Document:

EX-10.2

Table of Contents

 Exhibit 10.2 

BROOKFIELD ASSET MANAGEMENT INC. 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION 
 Rights Agent 
  

 
 RIGHTS AGREEMENT 

 
  

Dated as of July 30, 2020 
  

Table of Contents

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 Section 
1.     Certain Definitions
	  	 	2	 
		
	 Section 
2.     Appointment of Rights Agent
	  	 	5	 
		
	 Section 
3.     Secondary Exchange Rights
	  	 	5	 
		
	 Section 
4.     Satisfaction of Secondary Exchange Rights
	  	 	6	 
		
	 Section 
5.     Exercise of Rights
	  	 	9	 
		
	 Section 
6.     Confirmation Procedures
	  	 	9	 
		
	 Section 
7.     BEP Units Record Date
	  	 	11	 
		
	 Section 
8.     Collateral Account
	  	 	11	 
		
	 Section 
9.     Registration of BEP Unit Resales
	  	 	14	 
		
	 Section 
10.    Concerning BAM
	  	 	14	 
		
	 Section 
11.    Rights of Action
	  	 	16	 
		
	 Section 
12.    Concerning the Rights Agent
	  	 	16	 
		
	 Section 
13.    Merger or Consolidation or Change of Name of Rights Agent
	  	 	17	 
		
	 Section 
14.    Duties of Rights Agent
	  	 	17	 
		
	 Section 
15.    Change of Rights Agent 
	  	 	20	 
		
	
Section 16.    Notices
	  	 	21	 
		
	 Section 
17.    Supplements and Amendments
	  	 	22	 
		
	
Section 18.    Successors
	  	 	23	 
		
	 Section 
19.    Benefits of this Agreement
	  	 	23	 
		
	
Section 20.    Severability
	  	 	23	 
		
	 Section 
21.    Governing Law; Forum Selection
	  	 	23	 
		
	
Section 22.    Counterparts
	  	 	24	 
		
	 Section 
23.    Descriptive Headings
	  	 	24	 
		
	 Section 
24.    Administration; Termination
	  	 	24	 
		
	 Section 
25.    No Waiver; Cumulative Rights 
	  	 	24	 
		
	 Section 
26.    Fractional Units
	  	 	24	 
		
	 Section 27.    Book
Entry
	  	 	25	 

  

  
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 RIGHTS AGREEMENT 

This Rights Agreement (this “Agreement”) is dated as of July 30, 2020 between Brookfield Asset
Management Inc., a corporation organized under the laws of Ontario, Canada (“BAM”), and Wilmington Trust, National Association (the “Rights Agent”). 

WHEREAS, Brookfield Renewable Partners L.P. (“BEP”) has agreed to distribute class A exchangeable subordinate
voting shares (the “Class A Shares”) of Brookfield Renewable Corporation (the “Company,” and together with BEP, “our group”) to the holders of BEP Units pursuant to a special
distribution (the “Special Distribution”), and additionally to BAM and its subsidiaries (other than entities within our group), and in connection therewith, certain Affiliates of BAM will become service providers to the Company and
certain of the Company’s Affiliates pursuant to an amendment to the amended and restated master services agreement dated February 26, 2015 among BAM, BEP and others (the “Master Services Agreement”), which amendment will
be effective as of the distribution date for the Special Distribution (the “Distribution Date”); 

WHEREAS, pursuant to the terms of the Company’s Articles, each Class A Shareholder will have the right (the
“Exchange Right”) to require the Company to exchange all or a portion of the Class A Shares held by such Class A Shareholder (such Class A Shares being hereafter referred to as “Subject
Class A Shares” and such exchanging Class A Shareholder, the “Exchanging Class A Shareholder”) for the BEP Units Amount or the Cash Amount in accordance with the terms and
conditions of the Company’s Articles; 
 WHEREAS, BEP may, in its sole and absolute discretion (including by means of a
standing resolution adopted by the board of directors of the general partner of BEP, which may be amended or withdrawn at any time) elect to satisfy the Company’s Exchange Right obligation and acquire the Subject Class A Shares from
such Exchanging Class A Shareholder in exchange for the BEP Units Amount or the Cash Amount, in accordance with the terms and conditions of the Company’s Articles; 

WHEREAS BAM is willing to provide for the delivery of the BEP Units Amount or, in its sole election, the Cash Amount to
satisfy the Class A Shareholders’ Secondary Exchange Right in the event that, in connection with any Subject Class A Shares, (i) the Company has not satisfied its Exchange Right obligation under the Company’s Articles by
delivering the BEP Units Amount or Cash Amount on the Specified Exchange Date (as hereinafter defined) and (ii) BEP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Shares from the
Exchanging Class A Shareholder in exchange for the delivery of the BEP Units Amount or the Cash Amount pursuant to the Company’s Articles on the Specified Exchange Date; 

WHEREAS, the Rights Agent desires to serve as agent for the Class A Shareholders with respect to the administration of
the Secondary Exchange Rights (as hereinafter defined); and 
 WHEREAS, BAM and the Rights Agent desire to set forth their
rights and obligations with respect to the Secondary Exchange Rights and the delivery of the BEP Units Amount or, at BAM’s sole election, the Cash Amount in satisfaction of the Secondary Exchange Rights. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as
follows: 
  

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 Section 1.    Certain
Definitions. 
 For purposes of this Agreement, the following terms have the meanings indicated: 

“Affiliate” shall have the meaning ascribed thereto in Rule 12b-2 of
the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement, including, for the avoidance of doubt, any future Affiliates. 

“Agreement” shall have the meaning set forth in the recitals. 

“Applicable Procedures” means, with respect to any transfer of securities that are held through DTC or
another Depositary, the rules and procedures of DTC or such other Depositary, as applicable, that apply to such transfer or exchange. 

“BAM” shall have the meaning set forth in the recitals. 

“BEP” shall have the meaning set forth in the recitals. 

“BEP Unit” shall mean a limited partnership interest in BEP representing a fractional part of all the limited
partner interests in BEP as outstanding on the date hereof (or any other class of equity security of BEP into which the limited partnership interests in BEP may be converted after the date hereof), which is designated as a “Unit”,
and shall include any limited partnership interest or other equity interest of BEP or any successor to BEP into which such BEP Unit is converted or for which such Unit is exchanged. 

“BEP Unit Convertible” shall mean any security, other than the Class A Shares, convertible into or
redeemable for BEP Unit(s), provided such conversion or redemption right is freely and immediately exercisable by the holder thereof at any time, including, for the avoidance of doubt and without limitation, redemption-exchange units of Brookfield
Renewable Energy L.P. 
 “BEP Unit Release Price” shall mean, as of the date of withdrawal of any BEP Unit
or BEP Unit Convertible from the Collateral Account, an amount in cash or Cash Equivalents equal to one hundred and fifty percent (150%) of the BEP Unit Value of such BEP Units or the BEP Unit Value of the number of BEP Units into which such BEP
Unit Convertible may be converted or redeemed for, as of such date. 
 “BEP Unit Value” shall have the
meaning as provided in the Company’s Articles. 
 “BEP Units Amount” shall have the meaning as
provided in the Company’s Articles. 
 “Business Day” shall mean any day other than a Saturday,
Sunday, or a day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close. 

“Cash Amount” shall have the meaning as provided in the Company’s Articles. 

“Cash Equivalents” shall mean (i) securities issued or directly and fully guaranteed or insured by the
United States or any agency or instrumentality thereof (provided that the full faith 

  
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and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition, (ii) readily marketable direct obligations issued by
any state of the United States or any political subdivision of any such state maturing within one year from the date of acquisition thereof and having one of the two highest ratings obtainable from either S&P or Moody’s, (iii) dollar
denominated time deposits, certificates of deposit and bankers acceptances of any commercial bank having, or which is the principal banking subsidiary of a bank holding company having, a combined capital and surplus of at least $1,000,000,000 with
maturities of not more than one year from the date of acquisition, (iv) repurchase obligations with a term of not more than seven (7) days for underlying securities of the types described in clause (i) above entered into with any bank
meeting the qualifications specified in clause (iii) above, and (v) investments in money market funds substantially all of whose assets are comprised of securities of the types described in clauses (i) through (v) above. 

“Class A Shareholder” shall mean any holder of at least one Class A Share. 

“Class A Shares” shall have the meaning set forth in the recitals. 

“Close of Business” on any given date shall mean 5:00 P.M., New York City time, on such date;
provided, however, that if such date is not a Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day. 

“Collateral Account” shall have the meaning as provided in Section 8. 

“Collateral Account Balance” shall mean the aggregate of the Collateral Account BEP Unit Balance and the
Collateral Account Cash Balance. 
 “Collateral Account BEP Unit Balance” shall mean, as of any date,
(i) the number of BEP Units in the Collateral Account plus (ii) the number of BEP Units issuable upon conversion or redemption of BEP Unit Convertibles in the Collateral Account as of such date. 

“Collateral Account Cash Balance” shall mean, as of any date, a number of BEP Units (rounded down to the
nearest whole unit) equal to the quotient of (i) the aggregate amount of cash and Cash Equivalents in the Collateral Account divided by (ii) the BEP Unit Value as of such date; provided that for purposes of
Section 8(d) and Section 8(e), the Collateral Account Cash Balance shall equal the aggregate amount of cash and Cash Equivalents in the Collateral Account as of such date. 

“Company” shall have the meaning set forth in the recitals. 

“Company Notice” shall mean a written notice in substantially the form attached hereto as Exhibit D-1 delivered by the Company to the Rights Agent, BEP and BAM, with respect to any Subject Class A Share, stating that (i) the Company has not satisfied its obligation under sections 26.12 and 26.14 of
the Company’s Articles with respect to such Subject Class A Share by delivering the Cash Amount or BEP Units Amount on the applicable Specified Exchange Date and (ii) BEP has not, upon its election in its sole and absolute discretion,
acquired such Subject Class A Share from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the Specified Exchange Date.

  
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 “Company’s Articles” shall mean the Articles of
Incorporation of the Company substantially in the form attached hereto as Exhibit A, as amended from time to time following the Distribution Date in accordance with its terms. 

“Conversion Factor” shall have the meaning as provided in the Company’s Articles. 

“Depositary” means a clearing agency registered under the Exchange Act. 

“Distribution Date” shall have the meaning set forth in the recitals, and BAM shall notify the Rights Agent
in writing immediately following the determination of such date. 
 “DTC” means The Depository Trust
Company. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Exchange Right” shall have the meaning set forth in the recitals. 

“Exchanging Class A Shareholder” shall have the meaning set forth in the recitals. 

“Exchanging Class A Shareholder Notice” shall mean a written notice in substantially the
form attached hereto as Exhibit D-2 delivered by a Class A Shareholder to the Rights Agent and BAM and containing a medallion guarantee, with respect to any Subject Class A Share, that
(i) the Company has not satisfied its obligation under sections 26.12 and 26.14 of the Company’s Articles by delivering the BEP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BEP has not, upon its
election in its sole and absolute discretion, acquired such Subject Class A Share from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the
Company’s Articles on the applicable Specified Exchange Date. 
 “Participant” means, with respect to
a Depositary, a Person who has an account with the Depositary. 
 “Person” shall mean any individual, firm,
corporation, partnership, limited partnership, limited liability partnership, business trust, limited liability company, unincorporated association or other entity, and shall include any successor (by merger or otherwise) of such entity. 

“Received Class A Share Account” shall have the meaning as provided in
Section 4(c). 
 “Registered BEP Unit” shall have the meaning set forth in
Section 9. 
 “Required Collateral Account Balance” shall mean, as of a
particular date, a number of BEP Units equal to the product of (i) the total number of Class A Shares outstanding on such date, excluding Class A Shares owned by BAM or its Affiliates, multiplied by (ii) the Conversion Factor in
effect on such date. 
 “Required Collateral Account Cash Balance” shall mean, as of a particular date, the
product of (i)(a) the Required Collateral Account Balance minus (b) the Collateral Account BEP 

  
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Unit Balance, multiplied by (ii) one hundred and twenty-five percent (125%) of the BEP Unit Value as of such date. 

“Rights Agent” shall have the meaning set forth in the recitals. 

“Secondary Exchange Right” shall have the meaning as provided in the Company’s Articles. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Specified Exchange Date” shall have the meaning as provided in the Company’s Articles. 

“Subject Class A Shares” shall have the meaning set forth in the recitals. 

“Term” shall mean the initial term from and including the Distribution Date to but excluding the 7th
anniversary of the Distribution Date together with any renewal term(s) pursuant to Section 24, unless earlier terminated in accordance with the terms hereof. 

Section 2.    Appointment of Rights Agent. 

The Rights Agent is hereby appointed to act as agent for the holders of the Secondary Exchange Rights, as a class and not
individually, in accordance with the express terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The obligations of the Rights Agent hereunder shall become effective as of the Distribution Date. The Rights Agent shall
neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document (including, without limitation, the Company’s Articles or the Class A Shares) other than this Agreement,
except to the extent that defined terms set forth in the Company’s Articles are expressly incorporated herein, whether or not an original or a copy of such agreement, instrument, or document has been provided to the Rights Agent; and the Rights
Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document. Except to the extent that defined terms set forth in the Company’s Articles are expressly
incorporated herein, references in this Agreement to any other agreement, instrument, or document are for the convenience of the parties and the Rights Agent has no duties or obligations with respect thereto. 

Section 3.    Secondary Exchange Rights. 

(a)    The Secondary Exchange Rights are a part of the terms of the Class A Shares and shall not be
transferred or assigned separate or apart from the Class A Shares. The Secondary Exchange Rights shall not be separately evidenced. Any sale, transfer, assignment or other disposition of a Class A Share shall also constitute the sale,
transfer, assignment or other disposition of the Secondary Exchange Rights associated with such Class A Share. 

(b)    Physical certificates for Class A Shares, if any, which become outstanding prior to the Close
of Business on the Final Expiration Date shall have impressed on, printed on, written on or otherwise affixed to them the following legend: 

  
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 This certificate also evidences and entitles the holder
hereof to certain Secondary Exchange Rights as set forth in a Rights Agreement between Brookfield Asset Management Inc. and Wilmington Trust, National Association, as Rights Agent, dated as of July 30, 2020, as it may from time to time be
amended or supplemented pursuant to its terms (the “Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company. The Company will mail
to the holder of this certificate a copy of the Agreement without charge after receipt of a written request therefor. The Secondary Exchange Rights are a part of the terms of the Class A Shares and shall not be transferred or assigned separate
or apart from the Class A Shares. 
 Notwithstanding this Section 3(b), the omission of a legend shall not
affect the enforceability of any part of this Agreement or the rights of any holder of the Secondary Exchange Rights. 
 
Section 4.    Satisfaction of Secondary Exchange Rights. 

(a)    BAM hereby agrees to satisfy, or cause to be satisfied, the obligations with respect to the
Secondary Exchange Rights contained in the Company’s Articles in accordance with the terms of this Agreement in the event that, in connection with any Subject Class A Share, (i) the Company has not satisfied its obligation under
sections 26.12 and 26.14 of the Company’s Articles by delivering the BEP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BEP has not, upon its election in its sole and absolute discretion, acquired such
Subject Class A Share from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the applicable Specified Exchange Date. 

(i)    In accordance with the Company’s Articles, the Company is required to deliver a Company
Notice, which shall be executed by an authorized signatory identified in Exhibit B-1 attached hereto (which exhibit may be updated by the Company from time to time in the Company’s reasonable
discretion, provided that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect), to the Rights Agent and BAM on the Specified Exchange Date if the conditions to the exercise of the Secondary
Exchange Rights set forth in the immediately preceding sentence with respect to such Subject Class A Shares have been satisfied, which Company Notice shall set forth the BEP Units Amount and the Cash Amount for such Subject Class A Shares
and any wire transfer or other delivery instructions necessary to permit the Rights Agent to transfer the BEP Units or the Cash Amount to the Exchanging Class A Shareholder and be in a format that is acceptable to the Rights Agent (determined
by the Rights Agent acting reasonably and in good faith). If the Rights Agent shall not have received a signed written notice executed by an authorized signatory identified in Exhibit B-2 attached
hereto from BAM (which exhibit may be updated by BAM from time to time in BAM’s reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect) by the Close of
Business on the Business Day immediately following the date the Rights Agent received the Company Notice, providing that BAM has elected, in BAM’s sole discretion, to fund the Cash Amount pursuant to Section 4(b)

  
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below, the Rights Agent shall exchange (in accordance with Section 4(e) below) such Subject Class A Shares for a number of BEP Units held in the Collateral Account
equal to the BEP Units Amount for such Subject Class A Shares set forth in such Company Notice and promptly, and in any event within two Business Days following the receipt of the Company Notice and the Subject Class A Shares in the
Received Class A Share Account pursuant to Section 4(c), deliver such BEP Units from the Collateral Account to the Exchanging Class A Shareholder; provided that if there shall not be enough BEP Units in the
Collateral Account to satisfy the BEP Units Amount with respect to one or more of such Subject Class A Shares, the Rights Agent shall exchange each such Subject Class A Share for an amount of cash from the Collateral Account equal to the
Cash Amount for such Subject Class A Share and promptly, and in any event within two Business Days of receipt of the Company Notice and the Subject Class A Shares in the Received Class A Share Account pursuant to
Section 4(c), deliver the Cash Amount to the Exchanging Class A Shareholder. For the avoidance of doubt, if for any given exercise of the Secondary Exchange Rights under this Section 4 there
are not enough BEP Units in the Collateral Account to satisfy the BEP Units Amount with respect to all Subject Class A Shares subject to such Secondary Exchange Right, the Rights Agent shall not cause any BEP Units to be exchanged with respect
to any such Subject Class A Shares, and shall instead only deliver to the Exchanging Class A Shareholder the Cash Amount with respect to each such Subject Class A Share from the Collateral Account. 

(ii)    In the event that, in connection with any Subject Class A Share, (i) the Company has
not satisfied its obligation under sections 26.12 and 26.14 of the Company’s Articles by delivering the BEP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BEP has not, upon its election in its sole and
absolute discretion, acquired such Subject Class A Share from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the
applicable Specified Exchange Date, the Exchanging Class A Shareholder shall have the right to deliver, or cause to be delivered, an original Exchanging Class A Shareholder Notice to the Rights Agent and BAM, which Exchanging Class A
Shareholder Notice shall set forth the number of such Subject Class A Shares and any wire transfer or other delivery instructions necessary to permit the Rights Agent to transfer the BEP Units Amount or the Cash Amount to the Exchanging
Class A Shareholder and be in a format that is acceptable to the Rights Agent (determined by the Rights Agent acting reasonably and in good faith). As promptly as practicable and in any event on or prior to the Business Day immediately
following the date of such Exchanging Class A Shareholder Notice, BAM shall provide written notice to the Rights Agent, which notice shall (i) set forth the BEP Units Amount and the Cash Amount for such Subject Class A Shares subject
to such Exchanging Class A Shareholder Notice and (ii) either (A) provide that BAM has elected, in BAM’s sole discretion, to fund the Cash Amount pursuant to Section 4(b) below with respect to such Subject
Class A Shares, or (B) instruct the Rights Agent to exchange (in accordance with Section 4(c), and 4(e) below) each Subject Class A Share in accordance with this
Section 4(a)(ii), it being understood that BAM shall not be obligated to deliver such notice to the Rights Agent if it has determined in good faith that the conditions to the exercise of the Secondary Exchange Right set
forth in Section 4(a) have not been satisfied. Upon receipt of an instruction by BAM pursuant to clause (ii)(B) of the immediately preceding sentence and receipt of an original Exchanging Class A Shareholder Notice and
the Subject Class A Shares in the Received Class A Share Account pursuant to Section 4(c), the Rights Agent shall exchange such Subject Class A Shares for a number of BEP Units held in the Collateral Account
equal to the BEP Units Amount for such Subject Class A Shares set forth in such BAM instructions and, on or prior 

  
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to the second Business Day following receipt of such instruction from BAM and receipt of an original Exchanging Class A Shareholder Notice, and the Subject Class A Shares in the
Received Class A Share Account pursuant to Section 4(c), deliver such BEP Units from the Collateral Account to the Exchanging Class A Shareholder; provided that if there shall not be enough BEP Units in the
Collateral Account to satisfy the BEP Units Amount with respect to one of more of such Subject Class A Shares, the Rights Agent shall exchange each such Subject Class A Share for an amount of cash from the Collateral Account equal to the
Cash Amount for such Subject Class A Share and, on or prior to the second Business Day following receipt of such instruction from BAM and receipt of an original Exchanging Class A Shareholder Notice, and the Subject Class A Shares in
the Received Class A Share Account pursuant to Section 4(c), deliver the Cash Amount to the Exchanging Class A Shareholder. The Rights Agent shall not take any action under this
Section 4(a)(ii) or otherwise upon receipt of an Exchanging Class A Shareholder Notice unless BAM has instructed the Rights Agent to exchange any Subject Class A Share for a number of BEP Units or the Cash Amount,
as applicable, as set forth in this Section 4(a)(ii). 
 (b)    With respect
to any Company Notice or Exchanging Class A Shareholder Notice, BAM shall have the right, in its sole and absolute discretion, to elect that the Rights Agent exchange the Subject Class A Shares for the Cash Amount for each Subject
Class A Share by providing written notice of such election to the Rights Agent on or prior to the Close of Business on the Business Day immediately following the date the Rights Agent received the Company Notice or Exchanging Class A
Shareholder Notice, as applicable, in accordance with Section 4(a)(i) and Section 4(a)(ii), as applicable. In the event that BAM shall make the election described in the immediately preceding
sentence and there shall not be an amount of cash in the Collateral Account sufficient to exchange any such Subject Class A Share for the Cash Amount, BAM shall deposit an amount of cash into the Collateral Account equal to the Cash Amount with
respect to each such Subject Class A Share simultaneously with the delivery of the written notice set forth in the immediately preceding sentence. In the event that BAM shall elect that the Rights Agent exchange the Subject Class A Shares
for the Cash Amount pursuant to this Section 4(b), the Rights Agent shall deliver the Cash Amount for each Subject Class A Share from the Collateral Account to the Exchanging Class A Shareholder on or before the
second Business Day following receipt of the written notice of such election from BAM and receipt of an original Exchanging Class A Shareholder Notice (only if applicable per Section 4(a)(ii)) and the Subject
Class A Shares in the Received Class A Share Account pursuant to Section 4(c). 

(c)    BAM shall establish a non-interest bearing trust account in
the name of BAM that will be administered by the Rights Agent for purposes of receiving any Subject Class A Shares exchanged pursuant to this Agreement (the “Received Class A Share Account”). Such Received
Class A Share Account information is as set forth in Exhibits D-1 and D-2. Any Class A Shares received by the Rights Agent pursuant to
Section 4(a) or Section 4(b) shall be delivered to the Received Class A Share Account. Any Class A Shares in the Received Class A Share Account shall be transferable to BAM or, at
BAM’s direction, an Affiliate of BAM which was the beneficial owner of the BEP Units transferred to the Exchanging Class A Shareholder, pursuant to delivery instructions provided by BAM to the Rights Agent (which may be standing written
instructions), and shall not be delivered into the Collateral Account, and thereafter BAM or such Affiliate, as applicable, shall be the beneficial owner of such Class A Shares with all rights, powers, privileges and preferences appurtenant
thereto, including, without limitation, the Exchange Right. Delivery to BAM or such Affiliate pursuant to this Section 4(c) shall be accomplished by the Rights Agent 

  
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instructing the transfer agent for the Class A Shares to record the transfer of the Class A Shares from the Received Class A Shares Account to, and the ownership thereof by, BAM or
such Affiliate in accordance with the Applicable Procedures. The Rights Agent shall provide BAM with online access to view the Received Class A Share Account, which online interface shall be kept reasonably up-to-date by the Rights Agent. 
 (d)    Notwithstanding
anything to the contrary contained in this Agreement, BAM shall be entitled to cause any of its Affiliates to take any action required to satisfy BAM’s obligations with respect to the Secondary Exchange Rights or otherwise pursuant to this
Agreement; provided that nothing other than full and complete payment and performance of such obligations shall relieve BAM of such obligations. 

(e)    In connection with an Exchanging Class A Shareholder’s exercise of the Secondary Exchange
Right with respect to any Subject Class A Shares held through DTC or another Depositary, such Exchanging Class A Shareholder shall deliver to the Rights Agent such Subject Class A Shares to the Received Class A Share Account
pursuant to DTC’s or such other Depositary’s Applicable Procedures. In addition, such Exchanging Class A Shareholder shall deliver to the Rights Agent via email or other appropriate method of communication on the Business Day prior to
the delivery of such Subject Class A Shares, a copy of such Exchanging Class A Shareholder’s Exchanging Class A Shareholder Notice; provided that the Rights Agent’s obligations pursuant to Section 4(a)(ii) shall
not be affected by such Exchanging Class A Shareholder’s failure to so deliver a copy of such Exchanging Class A Shareholder Notice if such Exchanging Class A Shareholder’s original Exchanging Class A Shareholder Notice
is received by the Rights Agent within two Business Days of the date that the Rights Agent receives such Subject Class A Shares pursuant to DTC’s or another Depositary’s Applicable Procedures. In connection with any transfer by an
Exchanging Class A Shareholder of any Subject Class A Shares required by this Agreement which are not held through DTC or another Depositary, such Exchanging Class A Shareholder shall take all necessary action to cause such Subject
Class A Shares to be delivered to the Received Class A Share Account. 

Section 5.    Exercise of Rights. 

