1.5
Generally Accepted Accounting Principles 
 In this Agreement, references to “generally accepted accounting
principles” mean the generally accepted accounting principles used by BREP in preparing its financial statements from time to time. 

1.6 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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 1.7 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, 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 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.

 1.8 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. 

1.9 Governing Law 
 This
Agreement will be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
 ARTICLE 2 
 APPOINTMENT OF THE MANAGERS 

2.1 Appointment and Acceptance 
 2.1.1 Subject to and in accordance with the terms, conditions and limitations in this Agreement, the Service Recipients hereby appoint the Managers to provide or arrange for other Service Providers to
provide the Services to the Service Recipients. This appointment will be subject to each Service Recipient’s Governing Body’s supervision of the Managers and obligation to manage and control the affairs of such Service Recipient.

 2.1.2 The Managers hereby accept the appointment provided for in Section 2.1.1 and agree to act in such capacity and to
provide or arrange for other Service Providers to provide the Services to the Service Recipients upon the terms, conditions and limitations in this Agreement. 

  
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 2.2 Other Holding Entities 
 The parties acknowledge that any Holding Entity that is not a party to this Agreement will execute a counterpart of this Agreement agreeing to be bound by the terms of this Agreement. 

2.3 Subcontracting and Other Arrangements 
 The Managers may subcontract to any other Service Provider or any of its other Affiliates, or arrange for the provision of any or all of the Services to be provided by it under this Agreement by any other
Service Provider or any other of its Affiliates, and the Service Recipients hereby consent to any such subcontracting or arrangement; provided that the Managers shall remain responsible to the Service Recipients for any Services provided by such
other Service Provider or Affiliate. 
 ARTICLE 3 

SERVICES AND POWERS OF THE MANAGERS 
 3.1 Services 
 The Managers will provide or arrange for the provision by
other Service Providers of, and will have the exclusive power and authority to provide or arrange for the provision by other Service Providers of, the following services (the “Services”) to the Service Recipients:

 3.1.1 causing or supervising the carrying out of all day to day management, secretarial, accounting, banking, treasury,
administrative, liaison, representative, regulatory and reporting functions and obligations; 
 3.1.2 providing overall strategic
advice to the Holding Entities in relation to the Business, including advising with respect to the expansion of the Business into new markets; 
 3.1.3 establishing and maintaining or supervising the establishment and maintenance of books and records; 
 3.1.4 identifying, evaluating and recommending to the Holding Entities acquisitions or dispositions from time to time and, where requested to do so, assisting in negotiating the terms of such acquisitions
or dispositions; 
 3.1.5 recommending and, where requested to do so, assisting in the raising of funds whether by way of debt,
equity or otherwise, including the preparation, review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications support in connection therewith; 

3.1.6 causing or supervising the preparation and implementation of any Operating Plan, Capital Expenditure Plan or Marketing Plan;

 3.1.7 recommending to the Holding Entities suitable candidates to serve on the Governing Bodies of the Operating Entities;

  
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 3.1.8 making recommendations with respect to the exercise of any voting rights to which the
Holding Entities are entitled in respect of the Operating Entities; 
 3.1.9 making recommendations with respect to the payment
of dividends by the Holding Entities or any other distributions by the Service Recipients, including distributions by BREP to its unitholders; 
 3.1.10 monitoring and/or oversight of the applicable Service Recipient’s accountants, legal counsel and other accounting, financial or legal advisors and technical, commercial, marketing and other
independent experts and managing litigation in which a Service Recipient is sued or commencing litigation after consulting with, and subject to the approval of, the relevant Governing Body; 

3.1.11 attending to all matters necessary for any reorganization, bankruptcy proceedings, dissolution or winding up of a Service
Recipient, subject to approval by the relevant Governing Body; 
 3.1.12 supervising the timely calculation and payment of taxes
payable, and the filing of all tax returns due, by each Service Recipient; 
 3.1.13 causing or supervising the preparation of
the Service Recipients’ annual consolidated financial statements, quarterly interim financial statements and other public disclosure; 
 3.1.14 making recommendations in relation to and effecting the entry into insurance of each Service Recipient’s assets, together with other insurances against other risks, including directors and
officers insurance, as the relevant Service Provider and the relevant Governing Body may from time to time agree; 
 3.1.15
arranging for individuals to carry out the functions of the principal executive, accounting and financial officers for BREP only for purposes of applicable securities laws; 
 3.1.16 providing individuals to act as senior officers of Holding Entities as agreed from time to time, subject to the approval of the relevant Governing Body; 

3.1.17 advising the Service Recipients regarding the maintenance of compliance with applicable Laws and other obligations; and 

3.1.18 providing all such other services as may from time to time be agreed with the Service Recipients that are reasonably related to the
Service Recipient’s day to day operations. 
 3.2 Services Provided to BREP and BRELP 

3.2.1 Notwithstanding any provision herein to the contrary, the US Manager and the International Manager shall solely be responsible
for the provision of Services to BREP and BRELP. The Canadian Manager shall not be responsible for, nor shall it provide, the provision of any Services to BREP and BRELP. 

  
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 3.2.2 For greater certainty and notwithstanding any other provision herein in the contrary,
any Services provided to BRELP in connection with any securities, whether equity or debt, of CanHoldco that are held by BRELP (“CanHoldco Services”) shall be provided by the US Manager, the International Manager or an Affiliate
of either the US Manager or the International Manager that is not resident in Canada with whom the US Manager or the International Manager, as the case may be, has made arrangements for the provision of the CanHoldco Services or to whom
the US Manager or the International Manager, as the case may be, has subcontracted the provision of CanHoldco Services. 
 3.3
Supervision of Managers’ Activities 
 The Managers shall, at all times, be subject to the supervision of the relevant
Service Recipient’s Governing Body and shall only provide or arrange for the provision of such Services as such Governing Body may request from time to time. 
 3.4 Restrictions on the Managers 
 3.4.1 The Managers shall, and shall cause
any other Service Provider to, refrain from taking any action that is not in compliance with or would violate any Laws or that otherwise would not be permitted by the Governing Instruments of the Service Recipients. If any of the Managers or any
Service Provider is instructed to take any action that is not in such compliance by a Service Recipient’s Governing Body, such person will promptly notify such Governing Body of its judgment that such action would not comply with or violate any
such Laws or otherwise would not be permitted by such Governing Instrument. 
 3.4.2 In performing its duties under this
Agreement, each member of the Manager Group shall be entitled to rely in good faith on qualified experts, professionals and other agents (including on accountants, appraisers, consultants, legal counsel and other, professional advisors) and shall be
permitted to rely in good faith upon the direction of a Service Recipient’s Governing Body to evidence any approvals or authorizations that are required under this Agreement. All references in this Agreement to the Service Recipients or
Governing Body for the purposes of instructions, approvals and requests to the Managers will refer to the Governing Body. 
 3.5 Errors and
Omissions Insurance 
 Each of the Managers shall, and shall cause any other Service Provider to, at all times during the
term of this Agreement maintain “errors and omissions” insurance coverage and other insurance coverage which is customarily carried by Persons performing functions that are similar to those performed by the Service Providers under this
Agreement and in an amount which is comparable to that which is customarily maintained by such other Persons. 

  
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 ARTICLE 4 
 RELATIONSHIP BETWEEN THE MANAGERS AND THE SERVICE RECIPIENTS 
 4.1 Other Activities

 Subject to the terms of the Relationship Agreement, no member of the Manager Group (and no Affiliate, director, officer,
member, partner, shareholder or employee of any member of the Manager Group) shall be prohibited from engaging in other business activities or sponsoring, or providing services to, third parties that compete directly or indirectly with the Service
Recipients. 
 4.2 Exclusivity 
 Except as expressly provided for herein, the Service Recipients shall not, during the term of this Agreement, engage any other Person to provide any services comparable to the Services without the prior
written consent of the Managers, which may be withheld in the absolute discretion of the Managers. 
 4.3 Independent Contractor, No
Partnership or Joint Venture 
 The parties acknowledge that the Managers are providing or arranging for the provision of the
Services hereunder as independent contractors and that the Service Recipients and the Managers are not partners or joint venturers with or agents of each other, and nothing herein will be construed so as to make them partners, joint venturers or
agents or impose any liability as such on any of them as a result of this Agreement; provided however that nothing herein will be construed so as to prohibit the Service Recipients and the Managers from embarking upon an investment together as
partners, joint venturers or in any other manner whatsoever. 
 ARTICLE 5 

MANAGEMENT AND EMPLOYEES 

5.1 Management and Employees 
 5.1.1 The Managers shall arrange, or shall arrange for another member of the Manager Group to arrange, for such qualified personnel and support staff to be available to carry out the Services. Such
personnel and support staff shall devote such of their time to the provision of the Services to the Service Recipients as the relevant member of the Manager Group reasonably deems necessary and appropriate in order to fulfill its obligations
hereunder. Such personnel and support staff need not have as their primary responsibility the provision of the Services to the Service Recipients or be dedicated exclusively to the provision of the Services to the Service Recipients. 