The Rights Agent shall cause the BEP Units Amount delivered to any Exchanging Class A Shareholder pursuant to
Section 4(a) to be delivered to or upon the order of the Exchanging Class A Shareholder, registered in such name or names as such Exchanging Class A Shareholder held such Subject Class A Shares (all as set
forth in the Company Notice or the Exchanging Class A Shareholder Notice, as applicable). 

Section 6.    Confirmation Procedures. 

(a)    If the BEP Units Amount or the Cash Amount to be delivered pursuant to
Section 4 above is to be delivered in a name other than that in which the Subject Class A Shares surrendered in exchange therefor are registered in the stock transfer books or ledger of the Company, the BEP Units
Amount or the Cash Amount may be delivered to a Person other than the Person in whose name the Subject Class A Shares so surrendered are registered in the stock transfer books or ledger of the Company only if such Subject Class A Shares
are properly endorsed and otherwise in proper form for surrender and transfer and the Person requesting such delivery 

  
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has paid to BAM (or any agent designated by BAM) any transfer taxes reasonably expected to be required by reason of the payment of the BEP Units Amount or the Cash Amount to a Person other than
the registered holder of such Subject Class A Shares, or established to the reasonable satisfaction of BAM (or any agent designated by BAM) that such transfer taxes have been paid or are otherwise not payable. Upon satisfaction of the condition
in the immediately preceding sentence, BAM shall instruct the Rights Agent in writing to deliver such BEP Units Amount or Cash Amount to such other Person. Unless the Rights Agent has received such written instruction from BAM pursuant to the
immediately preceding sentence prior to the delivery by the Rights Agent of the BEP Units Amount or Cash Amount with respect to such Subject Class A Shares, the Rights Agent shall have no duty or obligation under this
Section 6(a) and shall deliver or cause to be delivered the BEP Units Amount or Cash Amount to the party designated in the Company Notice without further inquiry. 

(b)    All Subject Class A Shares shall be delivered to the Received Class A Share Account free
and clear of all liens, claims and encumbrances whatsoever, and should any such liens, claims and encumbrances exist or arise with respect to such Subject Class A Shares, the Exchanging Class A Shareholder shall not be entitled to exercise
its Secondary Exchange Rights with respect to such Subject Class A Shares. Each Exchanging Class A Shareholder will pay to BAM the amount of any tax withholding due upon the exchange of Subject Class A Shares pursuant to this
Agreement and, in the event BAM elects to acquire some or all of the Subject Class A Shares from the Exchanging Class A Shareholder in exchange for the Cash Amount in accordance with Section 4(b), will authorize
BAM to retain such portion of the Cash Amount as BAM reasonably determines is necessary to satisfy its tax withholding obligations. In the event BAM elects to acquire some or all of the Subject Class A Shares from the Exchanging Class A
Shareholder in exchange for the BEP Units Amount, BAM may elect to either satisfy the amount of any tax withholding due upon the exchange of Subject Class A Shares by retaining BEP Units with a fair market value, as reasonably determined by BAM
in good faith, equal to the amount of such obligation, or satisfy such tax withholding obligation using amounts paid by BAM, which amounts shall be treated as a loan by BAM to the Exchanging Class A Shareholder, in each case, unless the
Exchanging Class A Shareholder, at the Exchanging Class A Shareholder’s election, has paid or has made arrangements satisfactory to BAM, in its sole discretion, to pay, the amount of any such tax withholding. BAM shall notify the
Exchanging Class A Shareholder within one Business Day following the date of the Company Notice or the Exchanging Class A Shareholder Notice, as applicable, of BAM’s good faith estimate of the amount of any tax withholding due upon
the exchange of the Subject Class A Shares subject to such Company Notice or the Exchanging Class A Shareholder Notice, provide the Exchanging Class A Shareholder with sufficient opportunity to provide any forms or other documentation
or take such other steps in order to avoid or reduce such withholding, and reasonably cooperate with the Exchanging Class A Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this
Section 6(b); provided that any determination with respect to the withholding shall be made by BAM, in its sole discretion exercised in good faith. Notwithstanding anything to the contrary in this Section 6(b),
in no event shall an Exchanging Class A Shareholder be subject to withholding both under section 26.19 of the Company’s Articles and under this Section 6(b), and any amounts paid or withheld with respect to a
Subject Class A Share pursuant to section 26.19 of the Company’s Articles shall be credited against and deemed to satisfy the Exchanging Class A Shareholder’s withholding obligation pursuant to this
Section 6(b). 

  
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 Section 7.    BEP Units
Record Date. 
 Each former Exchanging Class A Shareholder who receives the BEP Units Amount upon the exercise of
the Secondary Exchange Right with respect to any Subject Class A Share pursuant to this Agreement shall for all purposes be deemed to have become the owner of the BEP Units representing the BEP Units Amount for which the Secondary Exchange
Right with respect to such Subject Class A Share is exercisable as of the date upon which such Class A Shareholder’s Subject Class A Share is duly surrendered in accordance with this Agreement. Prior to such Class A
Shareholder’s surrender of such Subject Class A Share in accordance with this Agreement, the Class A Shareholder shall not be entitled to any rights of a holder of such BEP Units for which the Secondary Exchange Right with respect to
such Subject Class A Share shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any
proceedings of BEP with respect to such BEP Units. For the avoidance of doubt, any Class A Shareholder who receives the Cash Amount in satisfaction of the Secondary Exchange Right with respect to any Class A Share pursuant to this
Agreement shall not be entitled to any rights of a holder of BEP Units at any time with respect to the BEP Units for which the Secondary Exchange Right with respect to such Subject Class A Share was exercisable prior to the receipt of such Cash
Amount. 
 Section 8.    Collateral Account. 

(a)    BAM or one or more Affiliates of BAM shall establish one or more
non-interest bearing trust accounts in the name of BAM or such Affiliates that will be administered by the Rights Agent (together, the “Collateral Account”). The Rights Agent shall requisition the
BEP Units Amount or the Cash Amount, as applicable, without any further action or approval from BAM, for payment to any Class A Shareholder in accordance with Section 4(a) or Section 4(b) in
accordance with the terms and conditions set forth in this Agreement. BAM shall be responsible for ensuring that the Collateral Account Balance shall at times equal or exceed the Required Collateral Account Balance. Notwithstanding anything to the
contrary contained in this Section 8 and subject to any additional requirements with respect to the Collateral Account Balance contained in this Section 8, in the event that the Collateral Account
Balance shall at any time be less than the Required Collateral Account Balance, including, without limitation, as a result of an adjustment to the Conversion Factor or an increase in the BEP Unit Value, within two Business Days, BAM shall, or shall
cause an Affiliate to, deposit into the Collateral Account either (i) a number of BEP Units or BEP Unit Convertibles or (ii) an amount of cash or Cash Equivalents, in an amount necessary to cause the Collateral Account Balance to be at
least equal to the Required Collateral Account Balance. The Rights Agent shall have no duty or obligation to calculate the Required Collateral Account Balance, determine the Conversion Factor, determine if the Collateral Account Balance equals or
exceeds the Required Collateral Account Balance, or determine the amounts necessary to cause the Collateral Account Balance to equal or exceed the Required Collateral Account Balance. BAM covenants and agrees that it will take all action within its
control (including making requests of third parties and enforcing any contractual rights and/or obligations) to convert or redeem any BEP Unit Convertibles if necessary to satisfy any Class A Shareholder’s Secondary Exchange Right in
accordance with this Agreement, and any delivery of a BEP Units Amount pursuant to this Agreement shall be made in the form of BEP Units and not, for the avoidance of doubt, in the form of BEP Unit Convertibles. To the extent that conversion or
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or penalties, such fees, payments, premiums or penalties shall be borne by BAM, or its applicable Affiliates, and shall either be satisfied directly by BAM or such Affiliates or shall be deemed
to reduce the Collateral Account Balance. BAM shall keep the Rights Agent informed of the Collateral Account Balance and the Required Collateral Account Balance in writing on a regular basis, and shall inform the Rights Agent in writing within two
Business Days of any change in the Collateral Account Balance or the Required Collateral Account Balance for any reason, including as a result of an adjustment to the Conversion Factor or an increase in the BEP Unit Value. 

(b)    Prior to or substantially concurrently with the issuance of any Class A Shares by the Company,
BAM shall, or cause an Affiliate of BAM to, deposit BEP Units or BEP Unit Convertibles into the Collateral Account such that, after taking into account the number of BEP Units issued or issuable upon conversion or redemption of such BEP Unit
Convertibles, the number of BEP Units deposited into the Collateral Account shall be equal to the product of (i) the number of such Class A Shares issued (excluding any shares issued to BAM or its Affiliates) multiplied by (ii) the
Conversion Factor. The Rights Agent shall have no duty or obligation to calculate the Conversion Factor, to determine the number of Class A Shares issued, or to determine the number of BEP Units or BEP Unit Convertibles necessary to equal the
product of (i) the number of such Class A Shares issued (excluding any shares issued to BAM or its Affiliates) multiplied by (ii) the Conversion Factor. 

(c)    Except as set forth in this Section 8(c), BAM and its Affiliates shall
not be entitled to withdraw any BEP Unit or BEP Unit Convertible from the Collateral Account. 

(i)    In the event that the Collateral Account Balance shall exceed the Required Collateral Account
Balance, either as a result of a change in the Conversion Factor or a decrease in the number of Class A Shares (excluding Class A Shares owned by BAM or its Affiliates) outstanding, BAM or an Affiliate of BAM shall be entitled to withdraw
(pursuant to a written instruction from BAM to the Rights Agent) from the Collateral Account a number of BEP Units, or BEP Unit Convertibles that are convertible into or redeemable for a number of BEP Units, up to an amount equal to (i) the
Collateral Account Balance minus (ii) the Required Collateral Account Balance. The Rights Agent shall be entitled to conclusively and exclusively rely upon such written instruction from BAM in accordance with this
Section 8(c)(i) without liability or further inquiry. 
 (ii)    BAM, or any
Affiliate of BAM, shall be permitted to withdraw from the Collateral Account a BEP Unit, or the number of BEP Unit Convertibles that are convertible into or redeemable for a BEP Unit, upon the deposit by BAM or any Affiliate of BAM of the BEP Unit
Release Price with respect to such BEP Unit, or the number of BEP Unit Convertibles that are convertible into or redeemable for such BEP Unit, in the Collateral Account. 

(d)    If at any time the Collateral Account Cash Balance shall be less than the Required Collateral
Account Cash Balance, BAM shall, or shall cause its Affiliates to, within two Business Days, deposit cash or Cash Equivalents (pursuant to a written instruction from BAM to the Rights Agent and as selected by BAM) in an amount necessary to cause the
Collateral Account Cash Balance to be at least equal to the Required Collateral Account Cash Balance. 

  
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 (e)    Except as set forth in this
Section 8(e), BAM and its Affiliates shall not be entitled to withdraw any cash or Cash Equivalents from the Collateral Account. 

(i)    If at any time the Collateral Account Cash Balance shall be greater than one hundred and twenty
percent (120%) of the Required Collateral Account Cash Balance, either as a result of a change in the Conversion Factor or a decrease in the number of Class A Shares (excluding Class A Shares owned by BAM or its Affiliates) outstanding,
BAM or its Affiliates shall be permitted to withdraw (pursuant to a written instruction from BAM to the Rights Agent) cash or Cash Equivalents in an amount not to exceed the excess of (i) the Collateral Account Cash Balance minus (ii) one
hundred and twenty percent (120%) of the Required Collateral Account Cash Balance. The Rights Agent shall be entitled to conclusively and exclusively rely upon such written instruction from BAM in accordance with this
Section 8(e)(i) without liability or further inquiry. 
 (ii)    Upon the
deposit in the Collateral Account of a number of BEP Units, or of BEP Unit Convertibles that are convertible into or redeemable for such number of BEP Units, BAM, or an Affiliate of BAM, shall be permitted to withdraw (pursuant to a written
instruction from BAM to the Rights Agent) cash or Cash Equivalents from the Collateral Account in an amount equal to the aggregate BEP Unit Value of such number of BEP Units, or of the number of BEP Units issuable upon the conversion or
redemption of such BEP Unit Convertibles, as applicable. 
 (f)    For the avoidance of doubt, BAM,
or its applicable Affiliates, shall remain the beneficial owner of any BEP Units or BEP Unit Convertibles deposited by BAM or such Affiliates into the Collateral Account for so long as such BEP Units or BEP Unit Convertibles remain in the Collateral
Account, and shall hold all of the rights, powers, privileges and preferences appurtenant to such BEP Units or BEP Unit Convertibles, including, without limitation, the right to distributions on such BEP Units or BEP Unit Convertibles. In the event
that the Collateral Account consists of more than one account and (i) the Rights Agent has not received written instructions from BAM as to which account to use for any specific transaction described in this Section 8
or (ii) there shall not be an amount within the account designated by BAM to satisfy any applicable BEP Units Amount or Cash Amount to be delivered pursuant to this Agreement, in such cases the Rights Agent shall follow an order of account
priority, to be provided in writing by BAM upon the establishment each new account, when determining which account to use for any of the transactions described in this Section 8. BAM also covenants and agrees that it will
take all action within its control to ensure that any transfer agent of the BEP Unit certificates and Class A Shares will comply with the Rights Agent’s instructions in carrying out the purposes of this Agreement. BAM shall provide the
Rights Agent with all necessary information and contact details for each transfer agent for the BEP Unit certificates and Class A Shares. The Rights Agent shall have no liability for the failure of any transfer agent to facilitate or effect any
transfers contemplated hereby, or for any delay in doing so, or for the failure of BAM of its obligations under this Section 8(f). Prior to any transfer contemplated by this Agreement, BAM shall instruct the transfer agents
for any BEP Unit certificates and Class A Shares to follow the instructions of the Rights Agent in connection with any exchange of Class A Shares for BEP Units as set forth herein. 

(g)    In connection with any transfer by BAM of BEP Units or BEP Unit Convertibles into the Collateral
Account required by this Agreement which are held through DTC 

  
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or another Depositary, BAM shall deliver to the Rights Agent such BEP Units or BEP Unit Convertibles to the Collateral Account pursuant to DTC’s or such other Depositary’s Applicable
Procedures. In connection with any transfer by BAM of BEP Units or BEP Unit Convertibles into the Collateral Account required by this Agreement which are not held through DTC or another Depositary, BAM shall take all necessary action to cause such
BEP Units or BEP Unit Convertibles to be delivered to the Collateral Account. 

Section 9.    Registration of BEP Unit Resales. 

In the event that a shelf registration statement, prospectus or Prospectus Exemption (as defined below) registering or
exempting, as applicable, the transfer of BEP Units (including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles in the Collateral Account) from the Collateral Account to an Exchanging Class A Shareholder
(or to such other Person as may be entitled thereto pursuant to the terms of this Agreement) has, at any time, not been effective for five (5) consecutive Business Days, BAM shall, or shall cause an Affiliate of BAM to, deposit in the
Collateral Account an amount of cash or Cash Equivalents equal to the BEP Unit Release Price for all BEP Units held in the Collateral Account (including BEP Units that are issuable upon conversion of for redemption for BEP Unit Convertibles in the
Collateral Account) that cease to be Registered BEP Units (as defined below) as a result thereof, within five (5) Business Days; provided, however, for the avoidance of doubt, no such deposit is required to the extent all of the
BEP Units in the Collateral Account, including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles in the Collateral Account, and the transfer of such BEP Units (including BEP Units that are issuable upon
conversion of or redemption for BEP Unit Convertibles in the Collateral Account) from the Collateral Account to an Exchanging Class A Shareholder (or to such other Person as may be entitled thereto pursuant to the terms of this Agreement) are
(i) registered under the Securities Act pursuant to an effective shelf registration statement with the Securities and Exchange Commission and (ii) qualified for distribution by BAM to Exchanging Class A Shareholders under the
securities laws applicable in each of the provinces and territories of Canada through the filing of a prospectus (or exempt from the applicable prospectus requirements in such jurisdictions (a “Prospectus Exemption”)) (each BEP Unit
so registered, including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles in the Collateral Account, a “Registered BEP Unit”). The Rights Agent shall have no duty or obligation (and no
liability) to determine if any BEP Unit, including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles, or any BEP Unit Convertible held in the Collateral Account or transferred to an Exchanging Class A
Shareholder is a Registered BEP Unit freely transferable under the U.S. federal securities laws or the laws applicable in each of the provinces and territories of Canada. 

Section 10.    Concerning BAM. 

(a)    BAM agrees that any Class A Shareholder may at any time and from time to time, without notice
to or further consent of BAM, extend the time of payment of the Exchange Rights or Secondary Exchange Rights, and may also make any agreement with the Company, BEP, or any other Person, for the extension, renewal, payment, compromise, discharge or
release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between a Class A Shareholder, on the one hand, and the Company, BEP or any such other Person,

  
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on the other hand, it being understood that no such action shall impair, affect, alter or increase BAM’s obligations under this Agreement or affect the validity or enforceability of this
Agreement. 
 (b)    BAM agrees that its obligations hereunder shall in no way be terminated, affected
or impaired by reason of (a) the assertion by any Class A Shareholder of any rights or remedies which it may have under or with respect to this Agreement or against any Person obligated hereunder, (b) any Class A
Shareholder’s failure to exercise, or delay in exercising, any such right or remedy or any right or remedy such Class A Shareholder may have hereunder, (c) any change in the structure or ownership of the Company, (d) any
insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company, BEP or any other Person, (e) the existence of any claim, set-off or other right that BAM may have at any time
against the Company, BEP or any of their respective Affiliates, whether in connection with the Exchange Right, the Secondary Exchange Rights or otherwise; (f) the validity or enforceability of the Exchange Right; or (g) any other
circumstance whatsoever which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company with respect to the Exchange Right, in bankruptcy or any other instance, other than as provided herein. 

(c)    To the fullest extent permitted by applicable law, BAM hereby expressly waives any and all rights
or defenses arising by reason of any applicable law which would otherwise require any election of remedies by any Class A Shareholder. BAM waives promptness, diligence, notice of the acceptance of this Agreement and of the Exchange Right, all
defenses that may be available by virtue of any valuation, stay, moratorium law or other similar applicable law now or hereafter in effect, any right to require the marshalling of assets of the Company or any other Person, and all suretyship
defenses generally. BAM acknowledges that it will receive substantial direct and indirect benefits from the Master Services Agreement and that this Agreement, including specifically the waivers set forth in this Agreement, is knowingly made in
contemplation of such benefits and after the advice of counsel. 
 (d)    BAM hereby unconditionally
waives any rights that it may now have or hereafter acquire against the Company or its subsidiaries that arise from the existence, payment, performance, or enforcement of BAM’s obligations under or in respect of this Agreement, including,
without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification. 

(e)    BAM hereby represents and warrants that: 

(i)    the execution, delivery and performance of this Agreement have been duly and validly authorized by
all necessary action, and do not contravene any provision of BAM’s organizational documents or any applicable law, order, judgment or contractual restriction binding on BAM or its assets; 

(ii)    all consents, approvals, authorizations, permits of, filings with and notifications to, any
governmental entity necessary for the due execution, delivery and performance of this Agreement by BAM have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any
governmental entity is required in connection with the execution, delivery or performance of this Agreement; 

  
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 (iii)    this Agreement constitutes a legal, valid and
binding obligation of the BAM enforceable against BAM in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar applicable laws affecting
creditors’ rights generally, and (ii) general equitable principles (whether considered in a proceeding in equity or at law); and 

(iv)    as of the date hereof, BAM has the financial capacity to pay and perform its obligations under
this Agreement. 
 Section 11.    Rights of Action. 

All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under
Section 12 hereof, are vested in the Class A Shareholders; and any Class A Shareholder may, without the consent of the Rights Agent or of any other Class A Shareholder, on such holder’s own behalf and
for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against BAM to enforce, or otherwise act in respect of, such holder’s right to exercise the Secondary Exchange Rights and the
Class A Shareholders’ rights under this Agreement, in each case in the manner provided in the Company’s Articles and in this Agreement. Without limiting the foregoing or any remedies available to the Class A Shareholders, it is
specifically acknowledged that the Class A Shareholders would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against actual or
threatened violations of the obligations of any Person subject to, this Agreement. BAM agrees to pay all expenses, including all reasonable and documented third party costs and
out-of-pocket expenses (including reasonable fees of counsel), actually paid or incurred by such Class A Shareholder in enforcing any of such Class A
Shareholder’s rights hereunder or otherwise relating to any litigation or other proceeding brought by such Class A Shareholder to enforce such Class A Shareholder’s rights hereunder, if such Class A Shareholder prevails in
such litigation or proceeding. 
 Section 12.    Concerning the Rights
Agent. 
 (a)    BAM agrees to pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder in accordance with Exhibit C attached hereto and, from time to time, on demand of the Rights Agent, its reasonable and documented
out-of-pocket expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its
duties hereunder. BAM also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything
done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim or liability in connection therewith. The indemnification provided for
hereunder shall survive the expiration of the Secondary Exchange Rights and the termination of this Agreement. The costs and expenses of enforcing this right of indemnification shall also be paid by BAM. The Rights Agent shall have no right of set-off against any funds in the Collateral Account with respect to any amounts owed to the Rights Agent by BAM hereunder. 

  
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 (b)    The Rights Agent may conclusively rely upon and
shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in reliance upon any instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document reasonably believed by it, in good faith, to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the
proper Person or Persons, or otherwise upon the advice of legal counsel to the Rights Agent (who may be an employee of the Rights Agent or outside legal counsel for the Rights Agent). Notwithstanding anything in this Agreement to the contrary, in no
event shall the Rights Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and
regardless of the form of the action. 
 Section 13.    Merger or
Consolidation or Change of Name of Rights Agent. 
 Any Person into which the Rights Agent or any successor Rights Agent
may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the corporate trust business of the
Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be
eligible for appointment as a successor Rights Agent under the provisions of Section 15 hereof. The acquisition of substantially all of the Rights Agent’s assets employed in the exercise of corporate trust powers shall
be deemed to be a merger or consolidation for purposes of this Section 
13. 
 Section 14.    Duties of Rights Agent. 

The Rights Agent undertakes the duties and obligations expressly set forth in this Agreement which shall be deemed purely
ministerial in nature and no implied duties or obligations shall be read into this Agreement against the Rights Agent. Under no circumstances will the Rights Agent be deemed to be a fiduciary to BAM, the Company, any Class A Shareholder or any
other person under this Agreement. The Rights Agent will not be responsible or liable for the failure of BAM, the Company, BEP, any transfer agent, any Class A Shareholder or any other person to perform in accordance with this Agreement. The
Rights Agent shall perform those duties and obligations upon the following terms and conditions: 

(a)    Before the Rights Agent acts or refrains from acting, it may consult with legal counsel (who may be
an employee of the Rights Agent or outside legal counsel for the Rights Agent), and the opinion of such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in
accordance with such opinion. 
 (b)    Whenever in the performance of its duties under this Agreement
the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically
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established by a certificate signed by an authorized signatory of BAM identified in Exhibit B-2 attached hereto (which exhibit may be updated by BAM
from time to time in BAM’s reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect) and delivered to the Rights Agent; and such certificate shall be full
authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

(c)    The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful
misconduct. The Rights Agent shall not be liable, directly or indirectly, for any special, indirect or consequential damages or losses of any kind whatsoever (including without limitation lost profits), even if the Rights Agent has been advised of
the possibility of such losses or damages and regardless of the form of action. 
 (d)    The Rights
Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Company’s Articles or be required to verify the same. 

(e)    The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement
or the execution and delivery hereof (except the due execution hereof by the Rights Agent); nor shall it be responsible for any breach by BAM of any covenant or condition contained in this Agreement; nor shall it by any act hereunder be deemed to
make any representation or warranty as to the authorization or reservation of any BEP Units to be issued pursuant to this Agreement or as to whether any BEP Units will, when so issued, be validly authorized and issued, fully paid and nonassessable.

 (f)    BAM agrees that it will perform, execute, acknowledge and deliver or cause to be performed,
executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 

(g)    The Rights Agent is hereby authorized and directed to accept (and shall be entitled to conclusively
and exclusively rely upon, without further inquiry) instructions with respect to the performance of its duties hereunder from any Person reasonably believed by the Rights Agent to be one of the authorized signatories of BAM listed on Exhibit B-2 attached hereto (which exhibit may be updated by BAM from time to time in BAM’s reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights
hereunder in any respect), and to apply to such Persons for advice or instructions in connection with its duties, and it shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such
officer. Without limiting the generality of the foregoing, whenever the Rights Agent is unable to decide between alternative courses of action permitted or required by the terms of this Agreement, or in the event that the Rights Agent is unsure as
to the application of any provision of this Agreement or believes any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any
determination or discretion by the Rights Agent or is silent or is incomplete as to the course of action that the Rights Agent is required to take with respect to a particular set of facts, the Rights Agent shall promptly give notice (in such form
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be adopted, and to the extent the Rights Agent acts in good faith in accordance with any written instructions received from BAM the Rights Agent shall not be liable on account of such action to
any person. If the Rights Agent shall not have received appropriate instruction within ten (10) days of such notice (or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it shall
be entitled to take no action and shall give prompt written notice of its decision not to take action to BAM, to the Company, and to any Exchanging Class A Shareholder that may be affected by such decision not to take action. Any application by
the Rights Agent for written instructions from BAM may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on or after which such action shall be
taken or such omission shall be effective. The Rights Agent shall not be liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such
application unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received, in response to such application, written instructions with respect to the proposed action or omission
specifying a different action to be taken or omitted. 
 (h)    To the extent permitted by applicable
law, the Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Class A Shares or other securities of the Company or become pecuniarily interested in any transaction in which BAM
or the Company may be interested, or contract with or lend money to BAM or the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any
other capacity for BAM, the Company or for any other Person. 
 (i)    The Rights Agent may execute and
exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of
any such attorneys or agents or for any loss to BAM or the Class A Shareholders resulting from any such act, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 

(j)    No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or
otherwise incur any financial liability (other than expenses and overhead incurred in the ordinary course by the Rights Agent’s performance under this Agreement) in the performance of any of its duties hereunder or in the exercise of its rights
if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 

(k)    Other than with respect to a Company Notice, Exchanging Class A Shareholder Notice, BAM
instruction, or deposit of Class A Shares in the Received Class A Share Account in accordance with Section 4, the Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event or
determination under this Agreement unless and until the Rights Agent shall be specifically notified in writing by BAM of such fact, event or determination. 

  
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 (l)    The Rights Agent shall not be responsible or
liable for any failure or delay in the performance of its obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes;
fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil
or military authority or governmental action; it being understood that the Rights Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably
practicable under the circumstances. 
 (m)    The Rights Agent may rely upon and shall not be liable
for acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder in accordance with the terms of this Agreement and reasonably believed by it to be genuine and to have been signed or presented by the
proper party or parties. The Rights Agent shall be under no duty to inquire into or investigate the validity, accuracy or content of any such document. 

(n)    Unless subject to reimbursement by BAM pursuant to Section 12(a) or
reasonably necessary in order for the Rights Agent to perform its express obligations hereunder in accordance herewith, notwithstanding anything contained herein or elsewhere to the contrary, the Rights Agent shall not be required to take any action
in any jurisdiction other than in the State of Delaware if the taking of such action will (x) require the Rights Agent in its individual capacity to obtain the consent, approval, authorization or order of or the giving of notice to, or the
registration with, or taking of any action in respect of, any state or other governmental authority or agency other than the State of Delaware; (y) result in any fee, tax or other governmental charge under the laws of any jurisdiction other
than the State of Delaware becoming payable by the Rights Agent in its individual capacity, or (z) subject the Rights Agent in its individual capacity to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of
action arising from acts unrelated to the consummation of the transactions by the Rights Agent contemplated hereby. 

(o)    The right of the Rights Agent to perform any discretionary act (if any) enumerated in this
Agreement shall not be construed as a duty. 
 Section 15.    Change
of Rights Agent. 
 The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under
this Agreement upon 30 days’ notice in writing mailed to BAM and the Company and to each transfer agent of the Class A Shares and the BEP Units by registered or certified mail. BAM may remove the Rights Agent or any successor Rights Agent
upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Class A Shares and the BEP Units by registered or certified mail. If the Rights Agent shall resign
or be removed or shall otherwise become incapable of acting, BAM shall appoint a successor to the Rights Agent. If BAM shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has been notified
in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by a Class A Shareholder, then any Class A Shareholder may apply to any court of competent jurisdiction for the appointment of a new Rights
Agent. Any successor Rights Agent, whether appointed by BAM or by such a court, shall be a corporation organized and doing business under the laws of the United States or of any 

  
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state of the United States, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and
which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $100 million. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it
had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, including, without limitation, the
Collateral Account, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment BAM shall file notice thereof in writing with the predecessor Rights
Agent, the Company, and each transfer agent of the Class A Shares and the BEP Units. Failure to give any notice provided for in this Section 15, however, or any defect therein, shall not affect the legality or validity
of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 
 
Section 16.    Notices. 
 Notices or demands authorized by this Agreement to be given
or made by the Rights Agent or by any Exchanging Class A Shareholder, other Class A Shareholder, or other holder of a Secondary Exchange Right, to or on BAM shall be sufficiently given or made if sent by first-class mail, postage prepaid,
addressed (until another address is filed in writing with the Rights Agent) as follows: 
 Brookfield Asset Management Inc.

 Brookfield Place, Suite 300 

181 Bay Street, P.O. Box 762 

Toronto, Ontario, Canada M5J 2T3 

Attention: Chief Legal Officer 

Subject to the provisions of Section 15 hereof, any notice or demand authorized by this Agreement to
be given or made by BAM or by any Exchanging Class A Shareholder, other Class A Shareholder, or other holder of a Secondary Exchange Right to or on the Rights Agent shall be sufficiently given or made if sent by registered or certified
mail and shall be deemed given upon receipt and, addressed (until another address is filed in writing with BAM) as follows: 

Wilmington Trust, National Association 

Attn: Robert L. Reynolds 

246 Goose Lane, Suite 105 

Guilford, CT 06437 

Phone: (203) 453-1318 

Fax: (203) 453-1183 

Email: rlreynolds@wilmingtontrust.com 

With a copy to the following Email address: restructuring@wilmingtontrust.com 

Notices or demands authorized by this Agreement to be given or made by BAM or the Rights Agent to any Class A Shareholder
shall be sufficiently given or made if sent by first-class 

  
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mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company or the transfer agent for the Class A Shares. 

Section 17.    Supplements and Amendments. 

BAM may from time to time, and the Rights Agent shall, if BAM so directs, supplement or amend this Agreement without the
approval of any Class A Shareholder in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, to make modifications necessary to reflect
changes in applicable law, including, without limitation, tax law, or to make any other change, in each case, provided that such change, amendment, modification or supplementation does not adversely affect any Class A Shareholder or its rights
hereunder in any respect. Except (i) as set forth in the immediately preceding sentence, (ii) with respect to amendments or modifications to this Agreement that would reasonably be expected to impact the economic equivalence of a
Class A Share with a BEP Unit or (iii) as otherwise contemplated by Section 4(a)(i) or Section 14(b) with respect to updates to Exhibits B-1
and B-2, any amendment or modification to this Agreement shall require (a) pursuant to a consent request duly conducted by, and at the expense of, BAM or (b) at a duly called annual or special
meeting of the Company’s shareholders, the affirmative consent or vote, as applicable, of holders of at least two-thirds of the outstanding Class A Shares not held by BAM, BEP or their controlled
Affiliates, voting as a class, and the approval of a majority of the independent directors (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – Audit Committees of the Canadian
Securities Administrators, as such provisions may be amended from time to time and, if applicable, the listing standards of the securities exchange(s) on which the Class A Shares may then be listed) of the Company. Any amendment or modification
to this Agreement that would reasonably be expected to impact the economic equivalence of a Class A Share with a BEP Unit shall require (i) at a duly called annual or special meeting of the Company’s shareholders, the affirmative
consent or vote, as applicable, of holders of a majority of the outstanding Class A Shares not held by BAM, BEP or their controlled Affiliates, voting as a class, or (ii) in the event that there is more than one independent director of the
Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – Audit Committees of the Canadian Securities Administrators, as such provisions may be amended from time to time and, if
applicable, the listing standards of the securities exchange(s) on which the Class A Shares may then be listed) who does not also serve on the board of the general partner of BEP (each a
“non-overlapping director”), the approval of a majority of such non-overlapping directors. Any supplement or amendment authorized by this
Section 17 shall be evidenced by a writing signed by BAM and the Rights Agent. Notwithstanding anything in this Agreement to the contrary, no supplement or amendment that changes the rights and duties of the Rights Agent
under this Agreement will be effective against the Rights Agent without the execution of such supplement or amendment by the Rights Agent. In executing any amendment or supplement contemplated hereby, the Rights Agent shall be provided with, and
shall be entitled to conclusively and exclusively rely upon, an opinion of counsel (which may be counsel to BAM) stating that the execution of such amendment or supplement is authorized or permitted by this Agreement and all conditions precedent to
the execution and delivery thereof have been duly satisfied or waived. 

  
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Section 18.    Successors. 

All the covenants and provisions of this Agreement by or for the benefit of BAM or the Rights Agent shall bind and inure to
the benefit of their respective successors and assigns hereunder. 

Section 19.    Benefits of this Agreement. 

Nothing in this Agreement shall be construed to give to any Person other than BAM, the Rights Agent and the Class A
Shareholders any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of BAM, the Rights Agent and the Class A Shareholders. 

Section 20.    Severability. 

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. If any provision of
this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. 

Section 21.    Governing Law; Forum Selection. 

This Agreement and the Secondary Exchange Rights issued hereunder shall be governed by, and construed in accordance with, the
laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof. Each party to this Agreement irrevocably and unconditionally agrees that any action suit or proceeding arising
out of this Agreement, and all the rights and obligations governed by this Agreement, including the rights of the Class A Shareholders in accordance with Section 11, shall be brought and determined exclusively in the
Delaware Court of Chancery or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware, or, if both the Delaware Court of Chancery and the federal courts within the
State of Delaware decline to accept jurisdiction over a particular matter, any other state court within the State of Delaware, and, in each case, any appellate court therefrom. No action, suit or proceeding relating thereto shall be commenced in any
other court. Service of any process, summons, notice or document if delivered or made pursuant to Section 16 shall be effective service of process for any action, suit or proceeding. Each party to this Agreement hereby
irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the aforementioned courts and
hereby further irrevocably and unconditionally waives all claims, and agrees not to plead or claim in any such court, that any action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

  
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Section 22.    Counterparts. 

This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument. 
 
Section 23.    Descriptive Headings. 
 The table of contents and descriptive headings
of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

Section 24.    Term 

Subject to Section 25, this Agreement shall continue during the initial seven (7) year term and
automatically renew for successive periods of two years unless BAM provides the Rights Agent with written notice of termination at least 60 days prior to the expiry of the applicable Term. 

Section 25.    Administration; Termination. 

This Agreement shall terminate on the earliest to occur of (i) the first Business Day where there shall be no
Class A Shares outstanding, other than Class A Shares owned by BAM or its Affiliates, (ii) (a) pursuant to a consent request duly conducted by, and at the expense of, BAM or (b) at a duly called annual or special meeting of the
Company’s shareholders, the affirmative consent or vote, as applicable, of holders of at least two-thirds of the outstanding Class A Shares not held by BAM, BEP or their controlled Affiliates, voting
as a class, and the approval of a majority of the independent directors (within the meaning of the listing standards of the securities exchange on which the Company’s securities may then be listed) of the Company, and (iii) termination in
accordance with Section 24. BAM shall provide the Rights Agent with written notice of the termination of this Agreement. 

Section 26.    No Waiver; Cumulative Rights. 

No failure on the part of any Class A Shareholder to exercise, and no delay in exercising, any right, remedy or power
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any Class A Shareholder of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power hereunder by such
Class A Shareholder or any other Class A Shareholder. Each and every right, remedy and power hereby granted to the Class A Shareholders shall be cumulative and not exclusive of any other right, remedy or power, and may be exercised by
any Class A Shareholder at any time or from time to time. 

Section 27.    Fractional Units. 

Class A Shareholders holding a number of Subject Class A Shares which would entitle such holders to receive less
than one whole BEP Unit pursuant to this Agreement shall receive cash in lieu of fractional units. Fractional BEP Units shall not be distributed to Class A Shareholders or credited to book-entry accounts. With respect to any delivery of BEP
Units to a Class A Shareholder under this Agreement, BAM shall promptly instruct the transfer agent for the 

  
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BEP Units to, as soon as practicable, (a) determine the number of whole BEP Units and fractional BEP Units allocable to each holder of record or beneficial owner of Class A Shares
entitled to receive BEP Units at such time, (b) aggregate all such fractional units into whole BEP Units and sell the whole BEP Units obtained thereby in open market transactions, in each case, at then-prevailing trading prices on behalf of
holders who would otherwise be entitled to fractional BEP Units, and (c) distribute to each such holder, or for the benefit of each such beneficial owner, such holder or owner’s ratable share of the net proceeds of such sale, based upon
the average gross selling price per BEP Unit after making appropriate deductions for any amount required to be withheld for tax purposes and any brokerage fees incurred in connection with these sales of fractional BEP Units. Neither BAM nor the
Rights Agent will guarantee any minimum sale price for the fractional BEP Units. Neither BAM nor the Rights Agent will pay any interest on the proceeds from the sale of fractional BEP Units. The transfer agent of the BEP Units acting on behalf of
the applicable party will have the sole discretion to select the broker-dealers through which to sell the aggregated fractional BEP Units and to determine when, how and at what price to sell such units, provided that neither the transfer agent nor
the broker-dealers through which the aggregated fractional BEP Units are sold shall be Affiliates of BAM. 
 
Section 28.    Book Entry. 
 Reference in this Agreement to certificates for
Class A Shares or BEP Units shall include, in the case of uncertificated shares or units, the balances indicated in the book-entry account system of the transfer agent for the Class A Shares or BEP Units, as applicable. Any legend required
to be placed on any certificates for Class A Shares or BEP Units may instead be included on any book-entry confirmation or notification to the registered holder of such Class A Shares or BEP Units. 

 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective duly authorized officers as of the day and year first above written. 
  

			
	Brookfield Asset Management Inc.
		
	By:	 	/s/ Jessica Diab
		 	 Name: Jessica Diab
 Title:   Vice
President

	
	 Wilmington Trust, National Association 

as Rights Agent

		
	By:	 	/s/ Robert L. Reynolds
		 	 Name: Robert L. Reynolds
 Title:  
Vice President

 [Signature Page to Rights Agreement] 

Table of Contents

 EXHIBIT A 

Form of the Company’s Articles 

BUSINESS CORPORATIONS ACT 

FORM OF ARTICLES 
 of

 BROOKFIELD RENEWABLE CORPORATION 

TABLE OF CONTENTS 
  

					
	 PART 1 INTERPRETATION
	  	 	1	 
	 PART 2 SHARES AND SHARE CERTIFICATES
	  	 	16	 
	 PART 3 ISSUE OF SHARES
	  	 	18	 
	 PART 4 SHARE REGISTERS
	  	 	19	 
	 PART 5 SHARE TRANSFERS
	  	 	19	 
	 PART 6 TRANSMISSION OF SHARES
	  	 	21	 
	 PART 7 PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES
	  	 	21	 
	 PART 8 BORROWING POWERS
	  	 	22	 
	 PART 9 ALTERATIONS
	  	 	22	 
	 PART 10 MEETINGS OF SHAREHOLDERS
	  	 	24	 
	 PART 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS
	  	 	26	 
	 PART 12 VOTES OF SHAREHOLDERS
	  	 	30	 
	 PART 13 DIRECTORS
	  	 	35	 
	 PART 14 ELECTION AND REMOVAL OF DIRECTORS
	  	 	36	 
	 PART 15 POWERS AND DUTIES OF DIRECTORS
	  	 	43	 
	 PART 16 INTERESTS OF DIRECTORS AND OFFICERS
	  	 	44	 
	 PART 17 PROCEEDINGS OF DIRECTORS
	  	 	45	 
	 PART 18 EXECUTIVE AND OTHER COMMITTEES
	  	 	48	 
	 PART 19 OFFICERS
	  	 	50	 
	 PART 20 INDEMNIFICATION
	  	 	50	 
	 PART 21 DIVIDENDS
	  	 	52	 
	 PART 22 ACCOUNTING RECORDS AND AUDITOR
	  	 	54	 
	 PART 23 NOTICES
	  	 	54	 
	 PART 24 PROHIBITIONS
	  	 	57	 
	 PART 25 FORUM SELECTION
	  	 	58	 
	 PART 26 SPECIAL RIGHTS AND RESTRICTIONS CLASS A EXCHANGEABLE SUBORDINATE VOTING
SHARES
	  	 	58	 
	 PART 27 SPECIAL RIGHTS AND RESTRICTIONS CLASS B MULTIPLE VOTING SHARES
	  	 	67	 
	 PART 28 SPECIAL RIGHTS AND RESTRICTIONS CLASS C
NON-VOTING SHARES
	  	 	70	 
	 PART 29 SPECIAL RIGHTS AND RESTRICTIONS CLASS A SENIOR PREFERRED SHARES
	  	 	73	 
	 PART 30 SPECIAL RIGHTS AND RESTRICTIONS CLASS B JUNIOR PREFERRED SHARES
	  	 	75	 

Table of Contents

	
	Number:                                   
 

 BUSINESS CORPORATIONS ACT 

ARTICLES 
 of 

BROOKFIELD RENEWABLE CORPORATION 

(the “Company”) 

PART 1 
 INTERPRETATION

 Definitions 

1.1    In these Articles, unless the context otherwise requires: 

(a)    “Act” means the Business Corporations Act (British Columbia) from time
to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act; 

(b)    “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; 

(c)    “BAM” means Brookfield Asset Management Inc., a corporation existing under the
Laws of the Province of Ontario, and is deemed to refer to all successors, including, without limitation, by operation of Law; 

(d)    “BEP” means Brookfield Renewable Partners L.P., a Bermuda exempted limited
partnership, and is deemed to refer to all successors, including, without limitation, by operation of Law; 

(e)    “BEP-Affiliated Class A
Shareholder” means BEP or a Person Controlled by BEP to the extent BEP or such other Person holds Class A Shares; 

(f)    “BEP Distribution Declaration Date” means the date on which the BEP GP declares
any distribution on the BEP Units; 
 (g)    “BEP Distributed Right” has the meaning as
provided in clause (ii) of the definition of “Conversion Factor” below; 

(h)    “BEP GP” means the general partner of BEP from time to time; 

(i)    “BEP Liquidation Event” has the meaning as provided in §25.26; 

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 (j)    “BEP Unit” means a limited
partnership interest in BEP representing a fractional part of all the limited partnership interests in BEP, other than a preferred limited partnership interest, and which limited partnership interest is designated by BEP as an “Equity
Unit” (as defined in the Amended and Restated Limited Partnership Agreement of BEP dated as of November 20, 2011), and includes any limited partnership interest or other equity interest of BEP into which such BEP Unit is converted or for
which such BEP Unit is exchanged; 
 (k)    “BEP Unit Value” means, with respect to a
BEP Unit on a particular date, the market price of a BEP Unit on such date or, if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if the BEP Units are listed on a U.S.
National Securities Exchange, the closing price per BEP Unit (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such
day for such U.S. National Securities Exchange; (ii) if the BEP Units are not listed on a U.S. National Securities Exchange but are listed on the TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank of
Canada as of 4:30 p.m., Eastern Time, on such date) of the closing price per BEP Unit (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid
and average ask prices) on such day for the TSX; (iii) if the BEP Units are not listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the last quoted bid price on such day in the
over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; (iv) if the BEP Units are not listed or admitted to
trading on any U.S. National Securities Exchange or the TSX and the BEP Units are not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid and ask prices on such day from each of at least three nationally recognized independent investment banking firms selected by the Company for such purpose or (v) if none of the
conditions set forth in clauses (i), (ii), (iii) or (iv) is met, then the amount that a holder of one BEP Unit would receive if each of the assets of BEP were sold for its fair market value on such date, BEP were to pay all of its
outstanding liabilities and the remaining proceeds were to be distributed to its partners in accordance with the terms of its partnership agreement; 

(l)        “BEP Units Amount” means, with respect to each Tendered
Share, such number of BEP Units equal to the Conversion Factor in effect on the Valuation Date with respect to such Tendered Shares; 

(m)    “board of directors”, “directors” and “board”
mean the directors or sole director of the Company for the time being; 
 (n)    “Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York, United States of America or Toronto, Ontario, Canada are authorized or required by Law to close; 

(o)    “Cash Amount” means (a) with respect to each Tendered Class A Share, an
amount in cash equal to the product of (i) the applicable BEP Units Amount for such Tendered Class A Share multiplied by (ii) the BEP Unit Value as of the applicable Valuation Date, and (b) with respect to each Tendered
Class B Share and Tendered Class C Share, an amount in cash equal to the BEP Unit Value for such Tendered Class B Share or Tendered Class C Share, as applicable; 

  
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 (p)    “Class A Distributed
Right” has the meaning as provided in clause (vi) of the definition of “Conversion Factor” below; 

(q)    “Class A Dividend” has the meaning as provided in §25.2;

 (r)    “Class A Senior Preferred Share” means a class A senior
preferred share of the Company; 
 (s)    “Class A Share” means a
class A exchangeable subordinate voting share of the Company; 

(t)    “Class A Share Value” means, with respect to a Class A
Share on a particular date, the market price of a Class A Share on such date or, if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if the Class A Shares are listed
on a U.S. National Securities Exchange, the closing price per Class A Share (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average
ask prices) on such day for such U.S. National Securities Exchange; (ii) if the Class A Shares are not listed on a U.S. National Securities Exchange but are listed on the TSX, the U.S. dollar equivalent (calculated using the rate published
by the Bank of Canada as of 4:30 p.m., Eastern Time, on such date) of the closing price per Class A Share (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average
of the average bid and average ask prices) on such day for the TSX; (iii) if the Class A Shares are not listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the last quoted bid price on such day in the over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; (iv) if the Class A Shares are not listed or admitted to trading
on any U.S. National Securities Exchange or the TSX and the Class A Shares are not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid and ask prices on such day from each of at least three nationally recognized independent investment banking firms selected by the Company for such purpose or (v) if none of the
conditions set forth in clauses (i), (ii), (iii) or (iv) is met then the amount that a holder of one Class A Share would receive if each of the assets of the Company were sold for its fair market value on such date, the Company were to pay
all of its outstanding liabilities and the remaining proceeds were to be distributed to its shareholders in accordance with the terms of these Articles; 

(u)    “Class A Shareholder” means a holder of Class A Shares;

 (v)    “Class B Junior Preferred Share” means a class B junior
preferred share of the Company; 
 (w)    “Class B Retraction
Amount” has the meaning as provided in §26.11; 

  
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 (x)    “Class B Retraction
Right” has the meaning as provided in §26.11; 

(y)    “Class B Share” means a class B multiple voting share of the
Company; 
 (z)    “Class B Shareholder” means a holder of
Class B Shares; 
 (aa)    “Class C Retraction Amount” has the
meaning as provided in §27.8; 
 (bb)    “Class C Retraction
Right” has the meaning as provided in §27.8; 

(cc)    “Class C Share” means a class C
non-voting share of the Company; 

(dd)    “Class C Shareholder” means a holder of Class C Shares;

 (ee)    “Close of Business” means 5:00 p.m., Eastern Time; 

(ff)    “Company” means Brookfield Renewable Corporation; 

(gg)    “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 of 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; 

(hh)    “Conversion Factor” means 1.0; provided that in the event that: 

(i)    BEP (a) declares or pays a distribution on its outstanding BEP Units wholly or partly in BEP
Units; (b) splits or subdivides its outstanding BEP Units or (c) effects a reverse unit split or otherwise combines or reclassifies its outstanding BEP Units into a smaller number of BEP Units, the Conversion Factor shall be adjusted to
equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such event by a fraction, (x) the numerator of which shall be the number of BEP Units issued and
outstanding as of the Close of Business on the Record Date for such distribution or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable (assuming for such purpose that such distribution,
split, subdivision, reverse split, combination or reclassification has occurred as of such time), and (y) the denominator of which shall be the actual number of BEP Units (determined without the above assumption) issued and outstanding as of
the Close of Business on the Record Date for such distribution or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable. 

  
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 Any adjustment under this clause (i) shall become effective immediately
after the Open of Business on the Record Date for such distribution, or immediately after the Open of Business on the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable. If such distribution of
the type described in this clause (i) is declared but not so paid or made and will not be so paid or made, the Conversion Factor shall be immediately readjusted, effective as of the date the BEP GP determines not to pay such distribution, to
the Conversion Factor that would be in effect if such distribution had not been declared. 
 (ii)    BEP
distributes any rights, options or warrants to all or substantially all holders of BEP Units to convert into, exchange for or subscribe for or to purchase or to otherwise acquire BEP Units (or other securities convertible into, exchangeable for or
exercisable for BEP Units) (each a “BEP Distributed Right”), then, as of the Record Date for the distribution of such BEP Distributed Rights or, if later, the time such BEP Distributed Rights become exercisable, the Conversion
Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date by a fraction (A) the numerator of which shall be the number of BEP Units issued
and outstanding as of the Close of Business on the Record Date (or, if later, the date such BEP Distributed Rights become exercisable) plus the maximum number of BEP Units deliverable or purchasable under such BEP Distributed Rights and (B) the
denominator of which shall be (x) the number of BEP Units issued and outstanding as of the Close of Business on the Record Date plus (y) such number of BEP Units determined by dividing the minimum aggregate cash purchase price under such
BEP Distributed Rights of the maximum number of BEP Units purchasable under such BEP Distributed Rights by the average of the BEP Unit Value for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the date of announcement of such issuance (or, if later, the date such BEP Distributed Rights become exercisable); provided, however, that, if any such BEP Distributed Rights expire or become no longer exercisable, then the Conversion
Factor shall be adjusted, effective retroactive to the Record Date of the BEP Distributed Rights, to reflect a reduced maximum number of BEP Units or any change in the minimum aggregate purchase price for the purposes of the above fraction. 

Any adjustment under this clause (ii) will be made successively whenever such rights, options or warrants are issued and
shall become effective immediately after the Open of Business on the Record Date for such issuance (or, if later, the date such rights, options or warrants become exercisable). To the extent that the BEP Units are not delivered and will not be
delivered after the exercise of such rights, options or warrants, the Conversion Factor shall be decreased to the Conversion Factor that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been
made on the basis of delivery of only the number of BEP Units actually delivered. If such rights, options or warrants are not so issued, the Conversion Factor shall be decreased, effective as of the date the BEP GP determines not to issue such
rights, options or warrants, to the Conversion Factor that would then be in effect if such Record Date for such issuance had not occurred. 