5.1.2 Each of the Service Recipients shall do all things reasonably necessary on its part as requested by any member of the Manager Group
consistent with the terms of this Agreement to enable the members of the Manager Group to fulfill their obligations, covenants and responsibilities and to exercise their rights pursuant to this Agreement, including making available to the Manager
Group, and granting the Manager Group access to, the employees and contractors of the Service Recipients as any member of the Manager Group may from time to time request. 

  
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 5.1.3 The Managers covenant and agree to exercise the power and discharge the duties
conferred under this Agreement honestly and in good faith, and shall exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances, subject to, and after taking into account, the terms
and conditions of the Relationship Agreement. 
 ARTICLE 6 

INFORMATION AND RECORDS 

6.1 Books and Records 

6.1.1 The Managers shall, or shall cause any other member of the Manager Group to, as applicable, maintain proper books, records and
documents in which complete, true and correct entries, in conformity in all material respects with generally accepted accounting principles and all requirements of applicable Laws, will be made. 

6.1.2 The Service Recipients shall maintain proper books, records and documents in which complete, true and correct entries, in conformity
in all material respects with generally accepted accounting principles and all requirements of applicable Laws, will be made. 
 6.2
Examination of Records by the Service Recipients 
 Upon reasonable prior notice by the Service Recipients to the relevant
member of the Manager Group, the relevant member of the Manager Group will make available to the Service Recipients and their authorized representatives, for examination during normal business hours on any Business Day, all books, records and
documents required to be maintained under Section 6.1.1. In addition, the Manager Group will make available to the Service Recipients or their authorized representatives such financial and operating data in respect of the performance of the
Services under this Agreement as may be in existence and as the Service Recipients or their authorized representatives will from time to time reasonably request, including for the purposes of conducting any audit in respect of expenses of the
Service Recipients or other matters necessary or advisable to be audited in order to conduct an audit of the financial affairs of the Service Recipients. Any examination of records will be conducted in a manner which will not unduly interfere with
the conduct of the Service Recipients’ activities or of the Manager Group’s business in the ordinary course. 
 6.3 Access to
Information by Manager Group 
  

	 	6.3.1	The Service Recipients shall: 

6.3.1.1 grant, or cause to be granted, to the Manager Group full access to all documentation and information, including all of the books,
records, and documents required to be maintained under Section 6.1.2, necessary in order for the Manager Group to perform its obligations, covenants and responsibilities pursuant to the terms hereof and to enable the Manager Group to provide
the Services; and 

  
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 6.3.1.2 provide, or cause to be provided, all documentation and information as may be
reasonably requested by any member of the Manager Group, and promptly notify the appropriate member of the Manager Group of any material facts or information of which the Service Recipients is aware, including any known, pending or threatened suits,
actions, claims, proceedings or orders by or against any member of the BREP Group before any Governmental Authority, that may affect the performance of the obligations, covenants or responsibilities of the Manager Group pursuant to this Agreement,
including maintenance of proper financial records. 
 6.4 Additional Information 

The parties acknowledge and agree that conducting the activities and providing the Services contemplated herein may have the incidental
effect of providing additional information which may be utilized with respect to, or may augment the value of, business interests and related assets in which any of the Service Providers or any of its Affiliates has an interest and that, subject to
compliance with this Agreement, none of the Service Providers or any of their respective Affiliates will be liable to account to the Service Recipients with respect to such activities or results; provided, however, that the relevant Service Provider
will not (and will cause its Affiliates not to), in making any use of such additional information, do so in any manner that the relevant Service Provider or its Affiliates knows, or ought reasonably to know, would cause or result in a breach of any
confidentiality provision of agreements to which any Service Recipient is a party or is bound. 
 ARTICLE 7

 FEES AND EXPENSES 
 7.1 Net Base Management Fee and Base Management Fee Adjustment 
 7.1.1 The
Service Recipients hereby agree to pay as provided by this Article 7, during the term of this Agreement, the Net Base Management Fee, quarterly in arrears. The Net Base Management Fee will accrue commencing on the date hereof and will be
pro-rated based on the number of days during the first Quarter in which this Agreement is in effect. 
 7.1.2 The amount of the
Net Base Management Fee payable hereunder for any Quarter will be equal to the amount of the Base Management Fee reduced (the “Base Management Fee Adjustment”) by the following amounts, to the extent that such amounts have not
previously reduced the amount of the Base Management Fee as a result of the application of the Base Management Fee Adjustment in a previous Quarter: 
 7.1.2.1 any Service Agreement Fees paid in or payable for that Quarter; and 

7.1.2.2 any Creditable Operating Entity Payments paid in or payable for that Quarter. 

7.1.3 For greater certainty, the Base Management Fee will not be reduced by operation of this Agreement by the amount of any
(i) Incentive Distribution paid or payable by any Service Recipient or Operating Entity to any member of the Brookfield Group; (ii) any fees for Operational and Other Services that are paid or payable by any Operating Entity to any member
of the Brookfield Group; or (iii) any Transaction Fees. 

  
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 7.2 Maximum Fees Payable by Service Recipients 

In no event shall the Service Recipients be obligated under this Agreement and the Service Agreements to pay, in the aggregate in respect
of any Quarter, any amount exceeding the Base Management Fee payable for that Quarter, after giving effect to any reductions for Creditable Operating Entity Payments contemplated by Section 7.1.2. 

7.3 Currency 
 For the
purposes of Section 7.1.2 hereof, if a payment giving rise to a Base Management Fee Adjustment was denominated in a currency other than the U.S. dollar, the amount of such payment will be deemed to be equal to the amount in
U.S. dollars into which such payment could have been converted on the last day of the relevant Quarter 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, in the event that the “Exchange Rates” table of the Wall Street Journal 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 was published. 
 7.4 Computation and Payment of Net Base Management Fee 

7.4.1 The Managers or another Service Provider will compute each instalment and allocation of the Net Base Management Fee (including
computation of the Base Management Fee Adjustment) as soon as practicable following the end of the Quarter with respect to which such instalment is payable, but in any event no later than five Business days following the end of such Quarter. A copy
of the computations and allocations made will thereafter, for informational purposes only, promptly be delivered to each Service Recipient by the relevant Service Provider upon request. Payment of the Net Base Management Fee for any Quarter (whether
in cash, Units, BRELP Units or any combination of the forgoing) shall be due and payable promptly after the 45th day following the end of such Quarter. For greater certainty, any Dispute relating to the computation of the Net Base Management Fee
shall be resolved in accordance with Article 12. 
 7.4.2 For any Quarter in which the Governing Body of the Managing
General Partner determines that the BREP Group has insufficient cash (taking into account any availability under any hydrology reserve facility) to pay the Net Base Management Fee as well as the next regular distribution on Units, the Service
Recipients may elect to pay all or a portion of the Net Base Management Fee payable in such Quarter in Units or BRELP Units, provided that (i) any such election shall be made within 45 days following the end of the applicable Quarter, and
(ii) no such payment shall be made in BRELP Units without the written consent of the Managers. If the Service Recipients elect to pay all or a portion of the Net Base Management Fee in Units or BRELP Units, BREP or BRELP, as applicable, shall
issue, and the applicable Manager hereby agrees to acquire, Units or BRELP Units, as 

  
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applicable, equal to the portion of the Net Base Management Fee elected to be paid in Units or BRELP Units divided by the Fair Market Value of a Unit on the date the Service Recipients make such
election (provided that no fractional Units or BRELP Units shall be issued, and such number shall be rounded down to the nearest whole number with the remainder payable to the Managers in cash). In such case, BREP or BRELP, as applicable, is
directed to apply such payment against the subscription price for such Units or BRELP Units, as applicable. 
 7.4.3 If the
Service Recipients elect to pay all or any portion of the Net Base Management Fee for any Quarter in Units or BRELP Units, the Service Recipients shall take or cause to be taken all appropriate action to issue such Units or BRELP Units, as
applicable, including any action required to ensure that such Units or BRELP Units, as applicable, are issued in accordance with applicable Laws and listed on any applicable stock exchanges and public quotation systems. 