  
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 In determining the minimum aggregate purchase price under such BEP
Distributed Rights, there shall be taken into account any consideration received by BEP for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be
determined by the BEP GP. 
 (iii)        (A) BEP distributes to all or
substantially all holders of BEP Units evidences of its indebtedness or assets (including securities, but excluding distributions paid exclusively in cash, distributions referred to in clauses (i) or (ii) above or any Spin-off referred to in clause (iii)(B) below) or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities (but excluding distributions
referred to in clause (ii) above), the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such distribution by a
fraction (a) the numerator of which shall be the average of the BEP Unit Value over the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately prior to the
Ex-Dividend Date for such distribution and (b) the denominator of which shall be the average of the BEP Unit Value over the ten (10) consecutive Trading Day period ending on, and including, the
Trading Day immediately prior to the Ex-Dividend Date for such distribution less the fair market value on the Record Date for such distribution (as determined by the BEP GP) of the portion of the evidences of
indebtedness or assets, rights, options or warrants so distributed applicable to one BEP Unit. 
 Any adjustment under this
clause (iii)(A) will become effective immediately after the Open of Business on the Record Date for such distribution. If such distribution is not paid or made, the Conversion Factor shall be decreased, effective as of the date the BEP GP determines
not to pay or make such distribution, to be the Conversion Factor that would then be in effect if such distribution had not been declared. 

Notwithstanding the foregoing, if the fair market value (as determined by the BEP GP) of the portion of the evidences of
indebtedness or assets, rights, options or warrants distributable to one BEP Unit is equal to or greater than the average BEP Unit Value referenced above in this clause (iii)(A), in lieu of the foregoing adjustment, each Class A Shareholder
shall receive from the Company, in respect of each Class A Share, a distribution of cash payable out of the funds legally available therefor (at the same time as holders of the BEP Units), that in the determination of the Company, is comparable
as a whole in all material respects with the amount of BEP indebtedness or assets or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities that such holder would have
received if such holder owned a number of BEP Units equal to the Conversion Factor in effect immediately prior to the Record Date. 

  
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 (B) Where there has been a Spin-off,
the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such Spin-off by a
fraction (a) the numerator of which shall be the average of the Last Reported Sale Prices of the share capital or similar equity interest applicable to one BEP Unit distributed to BEP Unit holders over the Valuation Period plus the average of
the BEP Unit Value over the Valuation Period and (b) the denominator of which shall be the average of the BEP Unit Value over the Valuation Period; provided that, the Company may elect to pay cash in lieu of making an adjustment to the
Conversion Factor provided by this clause (iii)(B), in which case the Company shall be required to pay to the Class A Shareholders and the Class A Shareholders shall be entitled to receive, cash on the third (3rd) Business Day immediately
following the last Trading Day of the Valuation Period in an amount in respect of each Class A Share held, calculated by multiplying the BEP Unit Value on the Record Date of such Spin-off by the amount
the Conversion Factor would have increased as a result of such Spin-off if no such cash payment was made. 

Any adjustment under this clause (iii)(B) will be made immediately after the Close of Business on the last Trading Day of the
Valuation Period, but will be given effect as of the Open of Business on the Record Date for such Spin-off. 

Notwithstanding the foregoing, in respect of any exchange by a Class A Shareholder during the Valuation Period,
references contained in the definition of Valuation Period to “ten (10) consecutive Trading Days” shall be deemed for the purposes of the foregoing for such holder to be replaced with such lesser number of Trading Days as have elapsed
between the Record Date of such Spin-off and the Trading Day immediately preceding the Exchange Date in determining the Conversion Factor. If any such Spin-off does not
occur, the Conversion Factor shall be decreased, effective as of the date the BEP GP determines not to proceed with the Spin-off, to be the Conversion Factor that would then be in effect if such Spin-off had not been pursued. 
 (iv)        BEP
or one of its subsidiaries makes a payment in respect of a tender or exchange offer for the BEP Units (but excluding for all purposes any tender or exchange offer involving an offer to exchange BEP Units for Class A Shares or any other security
that is economically equivalent to BEP Units), to the extent that the cash and value of any other consideration included in the payment per BEP Unit exceeds the average of the BEP Unit Value over the ten (10) consecutive Trading Day period
commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), then the Conversion Factor shall be adjusted to
equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Trading Day next succeeding the Expiration Date by a fraction (a) the numerator of which shall be (x) the sum of
the aggregate value of all cash and any other consideration (as determined by the BEP GP) paid or payable in respect of BEP Units in such tender or exchange offer plus (y) the average of the BEP Unit Value over the ten (10) consecutive
Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date multiplied by the number of BEP Units issued and outstanding immediately after the Expiration Date (after giving effect to the purchase of all BEP
Units accepted for purchase or exchange in such tender or exchange offer, without duplication), and (b) the denominator of which shall be the number of BEP Units issued and outstanding immediately prior to the Expiration Date (before giving
effect to the purchase of all BEP Units accepted for purchase or exchange in such tender or exchange offer) multiplied by the average of the BEP Unit Value over the ten (10) consecutive Trading Day period commencing on, and including, the
Trading Day next succeeding the Expiration Date. 

  
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 For greater certainty, no adjustment under this clause (iv) will be
made for any normal course issuer bid or similar stock buyback. Any adjustment under this clause (iv) will be made immediately after the Close of Business on the tenth (10th) Trading Day immediately following, and including, the Trading Day
next succeeding the Expiration Date and shall be given effect as of the Open of Business on the day next succeeding the Expiration Date. 

Notwithstanding the foregoing, in respect of any exchange by a Class A Shareholder during the Valuation Period,
references above to “ten (10) consecutive Trading Days” shall be deemed for such holder to be replaced with such lesser number of Trading Days as have elapsed between the Expiration Date and the Trading Day immediately preceding the
Exchange Date in determining the Conversion Factor. 
 (v)        the Company
(a) declares or pays a dividend on its outstanding Class A Shares wholly or partly in Class A Shares; (b) splits or subdivides its outstanding Class A Shares or (c) effects a reverse share split or otherwise combines or
reclassifies its outstanding Class A Shares into a smaller number of Class A Shares, the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of
Business on the Record Date for such event by a fraction, (x) the numerator of which shall be the number of Class A Shares issued and outstanding as of the Close of Business on the Record Date for such dividend or the Effective Date for
such split, subdivision, reverse split, combination or reclassification, as applicable (determined without the assumption for such purpose that such dividend, split, subdivision, reverse split, combination or reclassification has occurred as of such
time), and (y) the denominator of which shall be the actual number of Class A Shares (assuming the above assumption has occurred) issued and outstanding as of the Close of Business on the Record Date for such dividend or the Effective Date
for such split, subdivision, reverse split, combination or reclassification, as applicable. 

  
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 Any adjustment under this clause (v) shall become effective immediately
after the Open of Business on the Record Date for such dividend, or immediately after the Open of Business on the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable. If such dividend of the type
described in this clause (v) is declared but not so paid or made and will not be so paid or made, the Conversion Factor shall be immediately readjusted, effective as of the date the board of directors determines not to pay such dividend, to the
Conversion Factor that would be in effect if such dividend had not been declared. 
 (vi)    the Company
distributes any rights, options or warrants to all or substantially all holders of Class A Shares to convert into, exchange for or subscribe for or to purchase or to otherwise acquire Class A Shares (or other securities convertible into,
exchangeable for or exercisable for Class A Shares) at a price per share that is less than the average of the Class A Share Value for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the date of announcement of such issuance (each a “Class A Distributed Right”), then, as of the Record Date for the distribution of such Class A Distributed Rights or, if later, the time such
Class A Distributed Rights become exercisable, the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date by a fraction
(A) the numerator of which shall be (x) the number of Class A Shares issued and outstanding as of the Close of Business on the Record Date (or, if later, the date such Class A Distributed Rights become exercisable) plus
(y) such number of Class A Shares determined by dividing the minimum aggregate cash purchase price under such Class A Distributed Rights of the maximum number of Class A Shares purchasable under such Class A Distributed
Rights by the average of the Class A Share Value for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance (or, if later, the date such
Class A Distributed Rights become exercisable) and (B) the denominator of which shall be the number of Class A Shares issued and outstanding as of the Close of Business on the Record Date (or, if later, the date such Class A
Distributed Rights become exercisable) plus the maximum number of Class A Shares purchasable under such Class A Distributed Rights; provided, however, that, if any such Class A Distributed Rights expire or become no longer
exercisable, then the Conversion Factor shall be adjusted, effective retroactive to the Record Date of the Class A Distributed Rights, to reflect a reduced maximum number of Class A Shares or any change in the minimum aggregate purchase
price for the purposes of the above fraction. 

  
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 Any adjustment under this clause (vi) will be made successively
whenever such rights, options or warrants are issued and shall become effective immediately after the Open of Business on the Record Date (or, if later, the date such Class A Distributed Rights become exercisable) for such issuance. To the
extent that the Class A Shares are not delivered and will not be delivered after the exercise of such rights, options or warrants, the Conversion Factor shall be increased to the Conversion Factor that would then be in effect had the increase
with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Class A Shares actually delivered. If such rights, options or warrants are not so issued, the Conversion Factor shall be
increased, effective as of the date the board of directors determines not to issue such rights, options or warrants, to the Conversion Factor that would then be in effect if such Record Date for such issuance had not occurred. 

In determining the minimum aggregate purchase price under such Class A Distributed Rights, there shall be taken into
account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the board of directors. 

Any adjustment to the Conversion Factor shall be calculated up to four (4) decimal places. Within ten (10) Business
Days of the effectiveness of any adjustment or readjustment of the Conversion Factor, the Company shall make a public announcement of such adjustment or readjustment. 

Notwithstanding the foregoing, the Conversion Factor shall not be adjusted in connection with (a) an event described in
clauses (i) through (iv) above (other than clause (iii)(B) above) if, in connection with such event, the Company makes a distribution of cash, Class A Shares, BEP Units and/or rights, options or warrants to acquire Class A Shares
and/or BEP Units with respect to all applicable Class A Shares, splits or subdivides the Class A Shares, distributes to all or substantially all holders of Class A Shares evidences of its indebtedness or assets or effects a reverse
split of, or otherwise combines or makes an offer for, the Class A Shares, as applicable, that, in the determination of the Company, is comparable as a whole in all material respects with such event, (b) a
Spin-off as described in clause (iii)(B) above if the Company makes a distribution of the share capital or similar equity interests distributed to BEP Unit holders in the
Spin-off in an amount and on terms that are comparable in all material respects to such Spin-off, or (c) an event described in clauses (v) through
(vi) above if, in connection with such event, BEP makes a distribution of cash, Class A Shares, BEP Units and/or rights, options or warrants to acquire Class A Shares and/or BEP Units with respect to all BEP Units, splits or
subdivides the BEP Units or effects a reverse split of, or otherwise combines or makes an offer for, the BEP Units, as applicable, that, in the determination of the Company, is comparable as a whole in all material respects with such event; 

  
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 (ii)    “Conversion Notice” has the
meaning as provided in §25.32; 
 (jj)    “Effective Date” means, with respect to
an event described in clauses (i) and (v) of the definition of “Conversion Factor” above, the first date on which the BEP Units or Class A Shares, as applicable, trade on the applicable exchange or in the applicable market, in a
regular way, reflecting the relevant unit or share split, subdivision, reserve split, combination or reclassification, as applicable; 

(kk)    “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended; 

(ll)    “Exchange Consideration” has the meaning as provided in §25.14; 

(mm)    “Exchange Date” means the date upon which a Tendering Class A
Shareholder’s Exchange Right has been satisfied by the delivery of the Exchange Consideration to such Tendering Class A Shareholder with respect to its Tendered Class A Shares; 

(nn)    “Exchange-Redemption Call Right” has the meaning as provided in §25.24; 

(oo)    “Exchange Right” has the meaning as provided in §25.12; 

(pp)    “Ex-Dividend Date” means, in respect of a
dividend or distribution on the applicable securities, (a) the date on which such securities are traded without an entitlement to such dividend or distribution or (b) where such securities trade on a due bill basis, the date on which such
dividend or distribution is paid; 
 (qq)    “Expiration Date” has the meaning as
provided in clause (iv) of the definition of “Conversion Factor” above; 

(rr)    “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), director(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 or managing director; 

(ss)    “Interpretation Act” means the Interpretation Act (British Columbia) from
time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act; 

(tt)    “Last Reported Sale Price” means with respect to a security on a particular date,
the market price of such security on such date or, if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if such security is listed on a U.S. National Securities Exchange, the
closing price per security (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for such U.S. National
Securities Exchange (or, if listed on more than one U.S. National Securities Exchange, the U.S. National Securities Exchange with the greatest volume of trading by dollar value over the 12-month period
preceding the date of the calculation); (ii) if such security is not listed on a U.S. National Securities Exchange but is listed on the TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank of Canada as of 4:30 p.m.,
Eastern Time, on such date) of the closing price per security (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such
day for the TSX; (iii) if such security is not listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the last quoted bid price on such day in the
over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; or (iv) if such security is not listed or admitted to trading
on any U.S. National Securities Exchange or the TSX and such security is not quoted in the over-the-counter market, the average of the
mid-point of the last quoted bid and ask prices on such day from each of at least three nationally recognized independent investment banking firms selected by the Company for such purpose; 

  
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 (uu)    “Laws” means all federal,
provincial, state, municipal, regional and local laws (including common law), by-laws, statutes, rules, regulations, principles of law and equity, orders, rulings, certificates, ordinances, judgments,
injunctions, determinations, awards, decrees, legally binding codes, policies or other requirements, whether domestic or foreign, and the terms and conditions of any grant of approval, permission, authority or license of any governmental entity, and
the term “applicable” with respect to such Laws and in a context that refers to one or more Persons, means such Laws as are binding upon or applicable to such Person or its assets; 

(vv)    “legal personal representative” means the personal or other legal representative
of the shareholder; 
 (ww)    “Liquidation Amount” has the meaning as provided in
§25.26; 
 (xx)    “Liquidation Call Consideration” has the meaning as provided in
§25.29; 
 (yy)    “Liquidation Call Right” has the meaning as provided in
§25.29; 
 (zz)    “Liquidation Date” has the meaning as provided in §25.26;

 (aaa)    “Liquidation Event” has the meaning as provided in §25.26; 

(bbb)    “Liquidation Reference Date” has the meaning as provided in §25.26; 

(ccc)    “Non-Affiliated Holders” means the
holders of Class A Shares other than BEP-Affiliated Class A Shareholders; 

(ddd)    “Notice of Class A Redemption” means a Notice of Redemption
substantially in the form set forth on Exhibit B hereto; 

  
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 (eee)    “Notice of Class B
Retraction” means a Notice of Retraction substantially in the form set forth on Exhibit C hereto; 

(fff)    “Notice of Class C Retraction” means a Notice of Retraction
substantially in the form set forth on Exhibit D hereto; 
 (ggg)    “Notice of
Exchange” means a Notice of Exchange substantially in the form set forth on Exhibit A hereto (or notice of the exercise of Exchange Rights in such other form as may be acceptable to the Company); 

(hhh)    “Open of Business” means 9:00 a.m., Eastern Time; 

(iii)    “Person” means any natural person, partnership, limited partnership, limited
liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust,
trustee, executor, administrator or other legal personal representative, governmental entity or other entity however designated or constituted and pronouns have a similarly extended meaning; 

(jjj)    “Preferred Shares” means the Class A Senior Preferred Shares and the
Class B Junior Preferred Shares; 
 (kkk)    “Record Date” means with respect to
any dividend, distribution or other transaction or event in which the holders of BEP Units and/or Class A Shares have the right to receive any cash, securities, assets or other property or in which BEP Units and/or Class A Shares are
exchanged for or converted into any combination of securities, cash, assets or other property, the date fixed for determination of holders of BEP Units and/or Class A Shares entitled to receive such cash, securities, assets or other property
(whether such date is fixed by the board of directors or the BEP GP, as applicable, or a duly authorized committee thereof, or as determined pursuant to any statute, constating document, contract or otherwise); 

(lll)    “Redemption Consideration” has the meaning as provided in §25.22; 

(mmm)    “registered address” of a shareholder means the shareholder’s address as
recorded in the central securities register; 
 (nnn)    “Rights Agent” means
Wilmington Trust, National Association or any successor thereto as rights agent for the Secondary Exchange Amount; 

(ooo)    “Rights Agreement” means that certain Rights Agreement dated on or about ∎
by and between BAM and the Rights Agent as it may be amended or modified from time to time in accordance with the terms thereof; 

(ppp)    “Secondary Exchange Amount” means, with respect to a Tendered Share, the BEP
Units Amount for such Tendered Share or, at the election of BAM, the Cash Amount for such Tendered Share, in each case, on the terms and subject to the conditions of the Rights Agreement; 

  
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 (qqq)    “Secondary Exchange Date”
means, with respect to any Class A Share, the date that is two (2) Business Days following the Specified Exchange Date or Specified Class A Redemption Date, as applicable, with respect to such Class A Share; 

(rrr)    “Secondary Exchange Right” has the meaning set forth in §25.17; 

(sss)    “share” means a share in the share structure of the Company; 

(ttt)    “special majority” means the number of votes described in §11.2 which is
required to pass a special resolution; 
 (uuu)    “Specified Class A
Redemption Date” means, with respect to the Notice of Class A Redemption, the sixtieth (60th) day following delivery of such Notice of Class A Redemption to the Class A Shareholder or such later day specified in such Notice
of Class A Redemption; 
 (vvv)    “Specified Class B Retraction
Date” means, with respect to each Notice of Class B Retraction, the thirtieth (30th) day following receipt of such Notice of Class B Retraction by the Company; 

(www)    “Specified Class C Retraction Date” means, with respect to
each Notice of Class C Retraction, the thirtieth (30th) day following receipt of such Notice of Class C Retraction by the Company; 

(xxx)    “Specified Exchange Date” means, with respect to each Notice of Exchange for
which an Exchange Date has not occurred prior thereto, the tenth (10th) Business Day following the receipt of such Notice of Exchange by the Transfer Agent; 

(yyy)    “Spin-off” means a payment by BEP of a
distribution of shares of any class or series, or similar equity interest, of or relating to a subsidiary or business unit of BEP, that are, or, when issued, will be, listed or admitted for trading on a U.S. National Securities Exchange or the TSX;

 (zzz)    “Tendered Class A Shares” has the meaning as provided in
§25.12; 
 (aaaa)    “Tendered Class B Shares” has the meaning
as provided in §26.11; 
 (bbbb)    “Tendered Class C Shares”
has the meaning as provided in §27.8; 
 (cccc)    “Tendered Shares” means the
Tendered Class A Shares, Tendered Class B Shares or Tendered Class C Shares, as applicable; 

(dddd)    “Tendering Class A Shareholder” has the meaning as provided
in §25.12; 
 (eeee)    “Tendering Class B Shareholder” has the
meaning as provided in §26.11; 
 (ffff)    “Tendering Class C
Shareholder” has the meaning as provided in §27.8; 

  
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 (gggg)    “Trading Day” means a day on
which (a) trading in the applicable securities generally occurs on a U.S. National Securities Exchange or, if the applicable securities are not then listed on a U.S. National Securities Exchange, on the TSX or such other market on which the
applicable securities are then traded and (b) a Last Reported Sale Price for the applicable securities is available on such securities exchange or market. If the applicable securities are not so listed, or in the case of unlisted securities, so
traded, “Trading Day” means a “Business Day”; 

(hhhh)    “Transfer” means any sale, assignment, surrender, gift or transfer of ownership
of, the granting or foreclosure of a pledge, mortgage, charge, security interest, hypothecation or other encumbrance, whether voluntary, involuntary, by operation of law or otherwise, or the entry into of any contract, option or other arrangement or
understanding with respect to the foregoing; 
 (iiii)    “Transfer Agent” means
Computershare Investor Services Inc., and includes any person who becomes a successor or replacement transfer agent is deemed to refer to all successors, including, without limitation, by operation of law of such transfer agent; 

(jjjj)    “TSX” means Toronto Stock Exchange; 

(kkkk)    “Unpaid Dividends” has the meaning as provided in §25.3; 

(llll)    “U.S. National Securities Exchange” means an exchange registered with the U.S.
Securities and Exchange Commission under Section 6(a) of the Exchange Act on which the applicable securities are listed, or if the applicable securities are not listed on an exchange so registered with the U.S. Securities and Exchange
Commission, any other U.S. exchange, whether or not so registered, on which the applicable securities are listed; 

(mmmm) “Valuation Date” means (i) the date of receipt by the Transfer Agent of a Notice of
Exchange, or by the Company of a Notice of Class B Retraction or Notice of Class C Retraction, as applicable, or, if such date is not a Trading Day, the first (1st) Trading Day thereafter; or (ii) the day immediately preceding the
date the Company issues a Notice of Class A Redemption, or, if such day is not a Business Day, the Trading Day immediately preceding such day; and 

(nnnn)    “Valuation Period” means, with respect to any
Spin-off, the ten (10) consecutive Trading Day period commencing on, and including, the Ex-Dividend Date of the Spin-off.

 Act and Interpretation Act Definitions Applicable 

1.2        The definitions in the Act and the definitions and rules of construction in the
Interpretation Act, with the necessary changes, so far as applicable, and except as the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Act and a definition or rule
in the Interpretation Act relating to a term used in these Articles, the definition in the Act will prevail. If there is a conflict or inconsistency between these Articles and the Act, the Act will prevail. 

  
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 Actions on Non-Business Days 

1.3        Whenever any payment to be made or action to be taken hereunder is required to be made or
taken on a day other than a Business Day, such payment shall be made or action taken on the next following Business Day. 
 Currency 

1.4        Except where otherwise expressly provided herein, all amounts are stated in U.S. currency.

 PART 2 
 SHARES AND
SHARE CERTIFICATES 
 Authorized Share Structure 

2.1        The authorized share structure of the Company consists of shares of the class or classes
and series, if any, described in the Notice of Articles of the Company. 
 Form of Share Certificate 

2.2        Each share certificate issued by the Company must comply with, and be signed as required
by, the Act. 
 Shareholder Entitled to Certificate, Acknowledgment or Written Notice 

2.3        Unless the shares of which the shareholder is the registered owner are uncertificated
shares, each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder’s name or (b) a
non-transferable written acknowledgment of the shareholder’s right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to
issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders’ duly authorized agents will be sufficient delivery to all. If a shareholder is the
registered owner of uncertificated shares, the Company must send to a holder of an uncertificated share a written notice containing the information required by the Act within a reasonable time after the issue or transfer of such share. 

Delivery by Mail 

2.4        Any share certificate or non-transferable written
acknowledgment of a shareholder’s right to obtain a share certificate may be sent to the shareholder by mail at the shareholder’s registered address and neither the Company nor any director, officer or agent of the Company is liable for
any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen. 

  
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 Replacement of Worn Out or Defaced Certificate or Acknowledgement 

2.5    If a share certificate or a non-transferable written acknowledgment of the
shareholder’s right to obtain a share certificate is worn out or defaced, the Company must, on production of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit: 

(a)    cancel the share certificate or acknowledgment; and 

(b)    issue a replacement share certificate or acknowledgment. 

Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment 

2.6    If a share certificate or a non-transferable written acknowledgment of a
shareholder’s right to obtain a share certificate is lost, stolen or destroyed, the Company must issue a replacement share certificate or acknowledgment, as the case may be, to the person entitled to that share certificate or acknowledgment, if
it receives: 
 (a)    proof satisfactory to it of the loss, theft or destruction; and 

(b)    any indemnity the directors consider adequate. 

Splitting Share Certificates 

2.7    If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the
shareholder’s name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share
certificate and issue replacement share certificates in accordance with that request. 
 Certificate Fee 

2.8    There must be paid to the Company, in relation to the issue of any share certificate under §2.5, §2.6 or
§2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors. 
 Recognition of Trusts 

2.9    Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any
share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or
statute or these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder. 

  
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 PART 3 

ISSUE OF SHARES 
 Directors Authorized

 3.1    Subject to the Act and the rights, if any, of the holders of issued shares of the Company, the Company may
allot, issue, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the consideration (including any premium at
which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share. 

Commissions and Discounts 

3.2    The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in
consideration of that person’s purchase or agreement to purchase shares of the Company from the Company or any other person’s procurement or agreement to procure purchasers for shares of the Company. 

Brokerage 

3.3    The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale
or placement of its securities. 
 Conditions of Issue 

3.4    Except as provided for by the Act, no share may be issued until it is fully paid. A share is fully paid when: 

(a)    consideration is provided to the Company for the issue of the share by one or more of the
following: 
 (i)    past services performed for the Company; 

(ii)    property; 

(iii)    money; and 

(b)    the value of the consideration received by the Company equals or exceeds the issue price set for
the share under §3.1. 
 Share Purchase Warrants and Rights 

3.5    Subject to the Act and the rights if any, of the holders of issued shares of the Company, the Company may issue
share purchase warrants, options and rights upon such terms and conditions as the directors determine, which share purchase warrants, options and rights may be issued alone or in conjunction with debentures, debenture stock, bonds, shares or any
other securities issued or created by the Company from time to time. 