7.5 Expenses 
 7.5.1 The
Managers acknowledge and agree that the Service Recipients will not be required to reimburse any member of the Manager Group for the salaries and other remuneration of the management, personnel or support staff who provide the Services to such
Service Recipients or overhead for such persons. 
 7.5.2 Each of the Service Recipients shall reimburse the relevant member of
the Manager Group for all out-of-pocket fees, costs and expenses, including those of any third party (other than those contemplated by Section 7.5.1) (“Expenses”), incurred by the relevant member of the Manager Group in
connection with the provision of the Services. Such Expenses are expected to include, among other things: 
 7.5.2.1 fees, costs
and expenses relating to any debt or equity financing; 
 7.5.2.2 fees, costs and expenses incurred in connection with the
general administration of any Service Recipient; 
 7.5.2.3 taxes, licenses and other statutory fees or penalties levied against
or in respect of a Service Recipient in respect of Services; 
 7.5.2.4 amounts paid by the relevant member of the Manager Group
under indemnification, contribution or similar arrangements; 
 7.5.2.5 fees, costs and expenses relating to financial reporting,
regulatory filings and investor relations and the fees, costs and expenses of agents, advisors and other Persons who provide Services to a Service Recipient; 
 7.5.2.6 any other fees, costs and expenses incurred by the relevant member of the Manager Group that are reasonably necessary for the performance by the relevant member of the Manager Group of its duties
and functions under this Agreement or any Service Agreement; and 

  
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 7.5.2.7 fees, expenses and costs incurred in connection with the investigation, acquisition,
holding or disposal of any asset or business that is made or that is proposed to be made. 
 7.6 Governmental Charges 

Without limiting Section 7.5, the Service Recipients shall pay or reimburse the relevant member of the Manager Group for all sales
taxes, use taxes, value added taxes, goods and services taxes, harmonized sales taxes, withholding taxes or other similar taxes, customs duties or other governmental charges (“Governmental Charges”) that are levied or imposed by any
Governmental Authority by reason of this Agreement, any Service Agreement or any other agreement contemplated by this Agreement, or the fees or other amounts payable hereunder or thereunder, except for any income taxes, corporation taxes, capital
taxes or other similar taxes payable by any member of the Manager Group which are personal to such member of the Manager Group. Any failure by the Manager Group to collect monies on account of these Governmental Charges shall not constitute a waiver
of the right to do so. 
 7.7 Computation and Payment of Expenses and Governmental Charges 

From time to time the Managers shall, or shall cause the other Service Providers to, prepare statements (each an “Expense
Statement”) documenting the Expenses and Governmental Charges to be reimbursed pursuant to this Article 7 and shall deliver such statements to the relevant Service Recipient. All Expenses and Governmental Charges reimbursable pursuant
to this Article 7 shall be reimbursed by the relevant Service Recipient no later than the date which is 30 days after receipt of an Expense Statement. The provisions of this Section 7.7 shall survive the termination of this Agreement.

 ARTICLE 8 
 BROOKFIELD’S OBLIGATION 
 Brookfield’s sole obligation pursuant
to this Agreement shall be to cause the Service Providers to provide Services to the Service Recipients in accordance with the terms of this Agreement. 
 ARTICLE 9 
 REPRESENTATIONS AND WARRANTIES 

OF THE MANAGERS AND THE SERVICE RECIPIENTS 
 9.1 Representations and Warranties of the Managers 
 Each of the Managers
hereby represents and warrants to the Service Recipients that: 
 9.1.1 it is validly organized and existing under the Laws
governing its formation and existence; 
 9.1.2 it, or another Service Provider, holds such Permits necessary to perform its
obligations hereunder and is not aware of any reason why such Permits might be cancelled; 

  
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 9.1.3 it has the power, capacity and authority to enter into this Agreement and to perform
its obligations hereunder; 
 9.1.4 it has taken all necessary action to authorize the execution, delivery and performance of
this Agreement; 
 9.1.5 the execution and delivery of this Agreement by it and the performance by it of its obligations
hereunder do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or
any of its properties or assets may be bound; 
 9.1.6 no authorization, consent or approval, or filing with or notice to any
Person is required in connection with the execution, delivery or performance by it of this Agreement; and 
 9.1.7 this Agreement
constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general
application limiting the enforcement of creditors’ rights and remedies generally and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to
the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. 
 9.2 Representations
and Warranties of the Service Recipients 
 Each of the Service Recipients hereby represents and warrants to the Managers
that: 
 9.2.1 it (and, if applicable, its general partner) is validly organized and existing under the Laws governing its
formation and existence; 
 9.2.2 it, or the relevant Operating Entity, holds such Permits necessary to own and operate the Power
Operations that it directly or indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled; 
 9.2.3 it (or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder; 

9.2.4 it (or, as applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of
this Agreement; 
 9.2.5 the execution and delivery of this Agreement by it (or, as applicable, its general partner on its
behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if applicable, the Governing Instruments of its general partner), or under any
mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound; 

  
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 9.2.6 no authorization, consent or approval, or filing with or notice to any Person is
required in connection with the execution, delivery or performance by it (or, as applicable, its general partner on its behalf) of this Agreement; and 
 9.2.7 this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium,
fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair
dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. 

ARTICLE 10 
 LIABILITY AND INDEMNIFICATION 
 10.1 Indemnity 

10.1.1 The Service Recipients hereby jointly and severally agree, to the fullest extent permitted by applicable Laws, to indemnify and
hold harmless each member of the Manager Group, any of its Affiliates (other than any member of the BREP Group) and any directors, officers, agents, subcontractors, delegatees, members, partners, shareholders, employees and other representatives of
each of the foregoing (each, an “Manager Indemnified Party”) from and against any claims, liabilities, losses, damages, costs or expenses (including legal fees) (“Liabilities”) incurred by them or threatened in
connection with any and all actions, suits, investigations, proceedings or claims of any kind whatsoever, whether arising under statute or action of a Governmental Authority or otherwise or in connection with the business, investments and activities
of the Service Recipients or in respect of or arising from this Agreement or the Services provided hereunder (“Claims”), including any Claims arising on account of the Governmental Charges contemplated by Section 7.6; provided
that no Manager Indemnified Party shall be so indemnified with respect to any Claim to the extent that such Claim is finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction, or pursuant to a settlement
agreement agreed to by such Manager Indemnified Party, to have resulted from such Manager Indemnified Party’s bad faith, fraud, wilful misconduct, gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the
conduct was unlawful. 
 10.1.2 The Managers hereby jointly and severally agree, to the fullest extent permitted by applicable
Laws, to indemnify and hold harmless each of the Service Recipients, any of its Affiliates (other than any member of the Manager Group), and any directors, officers, agents, members, partners, shareholders, employees and other representatives of
each of the foregoing (each, a “BREP Indemnified Party”) from and against any Liabilities resulting from any Service Provider’s bad faith, fraud, wilful misconduct, gross negligence and, in the case of a criminal matter,
conduct undertaken with the knowledge that the conduct was unlawful. 

  
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 10.1.3 If any action, suit, investigation, proceeding or claim is made or brought by any
third party with respect to which an Indemnifying Party is obligated to provide indemnification under this Agreement (a “Third Party Claim”), the Indemnified Party will have the right to employ its own counsel in connection
therewith, and the reasonable fees and expenses of such counsel, as well as the reasonable costs (excluding an amount reimbursed to such Indemnified Party for the time spent in connection therewith) and out-of-pocket expenses incurred in connection
therewith will be paid by the Indemnifying Party in such case, as incurred but subject to recoupment by the Indemnifying Party if ultimately it is not liable to pay indemnification hereunder. 

10.1.4 The Indemnified Party and the Indemnifying Party agree that, promptly after the receipt of notice of the commencement of any Third
Party Claim, the Indemnified Party in such case will notify the Indemnifying Party in writing of the commencement of such Third Party Claim (provided that any accidental failure to provide any such notice will not prejudice the right of any such
Indemnified Party hereunder) and, throughout the course of such Third Party Claim, such Indemnified Party will use its best efforts to provide copies of all relevant documentation to such Indemnifying Party and will keep the Indemnifying Party
apprised of the progress thereof and will discuss with the Indemnifying Party all significant actions proposed. 
 10.1.5 The
parties hereto expressly acknowledge and agree that the right to indemnity provided in this Section 10.1 shall be in addition to and not in derogation of any other liability which the Indemnifying Party in any particular case may have or of any
other right to indemnity or contribution which any Indemnified Party may have by statute or otherwise at law. 
 10.1.6 The
indemnity provided in this Section 10.1 shall survive the completion of Services rendered under, or any termination or purported termination of, this Agreement. 
 10.2 Limitation of Liability 
 10.2.1 The Managers assume no responsibility
under this Agreement other than to render the Services in good faith and will not be responsible for any action of a Service Recipient’s Governing Body in following or declining to follow any advice or recommendations of the relevant Service
Provider, including as set forth in Section 3.3 hereof. 
 10.2.2 The Service Recipients hereby agree that no Manager
Indemnified Party will be liable to a Service Recipient, a Service Recipient’s Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any
security holder or partner of a Service Recipient for any Liabilities that may occur as a result of any acts or omissions by the Manager Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities
are finally determined by a final and non appealable judgment entered by a court of competent jurisdiction to have resulted from the Manager Indemnified Party’s bad faith, fraud, wilful misconduct, gross negligence, or in the case of a criminal
matter, conduct undertaken with knowledge that the conduct was unlawful. 

  
 - 23 -

 10.2.3 The maximum amount of the aggregate liability of the Manager Indemnified Parties
pursuant to this Agreement will be equal to the amounts previously paid in respect of Services pursuant to this Agreement or any agreement or arrangement contemplated by this Agreement in the two most recent calendar years by the Service Recipients
pursuant to Article 7. 
 10.2.4 For the avoidance of doubt, the provisions of this Section 10.2 shall survive the
completion of the Services rendered under, or any termination or purported termination of, this Agreement. 
 10.3 Benefit to all Indemnified
Parties 
 10.3.1 The Service Recipients hereby constitute the Managers as trustees for each of the Manager Indemnified
Parties of the covenants of the Service Recipients under this Article 10 with respect to such Manager Indemnified Parties and the Managers hereby accept such trust and agree to hold and enforce such covenants on behalf of the Indemnified
Parties. 
 10.3.2 The Managers hereby constitute the Service Recipients as trustees for each of the BREP Indemnified Parties of
the covenants of the Managers under this Article 10 with respect to such BREP Indemnified Parties and the Service Recipients hereby accept such trust and agree to hold and enforce such covenants on behalf of the BREP Indemnified Parties.

 ARTICLE 11 
 TERM AND TERMINATION 
 11.1 Term 

This Agreement shall continue in full force and effect, in perpetuity, until terminated in accordance with Section 11.2 or
Section 11.3. 
 11.2 Termination by the Service Recipients 
 11.2.1 The Service Recipients may, subject to Section 11.2.2, terminate this Agreement effective upon written notice of termination to the Managers without payment of any termination fee if:

 11.2.1.1 any of the Managers defaults in the performance or observance of any material term, condition or agreement contained
in this Agreement in a manner that results in material harm to the Service Recipients and such default continues for a period of 60 days after written notice thereof specifying such default and requesting that the same be remedied in such
60-day period; provided, however, that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied within such 60-day period and if, within such period, the Managers provide reasonable evidence to the
Service Recipients that they have commenced, and thereafter proceed with all due diligence, to remedy the fact, circumstance or condition that is the subject of such obligation, such period shall be extended for a reasonable period satisfactory to
the Service Recipients, acting reasonably, for the Managers to remedy the same; 

  
 - 24 -

 11.2.1.2 any of the Managers engages in any act of fraud, misappropriation of funds or
embezzlement against any Service Recipient that results in material harm to the Service Recipients; 
 11.2.1.3 there is an event
of any gross negligence on the part of any of the Managers in the performance of its obligations under this Agreement and such gross negligence results in material harm to the Service Recipients; or 

11.2.1.4 each of the Managers makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated
voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a
petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency. 

11.2.2 This Agreement may only be terminated pursuant to Section 11.2.1 by the Managing General Partner on behalf of BREP with the
prior unanimous approval of the members of the Independent Committee. 
 11.2.3 Each of the Service Recipients hereby agrees and
confirms that this Agreement may not be terminated due solely to the poor performance or underperformance of any of the Power Operations or the Business or any investment made by any member of the BREP Group on the recommendation of any member of
the Manager Group. 
 11.3 Termination by the Managers 
 11.3.1 The Managers may terminate this Agreement effective upon written notice of termination to the Service Recipients without payment of any termination fee if: 

11.3.1.1 any Service Recipient defaults in the performance or observance of any material term, condition or agreement contained in this
Agreement in a manner that results in material harm to the Managers and such default continues for a period of 60 days after written notice thereof specifying such default and requesting that the same be remedied in such 60-day period;
provided, however, that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied within such 60-day period and if, within such period, the Service Recipients provide reasonable evidence to the
Managers that they have commenced, and thereafter proceed with all due diligence, to remedy the fact, circumstance or condition that is the subject of such obligation, such period shall be extended for a reasonable period satisfactory to the
Managers, acting reasonably, for the Service Recipients to remedy the same; or 

  
 - 25 -

 11.3.1.2 any Service Recipient makes a general assignment for the benefit of its creditors,
institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any
bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency.

 11.4 Survival Upon Termination 
 If this Agreement is terminated pursuant to this Article 11, such termination will be without any further liability or obligation of any party hereto, except as provided in Section 6.4,
Section 11.5, Section 11.6 and Section 13.3. 
 11.5 Action Upon Termination 

11.5.1 From and after the effective date of the termination of this Agreement, the Managers shall not be entitled to receive the Base
Management Fee for further Services under this Agreement, but will be paid all compensation accruing to and including the date of termination (including such day). 
 11.5.2 Upon any termination of this Agreement, the Managers shall forthwith: 

11.5.2.1 after deducting any accrued compensation and reimbursements for any Expenses to which it is then entitled, pay over to the
Service Recipients all money collected and held for the account of the Service Recipients pursuant to this Agreement; 
 11.5.2.2
deliver to the Service Recipients’ Governing Bodies a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished
to the Governing Bodies with respect to the Service Recipients; and 
 11.5.2.3 deliver to the Service Recipients’ Governing
Bodies all property and documents of the Service Recipients then in the custody of the Manager Group. 
 11.6 Release of Money or other
Property Upon Written Request 
 The Managers hereby agree that any money or other property of the Service Recipients or
their Subsidiaries held by the Manager Group under this Agreement shall be held by the relevant member of the Manager Group as custodian for such Person, and the relevant member of the Manager Group’s records shall be appropriately marked
clearly to reflect the ownership of such money or other property by such Person. Upon the receipt by the relevant member of the Manager Group of a written request signed by a duly authorized representative of a Service Recipient requesting the
relevant member of the Manager Group to release to the Service Recipient any money or other property then held by the relevant member of the Manager Group for the account of such Service Recipient under this Agreement, the relevant member of the
Manager Group shall release such money or 

  
 - 26 -

 
other property to the Service Recipient within a reasonable period of time, but in no event later than 60 days following such request. The relevant member of the Manager Group shall not be
liable to any Service Recipient, a Service Recipient’s Governing Body or any other Person for any acts performed or omissions to act by a Service Recipient in connection with the money or other property released to the Service Recipient in
accordance with the second sentence of this Section 11.6. Each Service Recipient shall indemnify and hold harmless the relevant member of the Manager Group, any of its Affiliates (other than any member of the BREP Group) and any directors,
officers, agents, subcontractors, delegatees, members, partners, shareholders and employees and other representatives of each of the foregoing from and against any and all Liabilities which arise in connection with the relevant member of the Manager
Group’s release of such money or other property to the Service Recipient in accordance with the terms of this Section 11.6. Indemnification pursuant to this provision shall be in addition to any right of such Persons to indemnification
under Section 10.1 hereof. For the avoidance of doubt, the provisions of this Section 11.6 shall survive termination of this Agreement. The Service Recipients hereby constitute the Managers as trustees for each Person entitled to
indemnification pursuant to this Section 11.6 of the covenants of the Service Recipients under this Section 11.6 with respect to such Persons and the Managers hereby accept such trust and agree to hold and enforce such covenants on behalf
of such Persons. 
 ARTICLE 12 
 ARBITRATION 
 12.1 Dispute 

Any dispute or disagreement of any kind or nature between the parties arising out of or in connection with this Agreement (a
“Dispute”) shall be resolved in accordance with this Article 12, to the extent permitted by applicable Laws. 
 12.2
Arbitration 
 12.2.1 Any Dispute shall be submitted to arbitration (the “Arbitration”) by one Arbitrator
pursuant to the procedure set forth in this Section 12.2 and pursuant to the arbitration rules set forth in the Arbitration Act, 1991 (Ontario) (the “Act”). If the provisions of this Section 12.2 are inconsistent
with the provisions of the Act and to the extent of such inconsistency, the provisions of this Section 12.2 shall prevail in any Arbitration. 
 12.2.2 Any party may make a demand for Arbitration by sending a notice in writing to another party, setting forth the nature of the Dispute, the amount involved and the name of the Arbitrator it proposes
to be appointed. The demand for Arbitration shall be made no later than thirty (30) days after the event giving rise to the Dispute. 
 12.2.3 Within thirty (30) days after any demand for Arbitration under Section 12.2.2, the parties shall have agreed on the designation of the Arbitrator or should the parties fail to do so, the
Arbitrator may be appointed by a judge of the Ontario Superior Court of Justice upon motion of either party (in either case, the “Arbitrator”). 

  
 - 27 -

 12.2.4 The Arbitration hearings shall be held in a location in Ontario specified in the
demand for Arbitration and shall commence no later than thirty (30) days after the determination of the Arbitrator under Section 12.2.3. The decision of the Arbitrator shall be made not later than sixty (60) days after its
appointment. The decision of the Arbitrator, shall be final without appeal and binding on the parties. 
 12.2.5 Each party shall
bear the costs and expenses of all lawyers, consultants, advisors, witnesses and employees retained by it in any Arbitration. The expenses of the Arbitrator shall be paid equally by the parties unless the Arbitrator otherwise provides in its award.