  
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 PART 4 

SHARE REGISTERS 
 Central Securities
Register 
 4.1    As required by and subject to the Act, the Company must maintain a central securities register
and may appoint an agent to maintain such register. The directors may appoint one or more agents, including the agent appointed to keep the central securities register, as transfer agent for shares or any class or series of shares and the same or
another agent as registrar for shares or such class or series of shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place. If the directors designate a location
outside British Columbia as the location at which the company maintains its central securities register, the central securities register must be available for inspection and copying in accordance with the Act at a location inside British Columbia by
means of a computer terminal or other electronic technology. 
 PART 5 

SHARE TRANSFERS 
 Registering Transfers

 5.1    A transfer of a share must not be registered unless the Company or the transfer agent or registrar for the
class or series of shares to be transferred has received: 
 (a)    except as exempted by the Act, a
duly signed proper instrument of transfer in respect of the share; 
 (b)    if a share certificate has
been issued by the Company in respect of the share to be transferred, that share certificate; 

(c)    if a non-transferable written acknowledgment of the
shareholder’s right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment; and 

(d)    such other evidence, if any, as the Company or the transfer agent or registrar for the class or
series of share to be transferred may require to prove the title of the transferor or the transferor’s right to transfer the share, the due signing of the instrument of transfer and the right of the transferee to have the transfer registered.

  
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 Form of Instrument of Transfer 

5.2    The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back
of the Company’s share certificates of that class or series or in some other form that may be approved by the directors. 
 Transferor Remains
Shareholder 
 5.3    Except to the extent that the Act otherwise provides, the transferor of a share is deemed to
remain the holder of it until the name of the transferee is entered in a securities register of the Company in respect of the transfer. 
 Signing of
Instrument of Transfer 
 5.4    If a shareholder, or the shareholder’s duly authorized attorney, signs an
instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of
shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer:

 (a)    in the name of the person named as transferee in that instrument of transfer; or 

(b)    if no person is named as transferee in that instrument of transfer, in the name of the person on
whose behalf the instrument is deposited for the purpose of having the transfer registered. 
 Enquiry as to Title Not Required 

5.5    Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the
person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable
for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment
of a right to obtain a share certificate for such shares. 
 Transfer Fee 

5.6    There must be paid to the Company, in relation to the registration of a transfer, the amount, if any, determined by
the directors. 

  
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 PART 6 

TRANSMISSION OF SHARES 
 Legal Personal
Representative Recognized on Death 
 6.1    In case of the death of a shareholder, the legal personal
representative of the shareholder, or in the case of shares registered in the shareholder’s name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title
to the shareholder’s interest in the shares. Before recognizing a person as a legal personal representative of a shareholder, the Company shall receive the documentation required by the Act. 

Rights of Legal Personal Representative 

6.2    The legal personal representative of a shareholder has the same rights, privileges and obligations that attach to
the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Act and the directors have been deposited with the Company. This §6.2 does not apply in the
case of the death of a shareholder with respect to shares registered in the name of the shareholder and the name of another person in joint tenancy. 

PART 7 
 PURCHASE,
REDEEM OR OTHERWISE ACQUIRE SHARES 
 Company Authorized to Purchase, Redeem or Otherwise Acquire Shares 

7.1    Subject to the special rights or restrictions attached to the shares of any class or series and the Act, the
Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms determined by the directors. 

Sale and Voting of Purchased, Redeemed or Otherwise Acquired Shares 

7.2    If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift, cancel
or otherwise dispose of the share, but, while such share is held by the Company, it: 
 (a)    is not
entitled to vote the share at a meeting of its shareholders; 
 (b)    must not pay a dividend in
respect of the share; and 
 (c)    must not make any other distribution in respect of the share. 

Company Entitled to Purchase, Redeem or Otherwise Acquire Share Fractions 

7.3    The Company may, without prior notice to the holders, purchase, redeem or otherwise acquire for fair value any and
all outstanding share fractions of any class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of purchase or redemption of the share
fractions to the holders’ registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its central securities register to
reflect the purchase or redemption of such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly. 

  
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 PART 8 

BORROWING POWERS 

8.1    The Company, if authorized by the directors, may: 

(a)    borrow money in the manner and amount, on the security, from the sources and on the terms and
conditions that they consider appropriate; 
 (b)    issue bonds, debentures and other debt obligations
either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate; 

(c)    guarantee the repayment of money by any other person or the performance of any obligation of any
other person; and 
 (d)    mortgage, charge, whether by way of specific or floating charge, grant a
security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company. 

PART 9 
 ALTERATIONS

 Alteration of Authorized Share Structure 

9.1    Subject to §9.2 and the Act, the Company may by ordinary resolution (or a resolution of the directors in the
case of §9.1(c) or §9.1(f)): 
 (a)    create one or more classes of shares or, if none of the
shares of a class of shares are allotted or issued, eliminate that class of shares; 
 (b)    increase,
reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class of shares or establish a maximum number of shares that the Company is authorized to issue out of any class of shares for which no maximum is
established; 
 (c)    subdivide or consolidate all or any of its unissued, or fully paid issued,
shares; 

  
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 (d)    if the Company is authorized to issue shares of a
class of shares with par value: 
 (i)    decrease the par value of those shares; or 

(ii)    if none of the shares of that class of shares are allotted or issued, increase the par value of
those shares; 
 (e)    change all or any of its unissued, or fully paid issued, shares with par value
into shares without par value or any of its unissued shares without par value into shares with par value; 

(f)    alter the identifying name of any of its shares; or 

(g)    otherwise alter its shares or authorized share structure when required or permitted to do so by the
Act where it does not specify by a special resolution; 
 and, if applicable, alter its Notice of Articles and Articles accordingly. 

Special Rights or Restrictions 

9.2    Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding
shares to vote if their rights are prejudiced or interfered with, the Company may by ordinary resolution: 

(a)    create special rights or restrictions for, and attach those special rights or restrictions to, the
shares of any class of shares, whether or not any or all of those shares have been issued; or 

(b)    vary or delete any special rights or restrictions attached to the shares of any class of shares,
whether or not any or all of those shares have been issued, 
 and alter its Notice of Articles and Articles accordingly. 

Change of Name 

9.3    The Company may by directors resolution authorize an alteration of its Notice of Articles in order to change its
name or adopt or change any translation of that name. 
 Other Alterations 

9.4    If the Act does not specify the type of resolution and these Articles do not specify another type of resolution,
the Company may by ordinary resolution alter these Articles. 

  
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 PART 10 

MEETINGS OF SHAREHOLDERS 
 Annual
General Meetings 
 10.1    Unless an annual general meeting is deferred or waived in accordance with the Act, the
Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15
months after the last annual reference date at such time and place as may be determined by the directors. 
 Resolution Instead of Annual General Meeting

 10.2    If all the shareholders who are entitled to vote at an annual general meeting consent in writing by a
unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous
resolution passed under this §10.2, select as the Company’s annual reference date a date that would be appropriate for the holding of the applicable annual general meeting. A unanimous resolution passed in writing under this §10.2 may
be by signed document, fax, email or any other method of transmitting legibly recorded messages. Any electronic signature on a unanimous resolution, whether digital or encrypted, shall be deemed to have the same force and effect as a manual
signature. A unanimous resolution in writing may be in two or more counterparts which together are deemed to constitute one unanimous resolution in writing. 

Calling of Meetings of Shareholders 

10.3    The directors may, at any time, call a meeting of shareholders. 

Notice for Meetings of Shareholders 

10.4    The Company must send notice of the date, time and location of any meeting of shareholders (including, without
limitation, any notice specifying the intention to propose a resolution as a special resolution and any notice to consider approving a continuation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any
notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not),
to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting: 

(a)    if the Company is a public company, 21 days; 

(b)    otherwise, 10 days. 

  
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 Record Date for Notice 

10.5    The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of
any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. The record
date must not precede the date on which the meeting is held by fewer than: 
 (a)    if the Company is a
public company, 21 days; 
 (b)    otherwise, 10 days. 

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no
notice is sent, the beginning of the meeting. 
 Record Date for Voting 

10.6    The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at
any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. If no
record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting. 

Failure to Give Notice and Waiver of Notice 

10.7    The accidental omission to send notice of any meeting of shareholders to, or the
non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise,
waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of
objecting to the transaction of any business on the grounds that the meeting is not lawfully called. 
 Notice of Special Business at Meetings of
Shareholders 
 10.8    If a meeting of shareholders is to consider special business within the meaning of
§11.1, the notice of meeting must: 
 (a)    state the general nature of the special business; and

 (b)    if the special business includes considering, approving, ratifying, adopting or authorizing
any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders: 

(i)    at the Company’s records office, or at such other reasonably accessible location in British
Columbia as is specified in the notice; and 

  
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 (ii)    during statutory business hours on any one or
more specified days before the day set for the holding of the meeting. 
 Place of Meetings 

10.9    In addition to any location in British Columbia, any general meeting may be held in any location outside British
Columbia approved by a resolution of the directors, or if so approved by a resolution of the directors, any general meeting may be held entirely by means of an electronic or other communication facility that permits all persons participating in the
meeting to communicate adequately with each other to the extent permitted by the Act. 
 PART 11 

PROCEEDINGS AT MEETINGS OF SHAREHOLDERS 

Special Business 

11.1    At a meeting of shareholders, the following business is special business: 

(a)    at a meeting of shareholders that is not an annual general meeting, all business is special
business except business relating to the conduct of or voting at the meeting; 
 (b)    at an annual
general meeting, all business is special business except for the following: 
 (i)    business relating
to the conduct of or voting at the meeting; 
 (ii)    consideration of any financial statements of the
Company presented to the meeting; 
 (iii)    consideration of any reports of the directors or auditor;

 (iv)    the setting or changing of the number of directors; 

(v)    the election or appointment of directors; 

(vi)    the appointment of an auditor; 

(vii)    the setting of the remuneration of an auditor; 

(viii)    business arising out of a report of the directors not requiring the passing of a special
resolution; 
 (ix)    any other business which, under these Articles or the Act, may be transacted at a
meeting of shareholders without prior notice of the business being given to the shareholders. 

  
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 Special Resolutions 

11.2    The number of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution. 
 Ordinary Resolutions 

11.3    The number of votes required for the Company to pass an ordinary resolution at a general meeting of shareholders
is a majority of the votes cast on the resolution. 
 Quorum 

11.4    Subject to the special rights or restrictions attached to the shares of any class or series of shares, and to
§11.6, the quorum for the transaction of business at a meeting of shareholders is at least two shareholders who, whether present in person or represented by proxy, in the aggregate, hold at least 25% of the votes attached to the shares entitled
to be voted at the meeting. 
 11.5    Where a separate vote by a class or series or classes or series is required, the
quorum for that matter is at least two shareholders who, whether present in person or represented by proxy, in the aggregate, hold at least 25% of the votes attached to the shares of such class or series or classes or series entitled to vote on that
matter. 
 One Shareholder May Constitute Quorum 

11.6    If there is only one shareholder entitled to vote at a meeting of shareholders: 

(a)    the quorum is one person who is, or who represents by proxy, that shareholder, and 

(b)    that shareholder, present in person or by proxy, may constitute the meeting. 

Persons Entitled to Attend Meeting 

11.7    In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons
entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by
the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and
is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting. 
 Requirement of Quorum

 11.8    No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be
transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting. 

  
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 Lack of Quorum 

11.9    If, within one-half hour from the time set for the holding of a meeting of
shareholders, a quorum is not present: 
 (a)    in the case of a general meeting requisitioned by
shareholders, the meeting is dissolved, and 
 (b)    in the case of any other meeting of shareholders,
the meeting stands adjourned to the same day in the next week at the same time and place specified in the notice calling the meeting unless otherwise determined by an ordinary resolutions of those shareholders present and for which notification is
provided to all shareholders entitled to attend such meeting. 
 Lack of Quorum at Succeeding Meeting 

11.10    If, at the meeting to which the meeting referred to in §11.9(b) was adjourned, a quorum is not present
within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy one or more shareholders, entitled to attend and vote at the meeting
shall be deemed to constitute a quorum. 
 Chair 

11.11    The following individual is entitled to preside as chair at a meeting of shareholders: 

(a)    the chair of the board, if any; or 

(b)    if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if
any. 
 Selection of Alternate Chair 

11.12    If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after
the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the
meeting, that they will not be present at the meeting, the directors present may choose either one of their number or the lawyer of the Company to be chair of the meeting. If all of the directors present decline to take the chair or fail to so
choose or if no director is present or the lawyer of the Company declines to take the chair, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

 Adjournments 

11.13    The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time
to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. 

  
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 Notice of Adjourned Meeting 

11.14    It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be
transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting. 

Decisions by Show of Hands or Poll 

11.15    Subject to the Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands
unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy. 

Declaration of Result 

11.16    The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance
with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll
is directed by the chair or demanded under §11.15, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution. 

Motion Need Not be Seconded 

11.17    No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise,
and the chair of any meeting of shareholders is entitled to propose or second a motion. 
 Casting Vote 

11.18    In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on
a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder. 
 Manner of Taking Poll

 11.19    Subject to §11.20, if a poll is duly demanded at a meeting of shareholders: 

(a)    the poll must be taken: 

(i)    at the meeting, or within seven days after the date of the meeting, as the chair of the meeting
directs; and 
 (ii)    in the manner, at the time and at the place that the chair of the meeting
directs; 

  
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 (b)    the result of the poll is deemed to be the
decision of the meeting at which the poll is demanded; and 
 (c)    the demand for the poll may be
withdrawn by the person who demanded it. 
 Demand for Poll on Adjournment 

11.20    A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the
meeting. 
 Chair Must Resolve Dispute 

11.21    In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting
must determine the dispute, and the determination of the chair made in good faith is final and conclusive. 
 Casting of Votes 

11.22    On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way. 

No Demand for Poll on Election of Chair 

11.23    No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected. 

Demand for Poll Not to Prevent Continuance of Meeting 

11.24    The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent
the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded. 
 Retention of Ballots and
Proxies 
 11.25    The Company must, for at least three months after a meeting of shareholders, keep each ballot
cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period,
the Company may destroy such ballots and proxies. 
 PART 12 

VOTES OF SHAREHOLDERS 
 Number of Votes
by Shareholder or by Shares 
 12.1    Subject to any special rights or restrictions attached to any shares and to
the restrictions imposed on joint shareholders under §12.3: 

  
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 (a)    on a vote by show of hands, every person present
who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and 
 (b)    on a
poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy. 

Votes of Persons in Representative Capacity 

12.2    A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll,
and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is
entitled to vote at the meeting. 
 Votes by Joint Holders 

12.3    If there are joint shareholders registered in respect of any share: 

(a)    any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy,
in respect of the share as if that joint shareholder were solely entitled to it; or 
 (b)    if more
than one of the joint shareholders is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the
central securities register in respect of the share will be counted. 
 Legal Personal Representatives as Joint Shareholders 

12.4    Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for
the purposes of §12.3, deemed to be joint shareholders registered in respect of that share. 
 Representative of a Corporate Shareholder 

12.5    If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person
to act as its representative at any meeting of shareholders of the Company, and: 
 (a)    for that
purpose, the instrument appointing a representative must be received: 
 (i)    at the registered office
of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of Business Days specified in the notice for the receipt of proxies, or if no number of days is specified, two
Business Days before the day set for the holding of the meeting or any adjourned meeting; or 

  
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 (ii)    at the meeting or any adjourned meeting, by the
chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting; 

(b)    if a representative is appointed under this §12.5: 

(i)    the representative is entitled to exercise in respect of and at that meeting the same rights on
behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and 

(ii)    the representative, if present at the meeting, is to be counted for the purpose of forming a
quorum and is deemed to be a shareholder present in person at the meeting. 
 Evidence of the appointment of any such representative may be
sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages. 
 Proxy Provisions Do Not Apply to All
Companies 
 12.6    If and for so long as the Company is a public company or a
pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then §12.7 to §12.15 are not
mandatory, however the directors of the Company are authorized to apply all or part of such sections or to adopt alternative procedures for proxy form, deposit and revocation procedures to the extent that the directors deem necessary in order to
comply with securities laws applicable to the Company. 
 Appointment of Proxy Holders 

12.7    Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the
Company, entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy. 

Alternate Proxy Holders 

12.8    A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder. 

Proxy Holder Need Not Be Shareholder 

12.9    A proxy holder need not be a shareholder of the Company. 

  
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 Deposit of Proxy 

12.10    A proxy for a meeting of shareholders must: 

(a)    be received at the registered office of the Company or at any other place specified, in the notice
calling the meeting, for the receipt of proxies, at least the number of Business Days specified in the notice, or if no number of days is specified, two Business Days before the day set for the holding of the meeting or any adjourned meeting; or

 (b)    unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by
the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting. 
 A proxy may be
sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for
the meeting. 
 Validity of Proxy Vote 

12.11    A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the
shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received: 

(a)    at the registered office of the Company, at any time up to and including the last Business Day
before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or 

(b)    at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before
any vote in respect of which the proxy has been given has been taken. 

  
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 Form of Proxy 

12.12    A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form
approved by the directors or the chair of the meeting: 
 [name of company] 

(the “Company”) 

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder
for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting. 

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of
all shares registered in the name of the undersigned): _____________________ 
 Signed [month, day,
year]           
  

                       
                              

[Signature of shareholder]           

 

                       
                              

[Name of shareholder—printed] 
 Revocation
of Proxy 
 12.13    Subject to §12.14, every proxy may be revoked by an instrument in writing that is
received: 
 (a)    at the registered office of the Company at any time up to and including the last
Business Day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or 

(b)    at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before
any vote in respect of which the proxy has been given has been taken. 
 Revocation of Proxy Must Be Signed 

12.14    An instrument referred to in §12.13 must be signed as follows: 

(a)    if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be
signed by the shareholder or the shareholder’s legal personal representative or trustee in bankruptcy; 

(b)    if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be
signed by the corporation or by a representative appointed for the corporation under §12.5. 

  
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 Production of Evidence of Authority to Vote 

12.15    The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at
the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote. 
 PART 13

 DIRECTORS 
 First Directors;
Number of Directors 
 13.1    The first directors are the persons designated as directors of the Company in the
Notice of Articles that applies to the Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under §14.8, is set at: 

(a)    subject to §(b) and §(c), the number of directors that is equal to the number of the
Company’s first directors; 
 (b)    if the Company is a public company, the greater of three and
the most recently set of: 
 (i)    the number of directors set by a resolution of the directors
(whether or not previous notice of the resolution was given); and 
 (ii)    the number of directors in
office pursuant to §14.4; 
 (c)    if the Company is not a public company, the most recently set
of: 
 (i)    the number of directors set by a resolution of the directors (whether or not previous
notice of the resolution was given); and 
 (ii)    the number of directors in office pursuant to
§14.4. 
 Change in Number of Directors 

13.2    If the number of directors is set under §13.1(b)(i) or §13.1(c)(i), subject to any restrictions in the
Act and to §14.8, the board of directors may appoint the directors needed to fill any vacancies in the board of directors up to that number. 

Directors’ Acts Valid Despite Vacancy 

13.3    An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or
otherwise required under these Articles is in office. 

  
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 Qualifications of Directors 

13.4    A director is not required to hold a share in the share structure of the Company as qualification for his or her
office but must be qualified as required by the Act to become, act or continue to act as a director. 
 Remuneration of Directors 

13.5    The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to
time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. 
 Reimbursement of
Expenses of Directors 
 13.6    The Company must reimburse each director for the reasonable expenses that he or she
may incur in and about the business of the Company. 
 Special Remuneration for Directors 

13.7    If any director performs any professional or other services for the Company that in the opinion of the directors
are outside the ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or
she may be entitled to receive. 
 Gratuity, Pension or Allowance on Retirement of Director 

13.8    Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or
pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of
any such gratuity, pension or allowance. 
 PART 14 

ELECTION AND REMOVAL OF DIRECTORS 

Election at Annual General Meeting 

14.1    At every annual general meeting and in every unanimous resolution contemplated by §10.2: 

(a)    the shareholders entitled to vote at the annual general meeting for the election of directors must
elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and 

(b)    all the directors cease to hold office immediately before the election or appointment of directors
under §(a), but are eligible for re-election or re-appointment. 

  
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 Consent to be a Director 

14.2    No election, appointment or designation of an individual as a director is valid unless: 

(a)    that individual consents to be a director in the manner provided for in the Act; 

(b)    that individual is elected or appointed at a meeting at which the individual is present and the
individual does not refuse, at the meeting, to be a director; or 
 (c)    with respect to first
directors, the designation is otherwise valid under the Act. 
 Failure to Elect or Appoint Directors 

14.3    If: 

(a)    the Company fails to hold an annual general meeting, and all the shareholders who are entitled to
vote at an annual general meeting fail to pass the unanimous resolution contemplated by §10.2, on or before the date by which the annual general meeting is required to be held under the Act; or 

(b)    the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by
§10.2, to elect or appoint any directors; 
 then each director then in office continues to hold office until the earlier of: 

(c)    when his or her successor is elected or appointed; and 

(d)    when he or she otherwise ceases to hold office under the Act or these Articles. 

Places of Retiring Directors Not Filled 

14.4    If, at any meeting of shareholders at which there should be an election of directors, the places of any of the
retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in
office to complete the number of directors for the time being set pursuant to these Articles but their term of office shall expire no later than the date on which new directors are elected at a meeting of shareholders convened for that purpose. If
any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of
directors actually elected or continued in office. 
 Directors May Fill Casual Vacancies 

14.5    Any casual vacancy occurring in the board of directors may be filled by the directors. 

  
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 Remaining Directors Power to Act 

14.6    The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer
directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling
any vacancies on the board of directors or, subject to the Act, for any other purpose. 
 Shareholders May Fill Vacancies 

14.7    If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the
quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors. 
 Additional Directors 

14.8    Notwithstanding §13.1, §13.2, and §14.1, between annual general meetings or by unanimous
resolutions contemplated by §10.2, the directors may appoint one or more additional directors but the number of additional directors appointed under this §14.8 must not at any time exceed one-third
of the number of the current directors who were elected or appointed as directors other than under this §14.8. Any director so appointed ceases to hold office immediately before the next election or appointment of directors under §14.1(a),
but is eligible for re-election or re-appointment. 
 Ceasing to be a
Director 
 14.9    A director ceases to be a director when: 

(a)    the term of office of the director expires; 

(b)    the director dies; 

(c)    the director resigns as a director by notice in writing provided to the Company or a lawyer for the
Company; or 
 (d)    the director is removed from office pursuant to §14.10 or §14.11. 

Removal of Director by Shareholders 

14.10    The Company may remove any director before the expiration of his or her term of office by special resolution. In
that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the
directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy. 

  
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 Removal of Director by Directors 

14.11    The directors may remove any director before the expiration of his or her term of office if the director is
convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy. 

Nomination of Directors 
 14.12     

 (a)    Subject only to the Act, only persons who are nominated in accordance with the following
procedures shall be eligible for election as directors of the Company. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders (but only if the election of
directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting): 
  

	 	(i)	 by or at the direction of the board or an authorized officer of the Company, including pursuant to a notice
of meeting; 

  

	 	(ii)	 by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with
the provisions of the Act or a requisition of the shareholders made in accordance with the provisions of the Act; or 

  

	 	(iii)	 by any person (a “Nominating Shareholder”) (A) who, at the close of business on the date of
the giving of the notice provided for below in this §14.12 and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially
owns shares that are entitled to be voted at such meeting and (B) who complies with the notice procedures set forth below in this §14.12. 

(b)    In addition to any other applicable requirements, for a nomination to be made by a Nominating
Shareholder, such person must be given 
  

	 	(i)	 timely notice thereof in proper written form to an officer of the Company of the Company at the principal
executive offices of the Company in accordance with this §14.12 and 

  

	 	(ii)	 the representation and agreement with respect to each candidate for nomination as required by, and within
the time period specified in §14.12(c). 

 (c)    To be timely under
§14.12(b)(i), a Nominating Shareholder’s notice to an officer of the Company, being either the Chief Executive Officer, the Chief Financial Officer, or the Corporate Secretary (singularly, “an officer of the Company”),
must be made: 

  
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	 	(i)	 in the case of an annual meeting of shareholders, not less than 40 days prior to the date of the annual
meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 50 days after the date (the “Notice Date”) on which the first public announcement of the
date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice Date; and 

  

	 	(ii)	 in the case of a special meeting (which is not also an annual meeting) of shareholders called for the
purpose of electing directors (whether or not called for other purposes), not later than the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.

  

	 	(iii)	 Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this
§14.12(c). 

 (d)    To be in proper written form, a Nominating
Shareholder’s notice to an officer of the Company, under §14.12(b) must set forth: 
  

	 	(i)	 as to each person whom the Nominating Shareholder proposes to nominate for election as a director
(A) the name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the class or series and number of shares in the capital of the Company which are controlled or
which are owned beneficially or of record by the person as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice, (D) a statement
as to whether such person would be “independent” of the Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – Audit Committees of the Canadian Securities
Administrators, as such provisions may be amended from time to time and, if applicable, the listing standards of the securities exchange(s) on which the Class A Shares may then be listed) if elected as a director at such meeting and the reasons
and basis for such determination and (E) any other information relating to the person that would be required to be disclosed in a dissident’s proxy circular in connection with solicitations of proxies for election of directors pursuant to
the Act and Applicable Securities Laws; and 

  

	 	(ii)	 as to the Nominating Shareholder giving the notice, (A) any information relating to such Nominating
Shareholder that would be required to be made in a dissident’s proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws, and (B) the class or series and number
of shares in the capital of the Company which are controlled or which are owned beneficially or of record by the Nominating Shareholder as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available
and shall have occurred) and as of the date of such notice. 