 12.3 Continued Performance 
 During the conduct of Dispute resolution procedures pursuant to this Article 12, the parties shall continue to perform their respective obligations under this Agreement and neither party shall
exercise any other remedies to resolve a Dispute. 
 ARTICLE 13 

GENERAL PROVISIONS 

13.1 Limited Liability of Limited Partners of BREP and BRELP 
 13.1.1 Each of the parties acknowledges that (i) each of BREP and BRELP is a limited partnership formed under the laws of Bermuda, a limited partner of which is liable for any liabilities or losses
of the relevant partnership only to the extent of the amount that such limited partner has contributed, or agreed to contribute, to the capital of the relevant partnership and such limited partner’s pro rata share of any undistributed
income; (ii) BRELP General Partner is the sole general partner of BRELP GP LP; BRELP GP LP is the sole general partner of BRELP; and the Managing General Partner is the sole general partner of BREP; and (iii) the only Person
with whom such party has had dealings on behalf of BRELP is BRELP GP LP; the only Person with whom such party has had dealings on behalf of the BRELP GP LP is BRELP General Partner; and the only Person with whom such party has had dealings on behalf
of BREP is the Managing General Partner. 
 13.2 Assignment 
 13.2.1 This Agreement shall not be assigned by the Managers without the prior written consent of BREP, except (i) pursuant to Section 2.3, or (ii) in the case of assignment by any of the
Managers to an Affiliate or a Person that is, in the reasonable and good faith determination of the Independent Committee, an experienced and reputable manager, in which case the Affiliate or assignee shall be bound under this Agreement and by the
terms of the assignment in the same manner as such Manager is bound under this Agreement. In addition, provided that the Managers provide prior written notice to the Service Recipients for informational purposes only, nothing contained in this
Agreement shall preclude any pledge, hypothecation or other transfer or assignment of any of the Managers’ rights under this Agreement, including any amounts payable to the Managers under this Agreement, to a bona fide lender as
security. 

  
 - 28 -

 13.2.2 This Agreement shall not be assigned by any of the Service Recipients without the
prior written consent of the Managers, except in the case of assignment by any such Service Recipient to a Person that is its successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement
and by the terms of the assignment in the same manner as such Service Recipient is bound under this Agreement. 
 13.2.3 Any
purported assignment of this Agreement in violation of this Article 13 shall be null and void. 
 13.3 Failure to Pay When Due

 Any amount payable by any Service Recipient to any member of the Manager Group hereunder which is not remitted when so due
will remain due (whether on demand or otherwise) and interest will accrue on such overdue amounts (both before and after judgment) at a rate per annum equal to the Interest Rate. 
 13.4 Enurement 
 This Agreement will enure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns. 
 13.5 Notices 

Any notice or other communication required or permitted to be given hereunder will be in writing and will be given by prepaid first class
mail, by facsimile or other means of electronic communication or by hand delivery as hereinafter provided. Any such notice or other communication, if mailed by prepaid first class mail at any time other than during a general discontinuance of postal
service due to strike, lockout or otherwise, will be deemed to have been received on the fourth Business Day after the post marked date thereof, or if sent by facsimile or other means of electronic communication, will be deemed to have been received
on the Business Day following the sending, or if delivered by hand will be deemed to have been received at the time it is delivered to the applicable address noted below either to the individual designated below or to an individual at such address
having apparent authority to accept deliveries on behalf of the addressee. Notice of change of address will also be governed by this section. In the event of a general discontinuance of postal service due to strike, lock out or otherwise, notices or
other communications will be delivered by hand or sent by facsimile or other means of electronic communication and will be deemed to have been received in accordance with this section. Notices and other communications will be addressed as follows:

  

	 	13.5.1	if to BREP: 

 2288509 Ontario
Inc. 
 c/o Appleby Corporate Services 
 Canon’s Court 
 22 Victoria Street 

PO Box HM 1179 

Hamilton HM EX 

Bermuda 

Attention: Secretary 
 Telecopier number: 441-298-3304 

  
 - 29 -

	 	13.5.2	if to BRELP: 

 2288508 Ontario
Inc. 
 c/o Appleby Corporate Services 
 Canon’s Court 
 22 Victoria Street 

PO Box HM 1179 

Hamilton HM EX 

Bermuda 

Attention: Secretary 
 Telecopier number: 441-298-3304 
  

	 	13.5.3	if to Brookfield: 

 Brookfield
Asset Management Inc. 
 Suite 300, Brookfield Place 
 181 Bay Street, Box 762 
 Toronto, Ontario 

M5J 2T3 

Attention: General Counsel 
 Telecopier number: 416-365-9642 
  

	 	13.5.4	if to CanHoldco: 

 Brookfield
BRP Holdings (Canada) Inc. 
 1700-180 Kent Street 
 Ottawa, Ontario 
 K1P 0B6 

Attention: Secretary 
 Telecopier number: 819-561-7188 
  

	 	13.5.5	if to Bermuda Holdco: 

 BRP
Bermuda Holdings I Limited 
 c/o Appleby Corporate Services 

Canon’s Court 
 22 Victoria Street 
 PO Box HM 1179 

Hamilton HM EX 

Bermuda Attention: Secretary 
 Telecopier number: 441-298-3304 

  
 - 30 -

	 	13.5.6	if to BBCC: 

 Brookfield BRP
Canada Corp. 
 1700-180 Kent Street 
 Ottawa, Ontario 
 K1P 0B6 

Attention: Secretary 
 Telecopier number: 819-561-7188 
  

	 	13.5.7	if to CanUSHoldco: 

 Brookfield
BRP Holdings (US) Inc. 
 1700-180 Kent Street 
 Ottawa, Ontario 
 K1P 0B6 

Attention: Secretary 
 Telecopier number: 819-561-7188 
  

	 	13.5.8	if to the Canadian Manager: 

BRP Energy Group L.P. 
 Suite 300, Brookfield Place 
 181 Bay Street, Box 762 

Toronto, Ontario 
 M5J 2T3 
 Attention: Chief Executive Officer 

Telecopier number: 416-363-2856 
  

	 	13.5.9	if to the International Manager: 

Brookfield Renewable Energy Group (Bermuda) Limited 
 Cedar Court, 2nd Floor 
 Wildey Business Park 

St. Michael, Barbados 
 Attention: Secretary 
 Telecopier number: 246-436-6967 

  
 - 31 -

	 	13.5.10	if to the US Manager: 

Brookfield Renewable Energy Group LLC 
 Three World Financial Center 
 200 Vesey Street, 11th Floor 

New York, New York 
 10281-1021 
 Attention: President 

Telecopier number: 212-417-7196 
 or to such other addresses or facsimile numbers as a party may from time to time notify the other in accordance with this Section 13.5. 
 13.6 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. 
 13.7 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] 

  
 - 32 -

 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first
above written. 
  

			
	 BROOKFIELD ASSET
 MANAGEMENT INC.

		
	by:	 	“Aleks Novakovic”
		 	 Name: Aleks Novakovic

Title: Managing Partner

  

			
	 BROOKFIELD RENEWABLE
 ENERGY PARTNERS L.P., by its
 general partner, 2288509 ONTARIO
INC.

		
	by:	 	“Jane Sheere”
		 	 Name: Jane Sheere
 Title:
Authorized Signatory

  

			
	 BROOKFIELD RENEWABLE
 ENERGY L.P., by its general partner,
 BREP HOLDINGS L.P., by its general

partner, 2288508 ONTARIO INC.

		
	by:	 	“Jane Sheere”
		 	 Name: Jane Sheere
 Title:
Authorized Signatory

 
			
	BROOKFIELD BRP HOLDINGS (CANADA) INC.
		
	by:	 	“Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory
	
	BRP BERMUDA HOLDINGS I LIMITED
		
	by:	 	“Jane Sheere”
		 	 Name: Jane Sheere
 Title:
Secretary

	
	BROOKFIELD BRP CANADA CORP.
		
	by:	 	“Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory
	
	BROOKFIELD BRP HOLDINGS (US) INC.
		
	by:	 	“Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory

 
			
	 BROOKFIELD RENEWABLE
 POWER PREFERRED EQUITY INC.

		
	by:	 	“Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory

  

			
	BRP FINANCE ULC
		
	by:	 	“Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory

  

			
	 BRP ENERGY GROUP L.P., by its
 general partner, BROOKFIELD
 RENEWABLE ENERGY GROUP G.P. INC.

		
	by:	 	“Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory

  

			
	 BROOKFIELD RENEWABLE
 ENERGY GROUP LLC

		
	by:	 	“David A. Bono”
		 	 Name: David A. Bono
 Title:
Vice President of Law and
           General Counsel, U.S. Operations

 
			
	 BROOKFIELD RENEWABLE
 ENERGY GROUP (BERMUDA) LIMITED

		
	by:	 	“Jane Sheere”
		 	 Name: Jane Sheere
 Title:
SecretaryRelationship Agreement

 Exhibit 4.3 
 BROOKFIELD ASSET MANAGEMENT INC. 
 - and - 

BRP ENERGY GROUP L.P. 
 - and - 
 BROOKFIELD RENEWABLE ENERGY GROUP LLC 

- and - 

BROOKFIELD RENEWABLE ENERGY GROUP (BERMUDA) LIMITED 
 - and - 
 BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. 

- and - 

BROOKFIELD RENEWABLE ENERGY L.P. 
 - and - 
 BROOKFIELD BRP HOLDINGS (CANADA) INC. 

- and – 
 BRP BERMUDA HOLDINGS I LIMITED 
  

 
 RELATIONSHIP AGREEMENT

  
  

November 28, 2011 

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE 1
	  			
	         INTERPRETATION
	  	 	2	  
	         1.1
	 	Definitions	  	 	2	  
	         1.2
	 	Headings and Table of Contents	  	 	4	  
	         1.3
	 	Interpretation	  	 	4	  
	         1.4
	 	Invalidity of Provisions	  	 	5	  
	         1.5
	 	Entire Agreement	  	 	5	  
	         1.6
	 	Waiver, Amendment	  	 	6	  
	         1.7
	 	Governing Law	  	 	6	  
		
	 ARTICLE 2
	  			
	         RELATIONSHIP
	  	 	6	  
	         2.1
	 	Primary Vehicle	  	 	6	  
	         2.2
	 	No Exclusivity and Limitations on Acquisition Opportunities	  	 	6	  
	         2.3
	 	BREP Group Acknowledgements	  	 	8	  
	         2.4
	 	Reporting	  	 	8	  
		
	 ARTICLE 3
	  			
	         REPRESENTATIONS AND WARRANTIES
	  	 	8	  
	         3.1
	 	Representations and Warranties of Brookfield and the Managers	  	 	8	  
	         3.2
	 	Representations and Warranties of the Holding Entities	  	 	9	  
	         3.3
	 	Representations and Warranties of BREP	  	 	10	  
	         3.4
	 	Representations and Warranties of BRELP	  	 	10	  
		
	 ARTICLE 4
	  			
	         TERMINATION
	  	 	11	  
	         4.1
	 	Term	  	 	11	  
	         4.2
	 	Termination	  	 	11	  
		
	 ARTICLE 5
	  			
	         RESOLUTION OF DISPUTES AND ARBITRATION
	  	 	11	  
	         5.1
	 	Dispute	  	 	11	  
	         5.2
	 	Arbitration	  	 	12	  
	         5.3
	 	Confidentiality	  	 	12	  
	         5.4
	 	Continued Performance	  	 	12	  

  
 [BREP RELATIONSHIP AGR]

  

 TABLE OF CONTENTS 

(continued) 

Page 
  

							
	 ARTICLE 6
	 		  			
	        GENERAL PROVISIONS	  	 	13	  
	        6.1	 	 Assignment
	  	 	13	  
	        6.2	 	 Confidentiality and Disclosure of Material Changes
	  	 	13	  
	        6.3	 	 Enurement
	  	 	13	  
	        6.4	 	 Notices
	  	 	13	  
	        6.5	 	 Further Assurances
	  	 	16	  
	        6.6	 	 Counterparts
	  	 	16	  
	        6.7	 	 Other Holding Entities
	  	 	16	  

  
 [BREP RELATIONSHIP AGR]

  

 RELATIONSHIP AGREEMENT 

THIS AGREEMENT made as of the 28th day of November, 2011 
 B E T W E E N: 
 BROOKFIELD ASSET MANAGEMENT INC.
(“Brookfield”), a corporation existing under the laws of the Province of Ontario 
 - and - 

BRP ENERGY GROUP L.P., (the “Canadian Manager”), a limited partnership existing under the laws of the Province of
Manitoba 
 - and - 
 BROOKFIELD RENEWABLE ENERGY GROUP LLC, (the “US Manager”), a limited liability company existing under the laws of the State of Delaware 

- and - 

BROOKFIELD RENEWABLE ENERGY GROUP (BERMUDA) LIMITED, (the “International Manager”), a corporation existing under
the laws of Bermuda 
 - and - 
 BROOKFIELD RENEWABLE ENERGY PARTNERS L.P., (“BREP”), an exempted limited partnership existing under the laws of Bermuda 

- and - 

BROOKFIELD RENEWABLE ENERGY L.P., (“BRELP”), an exempted limited partnership existing under the laws of Bermuda

 - and - 
 BROOKFIELD BRP HOLDINGS (CANADA) INC., (“CanHoldco”), a corporation existing under the laws of the Province of Ontario 

- and – 

BRP BERMUDA HOLDINGS I LIMITED, (“Bermuda Holdco”), a corporation existing under the laws of Bermuda 

RECITALS: 

WHEREAS, members of the BREP Group (as defined below) directly or indirectly hold interests in renewable power generating
operations or developments, primarily consisting of hydro-electric and wind, and will acquire from time to time interests in renewable power generating operations or developments; 

 
 [BREP RELATIONSHIP AGR] 

  

 AND WHEREAS, BREP, BRELP, the Holding Entities (as defined below), the Managers (as
defined below) and Brookfield wish to enter into this Agreement to govern certain aspects of the relationship between them and other members of the BREP Group and the Brookfield Group (as defined below). 

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 

 In this
Agreement, except where the context otherwise requires, the following terms will have the following meanings: 
 1.1.1
“Act” has the meaning ascribed thereto in Section 5.2.1; 
 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 Relationship Agreement; 

1.1.4 “Arbitration” has the meaning ascribed thereto in Section 5.2.1; 

1.1.5 “Arbitrator” has the meaning ascribed thereto in Section 5.2.3; 

1.1.6 “BRELP” has the meaning ascribed thereto in the preamble; 

1.1.7 “BREP” has the meaning ascribed thereto in the preamble; 

1.1.8 “BREP Group” means BREP, BRELP, the Holding Entities, the Operating Entities and any other direct or indirect
Subsidiary of a Holding Entity; 
 1.1.9 “BREP Power Operations” means the Power Operations directly or
indirectly held or acquired by members of the BREP Group from time to time; 
 1.1.10 “Bermuda Holdco” has the
meaning ascribed thereto in the preamble; 
 1.1.11 “Brookfield” has the meaning ascribed thereto in the
preamble; 
 1.1.12 “Brookfield Fund” has the meaning ascribed thereto in Section 2.2.2; 

1.1.13 “Brookfield Group” means Brookfield and any Affiliates of the foregoing, other than any member of the BREP Group;

  
 [BREP RELATIONSHIP AGR] 

  
 - 2 -

 1.1.14 “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; 
 1.1.15
“CanHoldco” has the meaning ascribed thereto in the preamble; 
 1.1.16 “Canadian Manager” has
the meaning ascribed thereto in the preamble; 
 1.1.17 “Confidential Information” has the meaning ascribed
thereto in Section 6.2; 
 1.1.18 “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; 
 1.1.19 “Dispute” has the meaning ascribed thereto in Section 5.1; 

1.1.20 “Energy General Partner” means 2288508 Ontario Inc., which is the general partner of the Energy GP LP; 

1.1.21 “Energy GP LP” means BREP Holding L.P., which is the general partner of BRELP; 

1.1.22 “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; 
 1.1.23 “Holding Entities” means Bermuda Holdco, CanHoldco and any direct wholly-owned Subsidiary of BRELP created or acquired on or after the date of this Agreement, excluding, for
greater certainty, any Operating Entities; 
 1.1.24 “International Manager” has the meaning ascribed thereto in
the preamble; 
 1.1.25 “Managers” means the Canadian Manager, the US Manager and the International Manager;

  
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 1.1.26 “Managing General Partner” means 2288509 Ontario Inc., which is
BREP’s general partner; 
 1.1.27 “Master Services Agreement” means the master services agreement among the
Managers, BRELP, BREP, the Holding Entities and others; 
 1.1.28 “Operating Entities” means, from time to time,
the Persons that (i) directly hold the BREP Power Operations, or (ii) indirectly hold the BREP 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; 
 1.1.29 “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, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted and pronouns have a
similarly extended meaning; 
 1.1.30 “Power Operations” means renewable power generating operations or
developments, primarily consisting of hydro-electric and wind; 
 1.1.31 “Service Recipient” means BREP, BRELP,
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; 

1.1.32 “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; 
 1.1.33 “Term” has the meaning ascribed
thereto in Section 4.1; and 
 1.1.34 “US Manager” has the meaning ascribed thereto in the preamble.

  

	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. 

 

	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; 
  

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 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. 
  

	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 
  

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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 hereto, 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 

 This
Agreement will be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. Each party irrevocably attorns and submits to the non-exclusive jurisdiction of the
Ontario courts situated in the City of Toronto and waives objection to the venue of any proceeding in such court or any argument that such court provides an inconvenient forum. 
 ARTICLE 2 
 RELATIONSHIP 

 

	2.1	Primary Vehicle 

 Subject
to the other terms in this Article 2, each of Brookfield and the Managers agrees that, during the Term, the BREP Group will serve as the primary vehicle through which the Brookfield Group will acquire Power Operations on a global basis.