  
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 (e)    No person shall be eligible for election as a
director of the Company unless nominated in accordance with the provisions of this §14.12; provided, however, that nothing in this §14.12 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a
meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in
accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded. 

(f)    For purposes of this §14.12: 

 

	 	(i)	 “Applicable Securities Laws” means the Securities Act (British Columbia) and the
equivalent legislation in the other provinces and in the territories of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral
instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities of each of the applicable provinces and territories of Canada; 

 

	 	(ii)	 “Associate”, when used to indicate a relationship with a specified person, shall mean
(A) any corporation or trust of which such person owns beneficially, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting securities of such corporation or trust for the time being
outstanding, (B) any partner of that person, (C) any trust or estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar capacity, (D) a spouse of such specified
person, (E) any person of either sex with whom such specified person is living in conjugal relationship outside marriage or (F) any relative of such specified person or of a person mentioned in clauses (D) or (E) of this definition if
that relative has the same residence as the specified person; 

  

	 	(iii)	 “Derivatives Contract” shall mean a contract between two parties (the “Receiving
Party” and the “Counterparty”) that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of shares in the capital of the Company or
securities convertible into such shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the “Notional Securities”), regardless of whether obligations under such contract are required
or permitted to be settled through the delivery of cash, shares in the capital of the Company or securities convertible into such shares or other property, without regard to any short position under the same or any other Derivatives Contract. For
the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental authority shall not be deemed to be Derivatives
Contracts; 

  
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	 	(iv)	 “Meeting of Shareholders” shall mean such annual shareholders meeting or special
shareholders meeting, whether general or not, at which one or more persons are nominated for election to the board by a Nominating Shareholder; 

  

	 	(v)	 “owned beneficially” or “owns beneficially” means, in connection with the
ownership of shares in the capital of the Company by a person, (A) any such shares as to which such person or any of such person’s affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law or
in equity, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, upon the exercise of any conversion right, exchange right or
purchase right attaching to any securities, or pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (B) any such shares as to which such person or any of such person’s affiliates or Associates has the
right to vote, or the right to direct the voting, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, pursuant to any agreement,
arrangement, pledge or understanding whether or not in writing; (C) any such shares which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s affiliates or Associates) under any Derivatives
Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such person or any of such person’s affiliates or Associates is a Receiving Party; provided, however that the number of shares
that a person owns beneficially pursuant to this clause (C) in connection with a particular Derivatives Contract shall not exceed the number of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of
securities owned beneficially by each Counterparty (including their respective affiliates and Associates) under a Derivatives Contract shall for purposes of this clause be deemed to include all securities that are owned beneficially, directly or
indirectly, by any other Counterparty (or any of such other Counterparty’s affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty’s affiliates or Associates) is a
Receiving Party and this proviso shall be applied to successive Counterparties as appropriate; and (D) any such shares which are owned beneficially within the meaning of this definition by any other person with whom such person is acting
jointly or in concert with respect to the Company or any of its securities; and 

  
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	 	(vi)	 “public announcement” shall mean disclosure in a press release reported by a national news
service in Canada, or in a document publicly filed by the Company or its agents under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com. 

(g)    Notwithstanding any other provision to this §14.12, notice or any delivery given to an officer
of the Company pursuant to this §14.12 may only be given by personal delivery, facsimile transmission, email or other electronic transmission method made available by the Company, and shall be deemed to have been given and made only at the time
it is served by personal delivery, email, electronic transmission or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to an officer of the Company at the address of the principal executive
offices of the Company; provided that if such delivery or electronic communication is made on a day which is a not a Business Day or later than 5:00 p.m. (Vancouver time) on a day which is a Business Day, then such delivery or electronic
communication shall be deemed to have been made on the subsequent day that is a Business Day. 
 14.13    In no event
shall any adjournment or postponement of a Meeting of Shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder’s notice as described in §14.12(c). 

PART 15 
 POWERS AND
DUTIES OF DIRECTORS 
 Powers of Management 

15.1    The directors must, subject to the Act and these Articles, manage or supervise the management of the business and
affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the shareholders of the Company. 

Appointment of Attorney of Company 

15.2    The directors may from time to time, by power of attorney or other instrument, appoint any person to be the
attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to
remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to
such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the
directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her. 

  
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 PART 16 

INTERESTS OF DIRECTORS AND OFFICERS 

Obligation to Account for Profits 

16.1    A director or senior officer who holds a disclosable interest (as that term is used in the Act) in a contract or
transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent
provided in the Act. 
 Restrictions on Voting by Reason of Interest 

16.2    A director who holds a disclosable interest in a contract or transaction into which the Company has entered or
proposes to enter is not entitled to vote on any directors’ resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors
may vote on such resolution. 
 Interested Director Counted in Quorum 

16.3    A director who holds a disclosable interest in a contract or transaction into which the Company has entered or
proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions
considered at the meeting. 
 Disclosure of Conflict of Interest or Property 

16.4    A director or senior officer who holds any office or possesses any property, right or interest that could result,
directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual’s duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Act. 

Director Holding Other Office in the Company 

16.5    A director may hold any office or place of profit with the Company, other than the office of auditor of the
Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine. 

No Disqualification 

16.6    No director or intended director is disqualified by his or her office from contracting with the Company either
with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way
interested is liable to be voided for that reason. 

  
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 Professional Services by Director or Officer 

16.7    Subject to the Act, a director or officer, or any person in which a director or officer has an interest, may act
in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer. 

Director or Officer in Other Corporations 

16.8    A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person
in which the Company may be interested as a shareholder or otherwise, and, subject to the Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee
of, or from his or her interest in, such other person. 
 PART 17 

PROCEEDINGS OF DIRECTORS 
 Meetings of
Directors 
 17.1    The directors may meet together for the conduct of business, adjourn and otherwise regulate
their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine. 

Voting at Meetings 

17.2    Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an
equality of votes, the chair of the meeting does not have a second or casting vote. 
 Chair of Meetings 

17.3    The following individual is entitled to preside as chair at a meeting of directors: 

(a)    the chair of the board, if any; 

(b)    in the absence of the chair of the board, the president, if any, if the president is a director; or

 (c)    any other director chosen by the directors if: 

(i)    neither the chair of the board nor the president, if a director, is present at the meeting within
15 minutes after the time set for holding the meeting; 
 (ii)    neither the chair of the board nor the
president, if a director, is willing to chair the meeting; or 

  
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 (iii)    the chair of the board and the president, if a
director, have advised the secretary, if any, or any other director, that they will not be present at the meeting. 
 Place of Meetings 

17.4    Meetings of directors may be held at any place within or outside of Canada, or if so approved by all of the
directors, such meeting may be held entirely by means of an electronic or other communication facility that permits all persons participating in the meeting to communicate adequately with each other to the extent permitted by the Act. 

Meetings by Telephone or Other Communications Medium 

17.5    A director may participate in a meeting of the directors or of any committee of the directors: 

(a)    in person; or 

(b)    by telephone or by other communications medium if all directors participating in the meeting,
whether in person or by telephone or other communications medium, are able to communicate with each other. 
 A director who participates in
a meeting in a manner contemplated by this §17.5 is deemed for all purposes of the Act and these Articles to be present at the meeting and to have agreed to participate in that manner. 

Calling of Meetings 

17.6    A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director
must, call a meeting of the directors at any time. 
 Notice of Meetings 

17.7    Other than for meetings held at regular intervals as determined by the directors pursuant to §17.1,
reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in §23.1 or orally or by telephone. 

When Notice Not Required 

17.8    It is not necessary to give notice of a meeting of the directors to a director if: 

(a)    the meeting is to be held immediately following a meeting of shareholders at which that director
was elected or appointed, or is the meeting of the directors at which that director is appointed; or 

(b)    the director has waived notice of the meeting. 

  
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 Meeting Valid Despite Failure to Give Notice 

17.9    The accidental omission to give notice of any meeting of directors to, or the
non-receipt of any notice by, any director, does not invalidate any proceedings at that meeting. 
 Waiver of
Notice of Meetings 
 17.10    Any director may send to the Company a document signed by him or her waiving notice
of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is
withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director.
Attendance of a director at a meeting of the directors is a waiver of notice of the meeting unless that director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not
lawfully called. 
 Quorum 

17.11    The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not
so set, is deemed to be a majority of the directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting. 

Validity of Acts Where Appointment Defective 

17.12    Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the
election or appointment or a defect in the qualification of that director or officer. 
 Consent Resolutions in Writing 

17.13    A resolution of the directors or of any committee of the directors may be passed without a meeting: 

(a)    in all cases, if each of the directors entitled to vote on the resolution consents to it in
writing; or 
 (b)    in the case of a resolution to approve a contract or transaction in respect of
which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution. 

A consent in writing under this §17.13 may be by signed document, fax, email or any other method of transmitting legibly recorded
messages. Any electronic signature on a consent, whether digital or encrypted, shall be deemed to have the same force and effect as a manual signature. A consent in writing may be in two or more counterparts which together are deemed to constitute
one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this §17.13 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is
deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements
of the Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors. 

  
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 PART 18 

EXECUTIVE AND OTHER COMMITTEES 

Appointment and Powers of Executive Committee 

18.1    The directors may, by resolution, appoint an executive committee consisting of the director or directors that they
consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors’ powers, except: 

(a)    the power to fill vacancies in the board of directors; 

(b)    the power to remove a director; 

(c)    the power to change the membership of, or fill vacancies in, any committee of the directors; and

 (d)    such other powers, if any, as may be set out in the resolution or any subsequent
directors’ resolution. 
 Appointment and Powers of Other Committees 

18.2    The directors may, by resolution: 

(a)    appoint one or more committees (other than the executive committee) consisting of the director or
directors that they consider appropriate; 
 (b)    delegate to a committee appointed under
§(a) any of the directors’ powers, except: 
 (i)    the power to fill vacancies in the
board of directors; 
 (ii)    the power to remove a director; 

(iii)    the power to change the membership of, or fill vacancies in, any committee of the directors; and

 (iv)    the power to appoint or remove officers appointed by the directors; and 

(c)    make any delegation referred to in §(b) subject to the conditions set out in the
resolution or any subsequent directors’ resolution. 

  
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 Obligations of Committees 

18.3    Any committee appointed under §18.1 or §18.2, in the exercise of the powers delegated to it, must: 

(a)    conform to any rules that may from time to time be imposed on it by the directors; and 

(b)    report every act or thing done in exercise of those powers at such times as the directors may
require. 
 Powers of Board 

18.4    The directors may, at any time, with respect to a committee appointed under §18.1 or §18.2 

(a)    revoke or alter the authority given to the committee, or override a decision made by the committee,
except as to acts done before such revocation, alteration or overriding; 
 (b)    terminate the
appointment of, or change the membership of, the committee; and 
 (c)    fill vacancies in the
committee. 
 Committee Meetings 

18.5    Subject to §18.3(a) and unless the directors otherwise provide in the resolution appointing the committee or
in any subsequent resolution, with respect to a committee appointed under §18.1 or §18.2: 

(a)    the committee may meet and adjourn as it thinks proper; 

(b)    the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at
a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting; 

(c)    a majority of the members of the committee constitutes a quorum of the committee; and 

(d)    questions arising at any meeting of the committee are determined by a majority of votes of the
members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote. 

  
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 PART 19 

OFFICERS 
 Directors May Appoint
Officers 
 19.1     The directors may, from time to time, appoint such officers, if any, as the directors determine
and the directors may, at any time, terminate any such appointment. 
 Functions, Duties and Powers of Officers 

19.2     The directors may, for each officer: 

(a)     determine the functions and duties of the officer; 

(b)     entrust to and confer on the officer any of the powers exercisable by the directors on such terms
and conditions and with such restrictions as the directors think fit; and 
 (c)     revoke, withdraw,
alter or vary all or any of the functions, duties and powers of the officer. 
 Qualifications 

19.3     No person may be appointed as an officer unless that person is qualified in accordance with the Act. One person
may hold more than one position as an officer of the Company. Any person appointed as the chair of the board, chair of a committee of the board or lead independent director, if any, must be a director. Any other officer need not be a director. 

Remuneration and Terms of Appointment 

19.4     All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way
of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or
she ceases to hold such office or leaves the employment of the Company, a pension or gratuity. 
 PART 20 

INDEMNIFICATION 
 Definitions 

20.1     In this Part 20: 

(a)     “eligible party”, in relation to a company, means an individual who: 

(i)     is or was a director or officer of the Company; 

  
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 (ii)     is or was a director or officer of another
corporation 
 (A)     at a time when the corporation is or was an affiliate of the Company, or 

(B)     at the request of the Company; or 

(iii)     at the request of the Company, is or was, or holds or held a position equivalent to that of, a
director or officer of a partnership, trust, joint venture or other unincorporated entity, 
 and includes, except in the
definition of “eligible proceeding” and Sections 163(1)(c) and (d) and 165 of the Act, the heirs and personal or other legal representatives of that individual; 

(b)     “eligible penalty” means a judgment, penalty or fine awarded or imposed in, or an
amount paid in settlement of, an eligible proceeding; 
 (c)     “eligible proceeding”
means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position
equivalent to that of a director or officer of, the Company or an associated corporation 
 (i)     is
or may be joined as a party; or 
 (ii)     is or may be liable for or in respect of a judgment, penalty
or fine in, or expenses related to, the proceeding; 
 (d)     “expenses” has the
meaning set out in the Act and includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and 

(e)     “proceeding” includes any legal proceeding or investigative action, whether
current, threatened, pending or completed. 
 Mandatory Indemnification of Eligible Parties 

20.2     Subject to the Act, the Company must indemnify each eligible party and his or her heirs and legal personal
representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that
proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this §20.2. 

  
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 Indemnification of Other Persons 

20.3     Subject to any restrictions in the Act, the Company may agree to indemnify and may indemnify any person
(including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for the Company. 

Authority to Advance Expenses 

20.4     The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act.

 Non-Compliance with Act 

20.5     Subject to the Act, the failure of an eligible party of the Company to comply with the Act or these Articles or,
if applicable, any former Companies Act or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 20. 

Company May Purchase Insurance 

20.6     The Company may purchase and maintain insurance for the benefit of any eligible party (or the heirs or legal
personal representatives of any eligible party) against any liability incurred by any eligible party. 
 PART 21 

DIVIDENDS 
 Payment of Dividends
Subject to Special Rights 
 21.1     The provisions of this Part 21 are subject to the rights, if any, of
shareholders holding shares with special rights as to dividends. 
 Declaration of Dividends 

21.2     Subject to the Act, the directors may from time to time declare and authorize payment of such dividends as they
may deem advisable. 
 No Notice Required 

21.3     The directors need not give notice to any shareholder of any declaration under §21.2. 

Record Date 

21.4     The directors must set a date as the record date for the purpose of determining shareholders entitled to receive
payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. 

  
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 Manner of Paying Dividend 

21.5     A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the
distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other entity, or in any one or more of those ways. 

Settlement of Difficulties 

21.6     If any difficulty arises in regard to a distribution under §21.5, the directors may settle the difficulty as
they deem advisable, and, in particular, may: 
 (a)     set the value for distribution of specific
assets; 
 (b)     determine that money in substitution for all or any part of the specific assets to
which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and 

(c)     vest any such specific assets in trustees for the persons entitled to the dividend. 

When Dividend Payable 

21.7     Any dividend may be made payable on such date as is fixed by the directors. 

Dividends to be Paid in Accordance with Number of Shares 

21.8     All dividends on shares of any class or series of shares must be declared and paid according to the number of
such shares held. 
 Receipt by Joint Shareholders 

21.9     If several persons are joint shareholders of any share, any one of them may give an effective receipt for any
dividend, bonus or other money payable in respect of the share. 
 Dividend Bears No Interest 

21.10     No dividend bears interest against the Company. 

Fractional Dividends 

21.11     If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the
currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend. 

Payment of Dividends 

21.12     Any dividend or other distribution payable in money in respect of shares may be paid (i) by cheque, made
payable to the order of the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities
register, or to the person and to the address the shareholder or joint shareholders may direct in writing or (ii) with the consent of the Company and the shareholder, by wire transfer or other electronic means. In the case of payment of a
dividend by cheque, mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation
or the amount of tax so deducted is not paid to the appropriate taxing authority. In the case of payment of a dividend by wire transfer or other electronic means, the initiation of such payment by the Company will, to the extent of the sum
represented by the transfer (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless the amount of tax so deducted is not paid to the appropriate taxing authority. 

  
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 Capitalization of Retained Earnings or Surplus 

21.13     Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any
retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part
thereof. 
 PART 22 

ACCOUNTING RECORDS AND AUDITOR 

Recording of Financial Affairs 

22.1     The directors must cause adequate accounting records to be kept to record properly the financial affairs and
condition of the Company and to comply with the Act. 
 Inspection of Accounting Records 

22.2     Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder
of the Company is entitled to inspect or obtain a copy of any accounting records of the Company. 
 Remuneration of Auditor 

22.3     The directors may set the remuneration of the auditor of the Company. 

PART 23 
 NOTICES

 Method of Giving Notice 

23.1     Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or
permitted by the Act or these Articles (a “Notice”) to be sent by or to a person may be sent by: 

  
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 (a)     mail addressed to the person at the applicable
address for that person as follows: 
 (i)     for a Notice mailed to a shareholder, the
shareholder’s registered address; 
 (ii)     for a Notice mailed to a director or officer, the
prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of Notices of that class; 

(iii)     in any other case, the mailing address of the intended recipient; 

(b)     delivery at the applicable address for that person as follows, addressed to the person: 

(i)     for a Notice delivered to a shareholder, the shareholder’s registered address; 

(ii)     for a Notice delivered to a director or officer, the prescribed address for delivery shown for
the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of Notices of that class; 

(iii)     in any other case, the delivery address of the intended recipient; 

(c)     sending the Notice by fax to the fax number provided by the intended recipient for the sending of
Notices that class; 
 (d)     sending the Notice by email to the email address provided by the intended
recipient for the sending of Notices of that class; 
 (e)     sending the Notice by other means of
electronic transmission accessible by the intended recipient for the sending of Notices of that class in accordance with applicable law; and 

(f)     physical delivery to the intended recipient. 

Press Release 

23.2     Unless the Act or these Articles provide otherwise, a Notice to be sent to a shareholder shall be deemed
conclusively to have been given or made, and the obligation to give any Notice shall, unless otherwise required by applicable laws and regulations, be deemed conclusively to have been fully satisfied upon issuing a press release complying with
applicable laws and regulations if deemed by the board of directors to be a reasonable or appropriate means of providing such Notice. 
 Deemed Receipt
of Mailing 
 23.3     A notice, statement, report or other record that is: 

(a)     mailed to a person by ordinary mail to the applicable address for that person referred to in
§23.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing; 

  
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 (b)     faxed to a person to the fax number provided by
that person under §23.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; 

(c)     emailed to a person to the e-mail address provided by that
person under §23.1 is deemed to be received by the person to whom it was e-mailed on the day that it was emailed; and 

(d)     sent to a person by other means of electronic transmission under §23.1 is deemed to be
received by the person to whom it was transmitted on the day that such transmission occurred. 
 Certificate of Sending 

23.4     A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting
in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with §23.1 is conclusive evidence of that fact. 

Notice to Joint Shareholders 

23.5     A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share
by providing such record to the joint shareholder first named in the central securities register in respect of the share. 
 Notice to Legal Personal
Representatives and Trustees 
 23.6     A notice, statement, report or other record may be provided by the Company
to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by: 

(a)     mailing the record, addressed to them: 

(i)     by name, by the title of the legal personal representative of the deceased or incapacitated
shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and 

(ii)     at the address, if any, supplied to the Company for that purpose by the persons claiming to be so
entitled; or 
 (b)     if an address referred to in §(a)(ii) has not been supplied to the Company,
by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred. 
 Undelivered Notices

 23.7     If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder
pursuant to §23.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company
in writing of his or her new address. 

  
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 PART 24 

PROHIBITIONS 
 Definitions 

24.1     In this Part 24: 

(a)     “designated security” means: 

(i)     a voting security of the Company; 

(ii)     a security of the Company that is not a debt security and that carries a residual right to
participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or 

(iii)     a security of the Company convertible, directly or indirectly, into a security described in
§(a) or §(b); 
 (b)     “security” has the meaning assigned in the
Securities Act (British Columbia); and 
 (c)     “voting security” means a
security of the Company that: 
 (i)     is not a debt security; and 

(ii)     carries a voting right either under all circumstances or under some circumstances that have
occurred and are continuing. 
 Application 

24.2     §24.3 does not apply to the Company if and for so long as it is a public company, a private company which is
no longer eligible to use the private issuer exemption under the Securities Act (British Columbia) or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its
Articles or a company to which the Statutory Reporting Company Provisions apply. 
 Consent Required for Transfer of Shares or Designated Securities

 24.3     No share or designated security may be sold, transferred or otherwise disposed of without the consent of
the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition. 

  
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 PART 25 

FORUM SELECTION 

25.1     Unless the Company consents in writing to the selection of an alternative forum, the federal district courts of
the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended. 

Nothing in this §25.1 shall be deemed to apply to any suits brought to enforce any liability or duty created by the
Exchange Act. Any person or entity purchasing or otherwise acquiring any interest in any security of the Company shall be deemed to have notice of and consented to the provisions of this §25.1. 

PART 26 
 SPECIAL RIGHTS
AND RESTRICTIONS 
 CLASS A EXCHANGEABLE SUBORDINATE VOTING SHARES 

Special Rights and Restrictions 

26.1     The Class A Shares as a class shall have attached thereto the special rights and restrictions specified in
this Part 26. 
 DIVIDENDS 

Dividend Rights 

26.2     Each Class A Shareholder shall be entitled to receive, and the Company shall pay thereon, as and when
declared by the board of directors, a dividend on each Class A Share in an amount in cash for each Class A Share equal to the cash distribution declared on each BEP Unit on each BEP Distribution Declaration Date multiplied by the
Conversion Factor in effect on the Record Date of such dividend (the “Class A Dividend”), it being understood that Class A Shareholders will not be entitled to any dividends other than the Class A
Dividend. 
 Unpaid Dividends 

26.3     If the full amount of a Class A Dividend is not declared on a BEP Distribution Declaration Date, or is
declared but is not paid on the payment date, then such Class A Dividend shall accrue and accumulate, whether or not the Company has earnings, whether or not there are funds legally available for the payment thereof and whether or not such
distributions are earned, declared or authorized (such amounts, the “Unpaid Dividends”). Any dividend payment made on the Class A Shares shall first be credited against the earliest Unpaid Dividends due with respect to such
Class A Shares which remains payable. 
 Payment of Dividends 

26.4     Cheques of the Company may be issued in respect of all Class A Dividends contemplated by §26.2 and the
sending of such cheque to each Class A Shareholder will satisfy the cash dividend represented thereby unless the cheque is not paid on presentation. Subject to the requirements of applicable Law with respect to unclaimed property, no
Class A Shareholder will be entitled to recover by action or other legal process against the Company any dividend that is represented by a cheque that has not been duly presented to the Company’s bankers for payment or that otherwise
remains unclaimed for a period of two years from the date on which such dividend was first payable. 
 Record and Payment Dates 

26.5     The Record Date with respect to any Class A Dividend declared by the board of directors and the payment date
of such Class A Dividend will be the same dates as the Record Date and the payment date, respectively, for the corresponding distribution declared on the BEP Units, each as approved by the board of directors. 

  
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 RANKING 

Ranking of the Class A Shares 

26.6     The Class A Shares shall, as to the payment of dividends and return of capital in a Liquidation Event, rank
junior to the Preferred Shares and senior to the Class B Shares, the Class C Shares and any other shares ranking junior to the Class A Shares with respect to priority in payment of dividends and return of capital in the event of the
liquidation, dissolution or winding-up of the Company. 
 VOTING 

Voting Rights 

26.7     Except as expressly provided herein, each Class A Shareholder will be entitled to receive notice of, and to
attend and vote at, all meetings of shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Each Class A Shareholder shall be
entitled to cast one vote for each Class A Share held at the record date for the determination of shareholders entitled to vote on any matter. 

26.8     Except as otherwise expressly provided herein or as required by Law, the Class A Shareholders and
Class B Shareholders will vote together and not as separate classes. 
 26.9     Subject to any rights of the
holders of any series of Preferred Shares to elect directors under specified circumstances, the holders of the outstanding Class A Shares and Class B Shares, voting together, shall be entitled to vote in respect of the election of all
directors of the Company. 
 Amendment with Approval of Class A Shareholders 

26.10     In addition to any other approvals required by Law, any approval given by the Class A Shareholders to add
to, change or remove any right, privilege, restriction or condition attaching to the Class A Shares or any other matter requiring the approval or consent of the Class A Shareholders as a separate class will be deemed to have been
sufficiently given if it will have been given in accordance with applicable Law, subject to a minimum requirement that such amendment be approved by not less than 66 2/3% of the votes cast on such amendment at a meeting of Class A Shareholders
duly called and held at which the Class A Shareholders holding at least 10% of the outstanding Class A Shares at that time are present or represented by proxy; provided that such approval must be given also by the affirmative vote of
holders of not less than 66 2/3% of the Non-Affiliated Holders represented in person or by proxy at the meeting. If at any such meeting the Class A Shareholders holding at least 10% of the outstanding
Class A Shares as of the Record Date of such meeting are not present or represented by proxy within one-half hour after the time appointed for such meeting, then the meeting will be adjourned to such date
not less than five days thereafter and to such time and place as may be designated by the chairman of such meeting. At such reconvened meeting, the Class A Shareholders present or represented by proxy thereat may transact the business for which
the meeting was originally called and a resolution passed thereat by the affirmative vote of not less than 66 2/3% of the votes cast on such amendment at such reconvened meeting by the Non-Affiliated Holders
shall be effective. Notwithstanding the foregoing, any approval given by the Class A Shareholders to add to, change or remove any right, privilege, restriction or condition attaching to the Class A Shares or any other matter that would
reasonably be expected to impact the economic equivalence of a Class A Share with a BEP Unit shall require (i) at a duly called annual or special meeting of the Class A Shareholders, the affirmative consent or vote, as applicable, of
holders of a majority of the outstanding Class A Shares held by Non-Affiliated Holders voting as a class, or (ii) in the event that there is more than one independent director of the Company (within
the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – Audit Committees of the Canadian Securities Administrators, as such provisions may be amended from time to time and, if applicable, the
listing standards of the securities exchange(s) on which the Class A Shares may then be listed) who does not also serve on the board of the BEP GP (each a “non-overlapping director”), the
approval of a majority of such non-overlapping directors. 