  

	2.2	No Exclusivity and Limitations on Acquisition Opportunities 

 Each of BREP, BRELP and the Holding Entities acknowledges and agrees that: 
 2.2.1
nothing in this Agreement shall require the Brookfield Group or any member of the Brookfield Group to allocate any minimum level of dedicated resources for the pursuit of Power Operation acquisition opportunities other than as may be contemplated in
the Master Services Agreement or as otherwise agreed by a member of the Brookfield Group and a member of the BREP Group. Members of the Brookfield Group have established or advise, and may continue to establish or advise, other entities that rely on
the diligence, 
  
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skill and business contacts of the Brookfield Group’s professionals and the information and acquisition opportunities they generate during the normal course of their activities; 

2.2.2 while the Brookfield Group may offer the acquisition opportunities contained in this Section 2.2.2 to the BREP Group, nothing
in this Agreement shall require the Brookfield Group or any member of the Brookfield Group to offer the BREP Group or any member of the BREP Group the opportunity to acquire: 
 2.2.2.1 an integrated utility even if a significant component of such utility’s operations consist of renewable power generation; 

2.2.2.2 a non-renewable power generating operation or development, such as a power generating operation that uses coal or natural gas;

 2.2.2.3 a portfolio of Power Operations, if a significant component of such portfolio’s operations consist of
non-renewable power generation; or 
 2.2.2.4 Power Operations that comprise part of a broader enterprise, unless the primary
purpose of such acquisition, as determined by Brookfield acting in good faith, is to acquire the underlying Power Operations; 

2.2.3 the members of the Brookfield Group carry on a diverse range of businesses worldwide, including the development, ownership and/or
management of power, transmission and other infrastructure assets, and investing and advising on investing in any of the foregoing or loans, debt instruments and other securities with underlying infrastructure collateral or exposure including Power
Operations, both as principal and through other public companies that are Affiliates of Brookfield or through private investment vehicles and accounts established or managed by Affiliates of Brookfield (each a, “Brookfield Fund”).
Except as explicitly provided herein, nothing in this Agreement shall in any way limit or restrict members of the Brookfield Group from carrying on their respective business and in particular: 

2.2.3.1 nothing shall limit or restrict the ability of the Brookfield Group from making any investment recommendation or taking any other
action in connection with its public securities businesses; 
 2.2.3.2 nothing herein shall limit or restrict any member of the
Brookfield Group from investing in any loans or debt securities outside of its public securities businesses or from taking any action in connection with any loan or debt security notwithstanding that the underlying collateral is comprised of or
includes a Power Operation provided that the original purpose of the investment was not to acquire a controlling interest in a Power Operation; and 
 2.2.3.3 Brookfield has established and manages a number of Brookfield Funds whose investment objectives include the acquisition of Power Operations and may in the future establish similar funds. Nothing
herein shall limit or restrict Brookfield from establishing or advising a Brookfield Fund or carrying out any investment, provided that for any investment carried out by a Brookfield Fund that involves the acquisition of a Power Operation the BREP
Group will be offered the opportunity to take up Brookfield’s share of such acquisition; 
  
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 2.2.4 in the event that the BREP Group declines any Power Operation acquisition opportunity
that Brookfield has made available, the Brookfield Group may pursue such acquisition for its own account, without restriction; and 
 2.2.5 nothing in this Agreement will restrict the Brookfield Group in connection with its lending, securities management, investment banking services, restructuring businesses or its construction
businesses (where such construction is not undertaken with a view to owning the facilities upon completion of the project), including the acquisition or sale of any assets relating to such activities. 

 

	2.3	BREP Group Acknowledgements 

 Each of the BREP, BRELP and the Holding Entities acknowledges and agrees that Power Operation acquisition opportunities that are offered to the BREP Group pursuant to this Agreement may be carried out
through joint ventures, partnerships, investment funds or consortium arrangements in which the BREP Group will not be the sole participant. In addition to third party participants, one or more Brookfield Group members may also participate in such
opportunities if (i) the BREP Group does not have the financial capacity, as determined in good faith by Brookfield, in consultation with the BREP Group, to acquire all of the opportunity, or (ii) Brookfield, taking into consideration the
purpose of the investment, return characteristics, risk profile, source of the investment opportunity and other such considerations, allocates participation in the investment opportunity available for Brookfield between the BREP Group and one or
more other members of the Brookfield Group. Any such allocation or joint participation with one or more member of the Brookfield Group will be made in good faith and after consulting with the BREP Group. 

 

	2.4	Reporting 

 Subject to
confidentiality obligations, Brookfield shall cause the Managers to provide a report to the BREP Group on a quarterly basis of all Power Operations acquired by the Brookfield Group that occurred during the quarter that were not offered to the BREP
Group, including details of why such acquisition opportunities were not offered to the BREP Group. 
 ARTICLE 3

 REPRESENTATIONS AND WARRANTIES 
  

	3.1	Representations and Warranties of Brookfield and the Managers 

 Each of Brookfield and each of the Managers hereby represents and warrants to each of BREP, BRELP and the Holding Entities that: 

 
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 3.1.1 it is validly organized and existing under the relevant laws governing its formation
and existence; 
 3.1.2 it has the power, capacity and authority to enter into this Agreement and to perform its duties and
obligations hereunder; 
 3.1.3 it has taken all necessary action to authorize the execution, delivery and performance of this
Agreement; 
 3.1.4 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do
not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents; 
 3.1.5 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and 

3.1.6 this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject
to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of
equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

  

	3.2	Representations and Warranties of the Holding Entities 

 Each of the Holding Entities hereby represents and warrants to each of Brookfield and each of the Managers that: 
 3.2.1 it is validly organized and existing under the relevant laws governing its formation and existence; 
 3.2.2 it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder; 
 3.2.3 it has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 
 3.2.4 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws,
constituent documents or other organizational documents; 
 3.2.5 no authorization, consent or approval, or filing with or notice
to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and 
  

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 3.2.6 this Agreement constitutes a valid and legally binding obligation of it enforceable
against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and
remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are
considered in a proceeding at law or in equity. 
  

	3.3	Representations and Warranties of BREP 

 The Managing General Partner, in its capacity as the general partner of BREP hereby represents and warrants to Brookfield that: 
 3.3.1 each of BREP and the Managing General Partner is validly organized and existing under the relevant laws governing its formation and existence; 

3.3.2 the Managing General Partner has the power, capacity and authority to enter into this Agreement and to perform its duties and
obligations hereunder on behalf of BREP; 
 3.3.3 the Managing General Partner has taken all necessary action to authorize the
execution, delivery and performance of this Agreement on behalf of BREP; 
 3.3.4 the execution and delivery of this Agreement by
the Managing General Partner on behalf of BREP and the performance by BREP of its obligations hereunder do not and will not contravene, breach or result in any default under the organizational documents of the Managing General Partner or BREP, as
applicable; 
 3.3.5 no authorization, consent or approval, or filing with or notice to any Person is required in connection with
the execution, delivery or performance by the Managing General Partner on behalf of BREP of this Agreement; and 
 3.3.6 this
Agreement constitutes a valid and legally binding obligation of BREP enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of
general application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits
as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. 
  

	3.4	Representations and Warranties of BRELP 

 The Energy General Partner, in its capacity as the general partner of Energy GP LP, the general partner of BRELP hereby represents and warrants to Brookfield that: 

3.4.1 each of the Energy General Partner and BRELP is validly organized and existing under the relevant laws governing its formation and
existence; 
  
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 3.4.2 the Energy General Partner has the power, capacity and authority to enter into this
Agreement and to perform its duties and obligations hereunder on behalf of BRELP; 
 3.4.3 the Energy General Partner has taken
all necessary action to authorize the execution, delivery and performance of this Agreement on behalf of BRELP; 
 3.4.4 the
execution and delivery of this Agreement by the Energy General Partner on behalf of BRELP and the performance by BRELP of its obligations hereunder do not and will not contravene, breach or result in any default under the organizational documents of
the Energy General Partner, Energy GP LP or BRELP, as applicable; 
 3.4.5 no authorization, consent or approval, or filing with
or notice to any Person is required in connection with the execution, delivery or performance by the Energy General Partner on behalf of BRELP of this Agreement; and 
 3.4.6 this Agreement constitutes a valid and legally binding obligation of BRELP enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium,
fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair
dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. 

ARTICLE 4 
 TERMINATION 
  

	4.1	Term 

 The term of this
Agreement (the “Term”) will begin on the date hereof and will continue in full force and effect until terminated in accordance with Section 4.2. 
  

	4.2	Termination 

 The rights
and obligations of the parties to this Agreement will terminate and no longer be of any effect concurrently with the termination of the Master Services Agreement in accordance with the terms of the Master Services Agreement. 

ARTICLE 5 
 RESOLUTION OF DISPUTES AND ARBITRATION 
  

	5.1	Dispute 

 Any dispute or
disagreement of any kind or nature between the parties arising out of or in connection with this Agreement (a “Dispute”) shall be resolved in accordance with this Article 5, to the extent permitted by applicable law.

  
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	5.2	Arbitration 

 5.2.1 Any
Dispute shall be submitted to arbitration (the “Arbitration”) by one Arbitrator pursuant to the procedure set forth in this Section 5.2 and pursuant to the arbitration rules set forth in the Arbitration Act, 1991
(Ontario) (the “Act”). If the provisions of this Section 5.2 are inconsistent with the provisions of the Act and to the extent of such inconsistency, the provisions of this Section 5.2 shall prevail in any Arbitration.

 5.2.2 Any party may make a demand for Arbitration by sending a notice in writing to any other party, setting forth the nature
of the Dispute, the amount involved and the name of the Arbitrator it proposes to be appointed. The demand for Arbitration shall be made no later than thirty (30) days after the event giving rise to the Dispute. 

5.2.3 Within thirty (30) days after any demand for Arbitration under Section 5.2.2, the parties shall have agreed on the
designation of the Arbitrator or should the parties fail to do so, the Arbitrator may be appointed by a judge of the Ontario Superior Court of Justice upon motion of any party (in either case, the “Arbitrator”). 

5.2.4 The Arbitration hearings shall be held in a location in Ontario specified in the demand for Arbitration and shall commence no later
than thirty (30) days after the determination of the Arbitrator under Section 5.2.3. The decision of the Arbitrator shall be made not later than sixty (60) days after its appointment. The decision of the Arbitrator, shall be final
without appeal and binding on the parties. 
 5.2.5 Each party involved in the Dispute shall bear the costs and expenses of all
lawyers, consultants, advisors, witnesses and employees retained by it in any Arbitration. The expenses of the Arbitrator shall be paid equally by the parties unless the Arbitrator otherwise provides in its award. 

 

	5.3	Confidentiality 

 All
information disclosed by any party in relation to the resolution of Disputes pursuant to the terms hereof shall be subject to the provisions of Section 6.2 hereof and shall not be used for any purpose other than the resolution of a Dispute
pursuant to the terms hereof. 
  

	5.4	Continued Performance 

During the conduct of Dispute resolution procedures pursuant to this Article 5, the parties shall continue to perform their
respective obligations under this Agreement and no party shall exercise any other remedies to resolve a Dispute. 
  

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 ARTICLE 6 

GENERAL PROVISIONS 
  

	6.1	Assignment 

 6.1.1 None of
the rights or obligations hereunder shall be assignable or transferable by any party without the prior written consent of the other parties. 
 6.1.2 Any purported assignment of this Agreement in violation of this Section 6.1 shall be null and void. 
  

	6.2	Confidentiality and Disclosure of Material Changes 

 Each of the parties hereby agrees that it will not at any time use, disclose or make available to any party, and will take reasonable steps to prevent such disclosure and restrain further disclosure by
any other party, and will take reasonable steps to prevent such disclosure and restrain further disclosure by any other party, any information disclosed pursuant to this Agreement (the “Confidential Information”), except:

 6.2.1 such use as may be expressly permitted in or necessary or advisable for the performance of this Agreement; 

6.2.2 such disclosure as may be required in order to comply with any applicable law, including disclosure obligations of the BREP Group or
the Brookfield Group; 
 6.2.3 such information as comes into the public domain independently where the person disclosing the
same is not under an obligation of confidentiality to Brookfield; and 
 6.2.4 such information as can be demonstrated by the
party desiring to disclose such information, to have come into its possession independently of anything done under this Agreement. 
  

	6.3	Enurement 

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

	6.4	Notices 

 Any notice or
other communication required or permitted to be given hereunder will be in writing and will be given by prepaid first-class mail, by facsimile or other means of electronic communication or by hand-delivery as hereinafter provided. Any such notice or
other communication, if mailed by prepaid first-class mail at any time other than during a general discontinuance of postal service due to strike, lockout or otherwise, will be deemed to have been received on the fourth Business Day after the
post-marked date thereof, or if sent by facsimile or other means of electronic communication, will be deemed to have been received on the Business Day following the sending, or if delivered by hand will be deemed to have been received at the

  
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time it is delivered to the applicable address noted below either to the individual designated below or to an individual at such address having apparent authority to accept deliveries on behalf
of the addressee. Notice of change of address will also be governed by this section. In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices or other communications will be delivered by hand or sent
by facsimile or other means of electronic communication and will be deemed to have been received in accordance with this section. Notices and other communications will be addressed as follows: 

 

	 	6.4.1	if to BREP : 

 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 
  

	 	6.4.2	if to BRELP : 

 BREP Holding L.P.

 c/o Appleby Corporate Services 
 Canon’s Court 
 22 Victoria Street 

PO Box HM 1179 

Hamilton HM 12 

Bermuda 

Attention: Secretary 
 Telecopier number: 441-298-3304 
  

	 	6.4.3	if to CanHoldco: 

 Brookfield BRP
Holdings (Canada) Inc. 
 1700-180 Kent Street 
 Ottawa, Ontario 
 K1P 0B6 

Attention: Secretary 
 Telecopier number: 819-561-7188 
  

	 	6.4.4	if to Bermuda Holdco: 

 BRP
Bermuda Holdings I Limited 
 c/o Appleby Corporate Services 

 
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Canon’s Court 
 22 Victoria Street 

PO Box HM 1179 

Hamilton HM EX 

Bermuda 

Attention: Secretary 
 Telecopier number: 441-298-3304 
  

	 	6.4.5	if to Brookfield: 

 Brookfield
Asset Management Inc. 
 Suite 300, Brookfield Place 
 181 Bay Street, Box 762, 
 Toronto, Ontario 

M5J 2T3 

Attention: General Counsel 
 Telecopier number: 416-365-9642 
  

	 	6.4.6	if to the Canadian Manager: 

 BRP
Energy Group L.P. 
 Suite 300, Brookfield Place 
 181 Bay Street, Box 762 
 Toronto, Ontario 

M5J 2T3 

Attention: Chief Executive Officer 
 Telecopier number: 416-363-2856 
  

	 	6.4.7	if to the International Manager: 

Brookfield Renewable Energy Group (Bermuda) Limited 
 Cedar Court, 2nd Floor 
 Wildey Business Park 

St. Michael, Barbados 
 Attention: Secretary 
 Telecopier number: 246-436-6967 

 

	 	6.4.8	if to the US Manager: 

Brookfield Renewable Energy Group LLC 
 Three World Financial Center 
 200 Vesey Street, 11th Floor 

New York, New York 
 10281-1021 
  
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 Attention: President 

Telecopier number: 212-417-7196 

or to such other addresses or facsimile numbers as a party may from time to time notify the other in accordance with this Section 6.4. 

 

	6.5	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 parties 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. 

 

	6.6	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. 

 

	6.7	Other Holding Entities 

The parties acknowledge that any Holding Entity that is not a party to this Agreement will execute a counterpart of this Agreement
agreeing to be bound by the terms of this Agreement. 
 [NEXT PAGE IS SIGNATURE PAGE] 

 
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 IN WITNESS WHEREOF the parties have executed this Agreement as of the day and year
first above written. 
  

			
	BROOKFIELD ASSET MANAGEMENT INC.
		
	By:	 	/s/ “Joseph Freedman”
		 	Name: Joseph Freedman
		 	Title: Senior Managing Partner

  

			
	BRP ENERGY GROUP L.P., by its general partner, BROOKFIELD RENEWABLE ENERGY GROUP G.P. INC.
		
	By:	 	/s/ “Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory

  

			
	BROOKFIELD RENEWABLE ENERGY GROUP LLC
		
	By:	 	/s/ “David A. Bono”
		 	Name: David A. Bono
		 	 Title: Vice President of Law and General
           Counsel, U.S. Operations

  

			
	BROOKFIELD RENEWABLE ENERGY GROUP (BERMUDA) LIMITED
		
	By:	 	/s/ “Jane Sheere”
		 	Name: Jane Sheere
		 	Title: Secretary

  
 [BREP RELATIONSHIP AGR]

  

 
			
	BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. by its general partner, 2288509 ONTARIO INC.
		
	By:	 	/s/ “Jane Sheere”
		 	Name: Jane Sheere
		 	Title: Authorized Signatory

  

			
	BROOKFIELD RENEWABLE ENERGY L.P. by its general partner, BREP HOLDING L.P. by its general partner, 2288508 ONTARIO INC.
		
	By:	 	/s/ “Jane Sheere”
		 	Name: Jane Sheere
		 	Title: Authorized Signatory

  

			
	BROOKFIELD BRP HOLDINGS (CANADA) INC.
		
	By:	 	/s/ “Patricia Bood”
		 	Name: Patricia Bood
		 	Title: Authorized Signatory

  

			
	BRP BERMUDA HOLDINGS I LIMITED
		
	By:	 	/s/ “Jane Sheere”
		 	Name: Jane Sheere
		 	Title: Secretary

  
 [BREP RELATIONSHIP AGR]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]