  
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 Approval of Issuance of Senior Securities to Affiliates 

26.11     Notwithstanding anything in these Articles to the contrary, approval of holders of a majority of the outstanding
Class A Shares held by Non-Affiliated Holders, voting as a class, shall be required prior to the Company’s issuance to BAM or BEP or any of their affiliates of any preferred or equity securities
(including any share purchase, warrants, options and other rights convertible into, exchangeable for or exercisable for such securities) that rank senior to the Class A Shares with respect to payment of dividends or return of capital in the
event of liquidation, dissolution or winding-up of the Company. 
 EXCHANGE RIGHTS 

Exchange at the Option of the Class A Shareholder 

26.12     Subject to applicable Law and the due exercise by BEP of the Exchange-Redemption Call Right, at any time from
and after the date of the issuance of the Class A Shares, each Class A Shareholder shall have the right (the “Exchange Right”) to require the Company to redeem all or such portion of the Class A Shares registered in
the name of such Class A Shareholder specified in a Notice of Exchange delivered to the Transfer Agent by or on behalf of such Class A Shareholder (such Class A Shares being hereafter referred to as “Tendered
Class A Shares” and such Class A Shareholder, the “Tendering Class A Shareholder”) for the BEP Units Amount per Tendered Class A Share or, if the Company elects in its sole
and absolute discretion, the Cash Amount (in lieu of the BEP Units Amount per Tendered Class A Share), plus, in either case, a cash amount equal to any Unpaid Dividends per Tendered Class A Share. 

Notice of Exchange 

26.13     A Class A Shareholder must deliver a Notice of Exchange either electronically (by electronic mail or by any
other electronic procedure that may be established by the Transfer Agent and communicated to the Class A Shareholders by the Company or the Transfer Agent) or physically (by mail, courier, hand delivery or otherwise) to any office of the
Transfer Agent prior to the issuance by the Company of a Notice of Class A Redemption or the announcement of a Liquidation Event in order to exercise his, her or its Exchange Right. The Transfer Agent shall promptly notify the Company, BEP and,
until such time as the Rights Agreement has been terminated, BAM, of the receipt of a Notice of Exchange. 

  
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 Satisfaction of Exchange Rights 

26.14     Upon receipt by the Transfer Agent of a Notice of Exchange and such additional documents and instruments as the
Company or the Transfer Agent may reasonably require, and provided that BEP has not exercised the Exchange-Redemption Call Right, the Company will redeem the applicable Tendered Class A Shares on or prior to the Specified Exchange Date. The
Company will deliver or cause to be delivered to the Tendering Class A Shareholder, at the address of the holder recorded in the register of the Company for the Class A Shares or at the address specified in the holder’s Notice of
Exchange, either (i) the BEP Units Amount, or (ii) the Cash Amount, as the Company may determine in its sole and absolute discretion, together with a cash amount for each Tendered Class A Share equal to any Unpaid Dividends per
Tendered Class A Share ((i) or (ii), plus such Unpaid Dividends collectively being the “Exchange Consideration”) and such delivery of such Exchange Consideration by or on behalf of the Company by the Transfer Agent will be
deemed to be payment of and will satisfy and discharge all liability for the Exchange Rights so exercised. Should the Company elect to satisfy Exchange Rights by delivering the Cash Amount, then the payment of such amount shall be made in the manner
set forth in §26.4. 
 26.15     Any Tendering Class A Shareholder shall have no further right, with respect
to any Tendered Class A Shares redeemed, repurchased or exchanged, to receive any dividends on Class A Shares with a Record Date on or after the date on which the Transfer Agent receives such Notice of Exchange. Each Tendering Class A
Shareholder shall continue to own each Class A Share subject to any Notice of Exchange, and be treated as a Class A Shareholder with respect to each such Class A Share for all other purposes of these Articles, until such Class A
Share has been redeemed in accordance with §26.14 or repurchased or exchanged in accordance with the Rights Agreement, as applicable, for the Secondary Exchange Amount in accordance with §26.17. A Tendering Class A Shareholder shall
have no rights as a unitholder of BEP with respect to any BEP Units to be received by such Tendering Class A Shareholder in exchange for Tendered Class A Shares pursuant to §26.12 until the Transfer Agent has issued such BEP Units to
such Tendering Class A Shareholder. 
 26.16     Notwithstanding anything to the contrary set forth herein, the
Company will not be obligated to redeem Tendered Class A Shares to the extent that such redemption would be contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any
such requirements or other provisions to redeem the Tendered Class A Shares, and BEP has not exercised its Exchange-Redemption Call Right with respect to the Tendered Class A Shares, the Company will only be obligated to redeem the maximum
number of Tendered Class A Shares (rounded down to a whole number of Class A Shares) that would not be contrary to such requirements or other provisions. The Company will notify any such Tendering Class A Shareholder at least one
Business Day prior to the Specified Exchange Date as to the number of Tendered Class A Shares that will be redeemed by the Company. Where there is more than one Tendering Class A Shareholder, the Company will redeem the maximum number of
Tendered Class A Shares that would not be contrary to such requirements or other provisions among such Tendering Class A Shareholders on a pro rata basis. 

  
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 Secondary Exchange Rights 

26.17     For so long as the Rights Agreement has not been terminated, if a Tendering Class A Shareholder has not
received the Exchange Consideration with respect to any Tendered Class A Shares by the Close of Business on the applicable Specified Exchange Date for any reason, then, on the terms and subject to the conditions set forth in the Rights
Agreement, which the Class A Shareholders shall have a right to enforce, such Tendering Class A Shareholder shall be entitled to receive from BAM the Secondary Exchange Amount with respect to each such Tendered Class A Share no later
than the applicable Secondary Exchange Date (the “Secondary Exchange Right”). The Company shall send to BAM and to the Rights Agent on the applicable Specified Exchange Date a notice to the effect that the Tendering Class A
Shareholder has not received the Exchange Consideration and such notice will set forth the identity of the Tendering Class A Shareholder, the number of Tendered Class A Shares, the amounts of such Exchange Consideration then not paid and
will be otherwise consistent with the definition of “Company Notice” in the Rights Agreement. 
 No Fractional BEP Units 

26.18     Notwithstanding anything to the contrary set forth herein, no fractional BEP Units shall be issued in connection
with the satisfaction of Exchange Rights, in connection with a redemption of a Class A Share or in connection with a Liquidation Event. In lieu of any fractional BEP Units to which the Tendering Class A Shareholder would otherwise be
entitled, the Company shall pay a cash amount equal to the BEP Unit Value on the Trading Day immediately preceding the Exchange Date multiplied by such fraction of a BEP Unit. In lieu of any fractional BEP Units to which the Tendering Class A
Shareholder would otherwise be entitled pursuant to the Rights Agreement, the Rights Agent shall pay a cash amount as determined in accordance with the terms and conditions of the Rights Agreement. 

Withholding Taxes 

26.19     Each Tendering Class A Shareholder shall be required to pay to the Company the amount of any tax
withholding due upon the redemption of Tendered Class A Shares pursuant to §26.12 to §26.14 and will be deemed to have authorized the Company to retain such portion of the Exchange Consideration as the Company reasonably
determines is necessary to satisfy its tax withholding obligations. Before making any withholding pursuant to this §26.19, the Company shall give each Tendering Class A Shareholder within three (3) Business Days after the
Company’s receipt of a Notice of Exchange from such Tendering Class A Shareholder, notice of the Company’s good faith estimate of the amount of any anticipated tax withholding (together with the legal basis therefor) due upon the
redemption of the Tendered Class A Shares subject to such Notice of Exchange, provide the Tendering Class A Shareholder with sufficient opportunity to provide any forms or other documentation or take such other steps in order to avoid or
reduce such tax withholding, and reasonably cooperate with the Tendering Class A Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this §26.19; provided that any determination with
respect to the tax withholding shall be made by the Company, BEP or an affiliate of BEP, as applicable, in its sole discretion exercised in good faith. 

  
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 COMPANY REDEMPTION RIGHTS 

Company Redemption 

26.20     If the Company delivers or causes to be delivered a Notice of Class A Redemption to the Class A
Shareholders, it shall redeem all of the issued and outstanding Class A Shares on the Specified Class A Redemption Date. The Company may deliver a Notice of Class A Redemption at any time, in its sole discretion and subject to
applicable Law, including in any of the following circumstances: 
 (a)     the total number of
Class A Shares outstanding decreases by 50% or more over any 12-month period; 

(b)     a Person acquires 90% of the BEP Units in a take-over bid (as defined by Applicable Securities
Laws); 
 (c)     the holders of BEP Units approve an acquisition of BEP by way of arrangement or
amalgamation; 
 (d)     the holders of BEP Units approve a restructuring or other reorganization of
BEP; 
 (e)     there is a sale of all or substantially all the assets of BEP; 

(f)     there is a change of Law (whether by legislative, governmental or judicial action), administrative
practice or interpretation, or a change in circumstances of the Company and the shareholders of the Company, that may result in adverse tax consequences for the Company or the shareholders of the Company; or 

(g)     the board, in its good faith, concludes that the holders of BEP Units or the Class A
Shareholders are adversely impacted by a fact, change, or other circumstance relating to the Company. 
 Right of Class B Shareholders to Cause
Redemption of Class A Shares 
 26.21     The Class B Shareholders may, at any time and in their sole
discretion, deliver a notice to the Company specifying a date upon which the Company shall redeem all of the issued and outstanding Class A Shares (provided that such specified date is no less than 60 days from the date on which the
Class B Shareholders deliver such notice), and as soon as reasonably practicable after the receipt of such notice, the Company shall, subject to applicable Law, deliver a Notice of Class A Redemption to the Class A Shareholders and,
without the consent of the Class A Shareholders, shall redeem all of the Class A Shares on the Specified Class A Redemption Date. 

Redemption Procedure 

26.22     In the event of a redemption of the Class A Shares, each Class A Shareholder shall be considered a
Tendering Class A Shareholder and each Class A Share shall be considered a Tendered Class A Share for the purposes of §26.20 to §26.23, and the Company shall, at or prior to Close of Business on the Specified
Class A Redemption Date, pay to each Tendering Class A Shareholder the BEP Units Amount, together with a cash amount for each Tendered Class A Share equal to any Unpaid Dividends per Tendered Class A Share (the BEP Units Amount,
plus such Unpaid Dividends collectively being the “Redemption Consideration”) and such delivery of such Redemption Consideration by or on behalf of the Company by the Transfer Agent will be deemed to be payment of and will satisfy
and discharge all liability for the redemption of the Class A Shares. 

  
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 26.23     §26.15 to §26.16 and §26.18 to §26.19
shall apply in their entirety, mutatis mutandis, to a redemption of the Class A Shares. 
 Exchange-Redemption Call Right 

26.24     Notwithstanding the provisions in §26.12 to §26.23 above, 

(a)     in the event the Company receives a Notice of Exchange from a Tendering Class A Shareholder,
BEP shall have an overriding right to acquire, or cause its affiliate to acquire all, but not less than all, of the Tendered Class A Shares from the Tendering Class A Shareholder by delivering the Exchange Consideration (the form of
Exchange Consideration to be determined by BEP in its sole and absolute discretion) in accordance with §26.12 to §26.19 and §26.19 to §26.19, mutatis mutandis, in satisfaction of the obligations of the Company, and

 (b)     in the event the Company provides a Notice of Class A Redemption to each Class A
Shareholder, BEP shall have an overriding right to acquire, or cause its affiliate to acquire all, but not less than all, of the Class A Shares from each Class A Shareholder by delivering the Redemption Consideration (the form of
Redemption Consideration to be determined by BEP in its sole and absolute discretion) in accordance with §26.20 to §26.23, mutatis mutandis, in satisfaction of the obligations of the Company as set out therein (the right in either
(a) or (b) being the “Exchange-Redemption Call Right”), 
 and in the event of the exercise by BEP of
the Exchange-Redemption Call Right, each Tendering Class A Shareholder will be obligated to sell all Tendered Class A Shares held by such Tendering Class A Shareholder to BEP (or its affiliate, as applicable) on delivery by BEP (or
its affiliate, as applicable) to such Tendering Class A Shareholder of the Exchange Consideration or the Redemption Consideration, as applicable, and the Company will have no obligation to pay any Exchange Consideration or Redemption
Consideration to the holders of such Class A Shares so purchased by BEP (or its affiliate, as applicable). 

26.25     In order to exercise its Exchange-Redemption Call Right, BEP must notify the Transfer Agent in writing, as agent
for the holders of Class A Shares, and the Company, of its intention to exercise such right at least 3 days before the Specified Exchange Date or at least 10 days before the Specified Class A Redemption Date, as applicable. Delivery by BEP
to the Transfer Agent of a standing direction as to any exercise of the Exchange-Redemption Call Right in respect of the exercise of Exchange Rights shall satisfy the notification requirements set forth in this §26.25. 

  
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 LIQUIDATION 

Liquidation Rights 

26.26     Upon any liquidation, dissolution, winding up of the Company or any other distribution of its assets among its
shareholders, whether voluntary or involuntary (a “Liquidation Event”), including where substantially concurrent with the liquidation, dissolution, or winding up of BEP, whether voluntary or involuntary (a “BEP Liquidation
Event”), each Class A Shareholder shall, subject to the exercise of the Liquidation Call Right, be entitled to be paid out of the assets of the Company legally available for distribution on the effective date of the Liquidation Event
(the “Liquidation Date”) an amount in cash per Class A Share then held by them equal to the BEP Unit Value on the Trading Day immediately preceding the public announcement of the Liquidation Event (the “Liquidation
Reference Date”) multiplied by the Conversion Factor (and together with a cash amount for each Class A Share equal to any Unpaid Dividends per Class A Share, the “Liquidation Amount”). Notwithstanding the
foregoing, in connection with a Liquidation Event, including where substantially concurrent with a BEP Liquidation Event, if the Company, in its sole and absolute discretion elects, it may, subject to applicable Law, redeem all of the outstanding
Class A Shares in exchange for such number of BEP Units per Class A Share equal to the Conversion Factor in effect on the Liquidation Reference Date, together with a cash amount per Class A Share equal to any Unpaid Dividends per
Class A Share in accordance with §26.22 and §26.23, in lieu of paying the Liquidation Amount. 

26.27     The rights of the Class A Shareholders to receive the amount set forth in §26.26 is subject to: 

(a)     the prior rights of holders of all classes and series of Preferred Shares and any other class of
shares ranking in priority with the Class A Shares; 
 (b)     prior payment in full to each
Tendering Class A Shareholder and Tendering Class C Shareholder that submitted a Notice of Exchange or a Notice of Class C Retraction, as applicable, at least 10 days prior to the date of the Liquidation Event of the Exchange
Consideration (in the case of the Tendering Class A Shareholders) and the Class C Retraction Amount (in the case of the Tendering Class C Shareholders); and 

(c)     prior payment in full to each Tendering Class B Shareholder that submitted a Notice of
Class B Retraction at least 30 days prior to the date of the Liquidation Event of the Cash Amount. 
 26.28     If,
upon any such Liquidation Event, the assets of the Company are insufficient to make payment in full to all Class A Shareholders of the foregoing amounts set forth in §26.26 with respect to the Liquidation Event, then such assets (or
consideration) shall be distributed among the Class A Shareholders at the time outstanding, rateably in proportion to the full amounts to which they would otherwise be respectively entitled to receive under §26.26. 

BEP Liquidation Call Right 

26.29     Notwithstanding §26.26, BEP will have the overriding right (the “Liquidation Call Right”),
in the event of and notwithstanding the occurrence of any Liquidation Event, to purchase from, or cause its affiliate to purchase from, all but not less than all of the Class A Shareholders on the Liquidation Date all but not less than all of
the Class A Shares held by each such holder in exchange for the issuance by BEP of such number of BEP Units per Class A Share equal to the Conversion Factor in effect on the Liquidation Reference Date (and together with a cash amount for
each Class A Share equal to any Unpaid Dividends per Class A Share, the “Liquidation Call Consideration”). In the event of the exercise of a Liquidation Call Right, each such Class A Shareholder will be obligated on
the Liquidation Date to sell all the Class A Shares held by such holder to BEP on the Liquidation Date upon issuance by BEP to the holder of the Liquidation Call Consideration for each such Class A Share and the Company will have no
obligation to pay any Liquidation Amount to the holders of such Class A Shares so purchased by BEP. 

  
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 26.30     In order to exercise the Liquidation Call Right, BEP must
notify the Transfer Agent in writing, as agent for the Class A Shareholders and the Company, of its intention to exercise such right at least 30 days before the Liquidation Date in the case of a voluntary liquidation, dissolution or winding up
of the Company and at least five Business Days before the Liquidation Date in the case of an involuntary liquidation, dissolution or winding up of the Company. If BEP exercises the Liquidation Call Right in accordance with this §26.30, all
obligations of the Company under §26.26 to §26.28 will terminate and on the Liquidation Date BEP will purchase and Class A Shareholders will sell all of their Class A Shares then outstanding for a price per unit equal to the
Liquidation Call Consideration. 
 Automatic Redemption Rights 

26.31     Subject to the exercise of the Liquidation Call Right, in connection with a BEP Liquidation Event, including
where substantially concurrent with a Liquidation Event, the Company shall, subject to applicable Law, redeem all outstanding Class A Shares on the day prior to the effective date of the BEP Liquidation Event for, in its sole and absolute
discretion, (i) an amount in cash per share equal to the BEP Unit Value on the Trading Day immediately preceding the public announcement of the BEP Liquidation Event multiplied by the Conversion Factor (together with a cash amount for each
Class A Share equal to any Unpaid Dividends per Class A Share), or (ii) such number of BEP Units equal to the Conversion Factor in effect on the Trading Day immediately preceding the public announcement of the BEP Liquidation Event
(together with a cash amount for each Class A Share equal to any Unpaid Dividends per Class A Share). 
 OTHER RIGHTS AND
RESTRICTIONS 
 Conversion of Class A Shares 

26.32     Any BEP-Affiliated Class A Shareholder shall be entitled at any
time to have any or all of such BEP-Affiliated Class A Shareholder’s Class A Shares converted into Class C Shares at a conversion rate equal to one Class C Share for each Class A
Share in respect of which the conversion right is exercised. The right of conversion herein provided for may be exercised by notice in writing given to the Transfer Agent (a “Conversion Notice”), which notice shall specify the
number of Class A Shares that the BEP-Affiliated Class A Shareholder desires to have converted. Upon receipt of a Conversion Notice, the Company shall, subject to applicable Law, promptly issue to
the converting BEP-Affiliated Class A Shareholder the requisite number of Class C Shares and the Transfer Agent shall cancel the converted Class A Shares subject to the Conversion Notice
effective concurrently therewith. 

  
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 Call Rights 

26.33     Each Class A Shareholder, whether a registered holder or a beneficial holder, by virtue of becoming and
being such a holder will be deemed to acknowledge each of the Exchange-Redemption Call Right and the Liquidation Call Right, in each case, in favour of BEP, and the overriding nature thereof in connection with the exercise of Exchange Rights, the
liquidation, dissolution or winding-up of the Company or any other distribution of the assets of the Company among its shareholders for the purpose of winding up its affairs, or the retraction or redemption of
Class A Shares, as the case may be, and to be bound thereby in favour of BEP as herein provided. 
 Transfer Restrictions 

26.34     No Class A Shareholder shall transfer to any Person such number of Class A Shares such that, after
giving effect to the transfer, the transferee, together with its affiliates, would hold a direct and/or indirect interest in voting securities carrying 10% or more of the voting rights attached to all voting securities of the Company without the
prior approval of the Federal Energy Regulatory Commission, to the extent required. 
 PART 27 

SPECIAL RIGHTS AND RESTRICTIONS 

CLASS B MULTIPLE VOTING SHARES 
 Special
Rights and Restrictions 
 27.1     The Class B Shares as a class shall have attached thereto the special
rights and restrictions specified in this Part 27. 
 Dividend Rights 

27.2     Except as set out in §27.3, the Class B Shareholders shall not be entitled to receive any dividends on
the Class B Shares. 
 Stock Dividends 

27.3     In the event a dividend is declared and paid on the Class A Shares consisting of Class A Shares, the
board shall, subject to applicable Law, contemporaneously declare and pay an equivalent dividend on the Class B Shares consisting of Class B Shares. 

Ranking of the Class B Shares 

27.4     The Class B Shares shall, as to the return of capital in the event of the liquidation, dissolution or winding-up of the Company, rank junior to the Preferred Shares and to the Class A Shares and senior to the Class C Shares and any other shares ranking junior to the Class B Shares with respect to
priority in the return of capital in a Liquidation Event. 
 Voting Rights 

27.5     Except as expressly provided herein, each Class B Shareholder will be entitled to receive notice of, and
attend and vote at, all meetings of shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Each Class B Shareholder will be
entitled to cast a number of votes per Class B Share equal to: (i) the number that is three times the number of Class A Shares then issued and outstanding, divided by (ii) the number of Class B Shares then issued and
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 27.6     Except as otherwise expressly provided herein or as required by
Law, the Class A Shareholders and the Class B Shareholders will vote together and not as separate classes. 

27.7     At any time that no Class A Shares are outstanding or for any vote held only in respect of the Class B
Shares, each Class B Shareholder will be entitled to cast one vote per Class B Share. 
 27.8     Subject to
any rights of the holders of any series of Preferred Shares to elect directors under specified circumstances, the holders of the outstanding Class A Shares and Class B Shares, voting together, shall be entitled to vote for the election of
all directors of the Company. 
 Amendment with Approval of Class B Shareholders 

27.9     In addition to any other approvals required by Law, the rights, privileges, restrictions and conditions attached
to the Class B Shares as a class may be added to, changed or removed but only with the approval of the Class B Shareholders given as hereinafter specified. 

27.10     The approval of the Class B Shareholders to add to, change or remove any right, privilege, restriction or
condition attaching to the Class B Shares as a class or in respect of any other matter requiring the consent of the holders of the Class B Shareholders may be given in such manner as may then be required by Law, subject to a minimum
requirement that such approval be given by resolution signed by all the Class B Shareholders or passed by the affirmative vote of at least two thirds of the votes cast at a meeting of the Class B Shareholders duly called for that purpose.
On every poll taken at every meeting of the Class B Shareholders as a class, each Class B Shareholder entitled to vote thereat shall have one vote in respect of each Class B Share held. 

Retraction at the Option of the Class B Shareholder 

27.11     Subject to applicable Law, at any time from and after the date of the issuance of the Class B Shares, each
Class B Shareholder shall have the right (the “Class B Retraction Right”) to require the Company to redeem all or such portion of the Class B Shares registered in the name of such Class B
Shareholder specified in a Notice of Class B Retraction delivered to the Company by or on behalf of such Class B Shareholder (such Class B Shares being hereafter referred to as “Tendered Class B
Shares” and such Class B Shareholder, the “Tendering Class B Shareholder”) for the Cash Amount (the “Class B Retraction Amount”). 

Notice of Class B Retraction 

27.12     A Class B Shareholder must deliver a Notice of Class B Retraction to the registered office of the
Company in order to exercise his, her or its Class B Retraction Right. 
 Satisfaction of Retraction Right 

27.13     Upon receipt by Company of a Notice of Class B Retraction and such additional documents and instruments as
the Company may reasonably require, the Company shall redeem the Tendered Class B Shares on or prior to the Specified Class B Retraction Date. The Company will deliver or cause to be delivered to the Tendering Class B Shareholder, at
the address of the holder recorded in the register of the Company for the Class B Shares or at the address specified in the holder’s Notice of Class B Retraction, the Class B Retraction Amount, and such delivery of such
Class B Retraction Amount by or on behalf of the Company, will be deemed to be payment of and will satisfy and discharge all liability for the Class B Retraction Right so exercised. 

  
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 27.14     Each Tendering Class B Shareholder shall continue to own
each Class B Share subject to any Notice of Class B Retraction, and be treated as a Class B Shareholder with respect to each such Class B Share for all other purposes of these Articles, until such Class B Share has been
redeemed by the Company in accordance with §27.11 to §27.16. 
 27.15     Notwithstanding anything to the
contrary set forth herein, the Company will not be obligated to redeem Tendered Class B Shares to the extent that such redemption would be contrary to solvency requirements or other provisions of applicable Law. 

Withholding Taxes 

27.16     Each Tendering Class B Shareholder shall be required to pay to the Company the amount of any tax
withholding due upon the redemption of Tendered Class B Shares pursuant to §27.11 to §27.13 and will be deemed to have authorized the Company to retain such portion of the Class B Retraction Amount as the Company reasonably
determines is necessary to satisfy its tax withholding obligations. Before making any withholding pursuant to this §27.16, the Company shall give each Tendering Class B Shareholder within three (3) Business Days after the
Company’s receipt of a Notice of Class B Retraction from such Tendering Class B Shareholder, notice of the Company’s good faith estimate of the amount of any anticipated tax withholding (together with the legal basis therefor)
due upon the redemption of the Tendered Class B Shares subject to such Notice of Class B Retraction, provide the Tendering Class B Shareholder with sufficient opportunity to provide any forms or other documentation or take such other
steps in order to avoid or reduce such tax withholding, and reasonably cooperate with the Tendering Class B Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this §27.16; provided that
any determination with respect to the tax withholding shall be made by the Company in its sole discretion exercised in good faith. 
 Liquidation Rights

 27.17     Upon any Liquidation Event, including where substantially concurrent with a BEP Liquidation Event,
subject to the following sentence, the Class B Shareholders shall be entitled to be paid out of the assets of the Company legally available for distribution on the Liquidation Date an amount in cash per Class B Share then held by them
equal to the BEP Unit Value for each such Class B Share. At any time no Class C Shares are outstanding, the Class B Shareholders shall be entitled to receive on the Liquidation Date the assets and property of the Company remaining, if
any, after the prior payments of the amounts set forth in §27.18. 
 27.18     The rights of the Class B
Shareholders to receive the amount set forth in §27.17 is subject to the prior payment of the amounts set forth in §26.27(b) and §26.27(c) and to the prior rights of holders of all classes and series of Preferred Shares, Class A
Shares and any other class of shares ranking in priority or rateably with the Class B Shares. 

  
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 27.19     If, upon any such Liquidation Event, the assets of the
Company, after payment of any amounts owed to holders of all classes of shares ranking in priority to the Class B Shares, shall be insufficient to make payment in full to all Class B Shareholders of the foregoing amounts set forth in
§27.17 with respect to the Liquidation Event, then such assets (or consideration) shall be distributed among the Class B Shareholders at the time outstanding, rateably in proportion to the full amounts to which they would otherwise be
respectively entitled to receive under §27.17. 
 Transfer Restrictions 

27.20     The Class B Shares may not be Transferred to any Person other than to BEP or a Person Controlled by BEP. If
any Class B Shares are Transferred in contravention of the preceding sentence, (i) such Transfer shall be null and void, and the Company shall not register or otherwise recognize the Transfer of the Class B Shares to the transferee,
(ii) any rights to vote attaching to the Class B Shares so Transferred may not be exercised by any Person, (iii) any payment by the Company on the Class B Shares so Transferred shall be prohibited and any such payment shall be
forfeited, and (iv) any rights that an ineligible transferee may have as a result of being a holder of Class B Shares shall be null and void, in each case, until such time as such Transfer is cancelled. 

PART 28 
 SPECIAL RIGHTS
AND RESTRICTIONS 
 CLASS C NON-VOTING SHARES 

Special Rights and Restrictions 

28.1     The Class C Shares as a class shall have attached thereto the special rights and restrictions specified in
this Part 28. 
 Dividend Rights 

28.2     Class C Shareholders shall be entitled to receive, as and when declared by the board of directors, out of
any assets of the Company legally available therefor, such dividends as may be declared from time to time by the board of directors. The Class C Shareholders shall not be entitled to receive dividends (i) unless and until the Company has
paid any Unpaid Dividends, and (ii) unless and until the Company has paid all of the Exchange Consideration owing to any Tendering Class A Shareholders who have submitted Notices of Exchange before the date the board of directors declares
a dividend on the Class C Shares. The record and payment dates for dividends on Class C Shares shall be such date that the board of directors shall designate for the payment of such dividends. 

  
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 Stock Dividends 

28.3     In the event a dividend is declared and paid on the Class A Shares consisting of Class A Shares, the
board shall, subject to applicable Law, contemporaneously declare and pay on the Class C Shares an equivalent dividend on a per share basis consisting of Class C Shares. 

Ranking of the Class C Shares 

28.4     The Class C Shares shall, as to the payment of dividends and return of capital in a Liquidation Event, rank
junior to the Preferred Shares, the Class A Shares and the Class B Shares and senior over any other shares ranking junior to the Class C Shares with respect to priority in payment of dividends and return of capital in the event of the
liquidation, dissolution or winding-up of the Company. 
 Voting Rights 

28.5     Except as otherwise expressly provided herein or as required by Law, each Class C Shareholder shall be
entitled to notice of, and to attend, any meetings of shareholders of the Company, but shall not otherwise be entitled to vote at any such meeting. 

Amendment with Approval of Class C Shareholders 

28.6     In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached
to the Class C Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class C Shares given as hereinafter specified. 

28.7     The approval of the Class C Shareholders to add to, change or remove any right, privilege, restriction or
condition attaching to the Class C Shares as a class or in respect of any other matter requiring the consent of the Class C Shareholders may be given in such manner as may then be required by Law, subject to a minimum requirement that such
approval be given by resolution signed by all the Class C Shareholders or passed by the affirmative vote of at least two thirds of the votes cast at a meeting of the Class C Shareholders duly called for that purpose. On every poll taken at
every meeting of the Class C Shareholders as a class, each Class C Shareholder entitled to vote thereat shall have one vote in respect of each Class C Share held. 

Retraction at the Option of the Class C Shareholder 

28.8     Subject to applicable Law, at any time from and after the date of the issuance of the Class C Shares, each
Class C Shareholder shall have the right (the “Class C Retraction Right”) to require the Company to redeem all or such portion of the Class C Shares registered in the name of such Class C
Shareholder specified in an Notice of Class C Retraction delivered to the Company by or on behalf of such Class C Shareholder (such Class C Shares being hereafter referred to as “Tendered Class C
Shares” and such Class C Shareholder, the “Tendering Class C Shareholder”) for the Cash Amount (the “Class C Retraction Amount”). 

  
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 Notice of Class C Retraction 

28.9     A Class C Shareholder must deliver a Notice of Class C Retraction to the registered office of the
Company in order to exercise his, her or its Class C Retraction Right. 
 Satisfaction of Retraction Right 

28.10     Upon receipt by Company of a Notice of Class C Retraction and such additional documents and instruments as
the Company may reasonably require, the Company shall redeem the Tendered Class C Shares on or prior to the Specified Class C Retraction Date. The Company will deliver or cause to be delivered to the Tendering Class C Shareholder, at
the address of the holder recorded in the register of the Company for the Class C Shares or at the address specified in the holder’s Notice of Class C Retraction, the Class C Retraction Amount, and such delivery of such
Class C Retraction Amount by or on behalf of the Company, will be deemed to be payment of and will satisfy and discharge all liability for the Class C Retraction Right so exercised. 

28.11     Each Tendering Class C Shareholder shall continue to own each Class C Share subject to any Notice of
Class C Retraction, and be treated as a Class C Shareholder with respect to each such Class C Share for all other purposes of these Articles, until such Class C Share has been redeemed by the Company in accordance with §28.8
to §28.13. 
 28.12     Notwithstanding anything to the contrary set forth herein, the Company will not be
obligated to redeem Tendered Class C Shares to the extent that such redemption would be contrary to solvency requirements or other provisions of applicable Law. 

Withholding Taxes 

28.13     Each Tendering Class C Shareholder shall be required to pay to the Company the amount of any tax
withholding due upon the redemption of Tendered Class C Shares pursuant to §28.8 to §28.10 and will be deemed to have authorized the Company to retain such portion of the Class C Retraction Amount as the Company reasonably
determines is necessary to satisfy its tax withholding obligations. Before making any tax withholding pursuant to this §28.13, the Company shall give each Tendering Class C Shareholder within three (3) Business Days after the
Company’s receipt of a Notice of Class C Retraction from such Tendering Class C Shareholder, notice of the Company’s good faith estimate of the amount of any anticipated tax withholding (together with the legal basis therefor)
due upon the redemption of the Tendered Class C Shares subject to such Notice of Class C Retraction, provide the Tendering Class C Shareholder with sufficient opportunity to provide any forms or other documentation or take such other
steps in order to avoid or reduce such tax withholding, and reasonably cooperate with the Tendering Class C Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this §28.13; provided that
any determination with respect to the tax withholding shall be made by the Company in its sole discretion exercised in good faith. 
 Liquidation Rights

 28.14     Upon any Liquidation Event, including where substantially concurrent with a BEP Liquidation Event, the
Class C Shareholders shall be entitled to receive on the Liquidation Date the assets and property of the Company remaining, if any, after the prior payments of the amounts set forth in §28.15. 

  
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 28.15     The rights of the Class C Shareholders to receive the
amounts set forth in §28.14 is subject to the prior payment of the amounts set forth in §26.27(b) and §26.27(c) and the prior rights of holders of all classes and series of Preferred Shares, Class A Shares, Class B
Shares and any other class of shares ranking in priority or rateably with the Class C Shares. 
 Transfer Restrictions 

28.16     The Class C Shares may not be Transferred to any Person other than to BEP or a Person Controlled by BEP. If
any Class C Shares are Transferred in contravention of the preceding sentence, (i) such Transfer shall be null and void, and the Company shall not register or otherwise recognize the Transfer of the Class C Shares to the transferee,
(ii) any payment by the Company on the Class C Shares so Transferred shall be prohibited and any such payment shall be forfeited, and (iii) any rights that an ineligible transferee may have as a result of being a holder of
Class C Shares shall be null and void, in each case, until such time as such Transfer is cancelled. 
 PART 29 

SPECIAL RIGHTS AND RESTRICTIONS 

CLASS A SENIOR PREFERRED SHARES 

Special Rights and Restrictions 

29.1     Subject to the rights, if any, of the holders of issued shares of the Company, the Class A Senior Preferred
Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 29. 
 Directors’ Right to Issue in One or
More Series 
 29.2     The Class A Senior Preferred Shares may be issued at any time or from time to time in
one or more series. Before any Class A Senior Preferred Shares of a series are issued, the board of directors shall, subject to the Business Corporations Act (British Columbia), by resolution: 

(a)     determine the maximum number of shares of any of those series of shares that the Company is
authorized to issue, determine that there is no maximum number or, if none of the shares of that series is issued, alter any determination so made, and authorize the alteration of the notice of articles accordingly; 

(b)     alter the articles, and authorize the alteration of the notice of articles, to create an
identifying name by which the shares of any of those series of shares may be identified or, if none of the shares of that series is issued, to alter any such identifying name so created; and 

(c)     alter the articles, and authorize the alteration of the notice of articles accordingly, to attach
special rights or restrictions to the shares of any of those series of shares, including, but without in any way limiting or restricting the generality of the foregoing, the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative, the dates, places and currencies of payment thereof, the consideration for, and the terms and conditions of, any purchase, retraction or redemption thereof, including
redemption after a fixed term or at a premium, conversion or exchange rights, the terms and conditions of any share purchase plan or sinking fund, the restrictions respecting payment of dividends on, or the repayment of capital in respect of, any
other shares of the Company and voting rights and restrictions but no special right or restriction so created, defined or attached shall contravene the provisions of §29.3 and §29.4, or, if none of the shares of that series is issued, to
alter any such special rights or restrictions. 

  
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 Ranking of the Class A Senior Preferred Shares 

29.3     The Class A Senior Preferred Shares of each series shall, as to the payment of dividends and return of
capital in a Liquidation Event, rank on a parity with the Class A Senior Preferred Shares of every other series and senior to the Class B Junior Preferred Shares, the Class A Shares, the Class B Shares and the Class C Shares
and over any other shares ranking junior to the Preferred Shares with respect to priority in payment of dividends and return of capital in a Liquidation Event. 

Voting 
 29.4    
Except as hereinafter referred to or as required by Law or unless provision is made in the articles of the Company relating to any series of Class A Senior Preferred Shares that such series is entitled to vote, the holders of the Class A
Senior Preferred Shares as a class shall not be entitled as such to receive notice of, to attend or to vote at any meeting of the shareholders of the Company. 

Amendment with Approval of Holder of Class A Senior Preferred Shares 

29.5     In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached
to the Class A Senior Preferred Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class A Senior Preferred Shares given as hereinafter specified. 

29.6     The approval of the holders of the Class A Senior Preferred Shares to add to, change or remove any right,
privilege, restriction or condition attaching to the Class A Senior Preferred Shares as a class or in respect of any other matter requiring the consent of the holders of the Class A Senior Preferred Shares may be given in such manner as
may then be required by Law, subject to a minimum requirement that such approval be given by resolution signed by all the holders of the Class A Senior Preferred Shares or passed by the affirmative vote of at least two thirds of the votes cast
at a meeting of the holders of the Class A Senior Preferred Shares duly called for that purpose. On every poll taken at every meeting of the holders of the Class A Senior Preferred Shares as a class, or at any joint meeting of the holders
of two or more series of Class A Senior Preferred Shares, each holder of Class A Senior Preferred Shares entitled to vote thereat shall have one vote in respect of each Class A Senior Preferred Share held. 

  
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 PART 30 

SPECIAL RIGHTS AND RESTRICTIONS 

CLASS B JUNIOR PREFERRED SHARES 

Special Rights and Restrictions 

30.1     Subject to the rights, if any, of the holders of issued shares of the Company, the Class B Junior Preferred
Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 30. 
 Directors’ Right to Issue in One or
More Series 
 30.2     The Class B Junior Preferred Shares may be issued at any time or from time to time in
one or more series. Before any Class B Junior Preferred Shares of a series are issued, the board of directors shall, subject to the Business Corporations Act (British Columbia), by resolution: 

(a)     determine the maximum number of shares of any of those series of shares that the Company is
authorized to issue, determine that there is no maximum number or, if none of the shares of that series is issued, alter any determination so made, and authorize the alteration of the notice of articles accordingly; 

(b)     alter the articles, and authorize the alteration of the notice of articles, to create an
identifying name by which the shares of any of those series of shares may be identified or, if none of the shares of that series is issued, to alter any such identifying name so created; and 

(c)     alter the articles, and authorize the alteration of the notice of articles accordingly, to attach
special rights or restrictions to the shares of any of those series of shares, including, but without in any way limiting or restricting the generality of the foregoing, the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative, the dates, places and currencies of payment thereof, the consideration for, and the terms and conditions of, any purchase, retraction or redemption thereof, including
redemption after a fixed term or at a premium, conversion or exchange rights, the terms and conditions of any share purchase plan or sinking fund, the restrictions respecting payment of dividends on, or the repayment of capital in respect of, any
other shares of the Company and voting rights and restrictions but no special right or restriction so created, defined or attached shall contravene the provisions of §30.3 and §30.4, or, if none of the shares of that series is issued, to
alter any such special rights or restrictions. 
 Ranking of the Class B Junior Preferred Shares 

30.3     The Class B Junior Preferred Shares of each series shall, as to the payment of dividends and return of
capital in a Liquidation Event, rank on a parity with the Class B Junior Preferred Shares of every other series, junior to the Class A Senior Preferred Shares and senior to the Class A Shares, the Class B Shares and the
Class C Shares and over any other shares ranking junior to the Preferred Shares with respect to priority in payment of dividends and in return of capital in a Liquidation Event. 

  
 -75- 

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 Voting 

30.4     Except as hereinafter referred to or as required by Law or unless provision is made in the articles of the
Company relating to any series of Class B Junior Preferred Shares that such series is entitled to vote, the holders of the Class B Junior Preferred Shares as a class shall not be entitled as such to receive notice of, to attend or to vote
at any meeting of the shareholders of the Company. 
 Amendment with Approval of Holder of Class B Junior Preferred Shares 

30.5     In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached
to the Class B Junior Preferred Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class B Junior Preferred Shares given as hereinafter specified. 

30.6     The approval of the holders of the Class B Junior Preferred Shares to add to, change or remove any right,
privilege, restriction or condition attaching to the Class B Junior Preferred Shares as a class or in respect of any other matter requiring the consent of the holders of the Class B Junior Preferred Shares may be given in such manner as
may then be required by Law, subject to a minimum requirement that such approval be given by resolution signed by all the holders of the Class B Junior Preferred Shares or passed by the affirmative vote of at least two thirds of the votes cast
at a meeting of the holders of the Class B Junior Preferred Shares duly called for that purpose. On every poll taken at every meeting of the holders of the Class B Junior Preferred Shares as a class, or at any joint meeting of the holders
of two or more series of Class B Junior Preferred Shares, each holder of Class B Junior Preferred Shares entitled to vote thereat shall have one vote in respect of each Class B Junior Preferred Share held. 

  
 -76- 

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	Full name and signature of Incorporator	  	Date of signing
		
	 Per: ____________________________________________

                Authorized Signatory
	  	 _____________, 20____

  
 -77- 

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 EXHIBIT “A” 

Notice of Exchange 

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 NOTICE OF EXCHANGE 

 

			
	 To:
	  	 Computershare Trust Company of Canada (the “Transfer Agent”)

 PLEASE DELIVER YOUR EXCHANGE REQUEST BY ONE OF THE OPTIONS BELOW: 

: 
  

			
	 

Via PDF Email (recommended)*:
	  	 

Via Mail:

		
	 onlinedeposits@computershare.com

 
 *  You can either scan this document via PDF or
take a picture
 with your phone (send a CLEAR picture of all pages, both front

and back within the same email)
	  	 Computershare Trust Company of Canada

P.O. Box 7021
 31 Adelaide St
E
 Toronto, ON M5C 3H2
 Attn:
Corporate Actions

 This notice is given pursuant to Section 26.12 of the articles (the “Articles”) of
Brookfield Renewable Corporation (the “Company”). All capitalized words and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in the Articles. 

The undersigned hereby notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: 

 

	❒	 all Class A Share(s) registered in the name of the undersigned; or 

 

	❒	          Class A Share(s) registered in the name of the
undersigned. 

 The undersigned acknowledges the Exchange-Redemption Call Right of Brookfield Renewable Partners L.P.
(“BEP”) or an affiliate of BEP to acquire all, but not less than all, of the Tendered Class A Shares from the undersigned and that this notice is and will be deemed to be an offer by the undersigned to sell the Tendered
Class A Shares to BEP in accordance with the Exchange-Redemption Call Right on or prior to the Specified Exchange Date for the Exchange Consideration and on the other terms and conditions set out in the Articles. 

The undersigned acknowledges that the exchange or acquisition of the Tendered Class A Shares may be satisfied by the delivery of an
equivalent number of BEP Units (subject to adjustment to reflect certain capital events) or its cash equivalent. The form of payment is to be determined by the Company or BEP. It is the intention of the Company and BEP to satisfy any exchange or
acquisition of Tendered Class A Shares through the delivery of BEP Units rather than the Cash Amount. 
 The undersigned acknowledges
that the Company will not be obligated to redeem Tendered Class A Shares to the extent that such redemption would be contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted
by any such requirements or other provisions to redeem the Tendered Class A Shares, provided that BEP has not exercised its Exchange-Redemption Call Right with respect to the Tendered Class A Shares, the Company will only be obligated to
redeem the maximum number of Tendered Class A Shares 

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 (rounded down to a whole number of Class A Shares) that would not be contrary to such
provisions. 
 The undersigned hereby represents and warrants to the Company and BEP that the undersigned has good title to, and owns, the
Class A Share(s) to be acquired by the Company, BEP or an affiliate of BEP as the case may be, free and clear of all liens, claims and encumbrances whatsoever. 
  

	
	  

	   (Date)

	  

	   (Signature of Tendering Class A Shareholder)

	  

	   (Guarantee of Signature)

 CURRENCY ELECTION 

(only if exchange or acquisition of the Tendered Class A Shares is satisfied by the Cash Amount) 

Shareholders domiciled in Canada will receive the Cash Amount in Canadian dollars (CAD) and shareholders domiciled in the United States and all other
countries will receive the Cash Amount in U.S. dollars (USD), unless otherwise elected below: 
  

	 	❒    Issue	 my cash entitlement payment(s) in U.S. dollars (USD). 

 

	 	❒    Issue	 my cash entitlement payment(s) in Canadian dollars (CAD). 

By electing to receive payment in another currency, the undersigned acknowledges that (a) the exchange rate used will be the rate
established by the Transfer Agent, in its capacity as foreign exchange service provider to the Company, on the date the funds are converted; (b) the risk of any fluctuation in such rate will be borne by the undersigned; and (c) the
Transfer Agent may earn commercially reasonable spread between its exchange rate and the rate used by any counterparty from which it purchases the elected currency. 

Payment Delivery Instruction 
  

	❒    	 Please check this box if the Cash Amount, if applicable, resulting from the exchange or acquisition of the
Tendered Class A Shares is to be paid by cheque and mailed to the last address of the Tendering Class A Shareholder as it appears on the register of the Company or as instructed below in Exhibit A. ALL CHEQUE PAYMENTS WILL BE ISSUED
TO THE REGISTERED NAME AS IT CURRENTLY APPEARS. 

  

	❒    	 Please check this box if the Cash Amount, if applicable, resulting from the exchange or acquisition of the
Tendered Class A Shares is to be paid by cheque and held for pick-up by the Tendering Class A Shareholder at the principal transfer office of the Transfer Agent in Toronto, Ontario.

  

	❒    	 Please check this box if the Cash Amount, if applicable, resulting from the exchange or acquisition of the
Tendered Class A Shares is to be paid electronically to the Tendering Class A Shareholder using the electronic payment information as it appears on the dividend register of the Company or as instructed below in Exhibit B.

  

	NOTE:	 This panel must be completed and such additional documents as the Transfer Agent may require must be
deposited with the Transfer Agent at its principal transfer office in Toronto, Ontario. The BEP Units Amount and any payment resulting from the exchange or acquisition of the Tendered Class A Shares will be issued and registered in, and made
payable to respectively, the name of the Tendering Class A Shareholder as it appears on the register of the Company and the BEP 

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 Units Amount and payment resulting from such exchange or acquisition will be delivered to
such Tendering Class A Shareholder as indicated above, unless the form appearing immediately below is duly completed. 

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 EXHIBIT A: 

Cheque Delivery Information 
  

			
	
Date:                      
                                         
                                         
        
	 	
		
	  
	 	
	 Name of Person in Whose Name Payment is to be Delivered (please print)
	 	
		
	  
	 	
	 Street Address or P.O. Box
	 	
		
	  
	 	
	 City, Province and Postal Code
	 	
		
	  
	 	
	 Signature of Tendering Class A Shareholder
	 	

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 EXHIBIT B 

 
 

 

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 EXHIBIT “B” 

Notice of Class A Redemption 

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 NOTICE OF CLASS A REDEMPTION 

 

	To:	 Class A Shareholders of Brookfield Renewable Corporation (the “Company”)

 This notice is given pursuant to Section 26.20 of the articles of the Company (the “Articles”).
All capitalized words and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. 

The Company hereby notifies the Class A Shareholders that the Company desires to redeem all of the issued and outstanding Class A
Shares in accordance with the Articles. 
 The Company acknowledges that this notice is and will be deemed to be an irrevocable offer by the
Company to redeem all of the Class A Shares on the Specified Class A Redemption Date for the Redemption Consideration and on the other terms and conditions set out in the Articles. 

The Specified Class A Redemption Date will be
                                         
               . 
  

	
	  

	 Brookfield Renewable Corporation

	
	  

	 (Date)

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 EXHIBIT “C” 

Notice of Class B Retraction 

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 NOTICE OF CLASS B RETRACTION 

 

	To:	 Brookfield Renewable Corporation (the “Company”) 

This notice is given pursuant to Section 27.11 of the articles of the Company (the “Articles”). All capitalized words
and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. 

The undersigned hereby notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: 

 

	        	 all Class B Share(s) registered in the name of the undersigned; or 

 

	        	          Class B Share(s) registered in the name of the
undersigned. 

 The undersigned acknowledges that this notice is and will be deemed to be an irrevocable offer by the
undersigned to sell the Tendered Class B Shares to the Company on or prior to the Specified Class B Retraction Date for the Class B Retraction Amount and on the other terms and conditions set out in the Articles. 

The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class B Shares to the extent that such redemption
would be contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class B Shares, the Company will only
be obligated to redeem the maximum number of Tendered Class B Shares (rounded down to a whole number of Class B Shares) that would not be contrary to such provisions. 

The undersigned hereby represents and warrants to the Company that the undersigned has good title to, and owns, the Class B Share(s) to
be acquired by the Company, free and clear of all liens, claims and encumbrances whatsoever. 
  

	
	  

	
	 (Date)

	
	  

	 (Signature of Tendering Class B Shareholder)

	
	  

	 (Guarantee of Signature)

 ☐     Please check this box if the Cash Amount resulting from the acquisition of the
Tendered Class B Shares is to be mailed to the last address of the Tendering Class B Shareholder as it appears on the register of the Company. 

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 NOTE: This panel must be completed and this certificate, together with such
additional documents as the Company may require, must be delivered to the registered office of the Company in Vancouver, British Columbia. Any payment resulting from the acquisition of the Tendered Class B Shares will be made payable to the
name of the Tendering Class B Shareholder as it appears on the register of the Company and payment resulting from such acquisition will be delivered to such Tendering Class B Shareholder as indicated above, unless the form appearing
immediately below is duly completed. 
  

			
	 Date:
                                         
                                         
                
	  	
		
	  
	  	
	 Name of Person in Whose Name Payment is to be Delivered (please print)
	  	
		
	  
	  	
	 Street Address or P.O. Box
	  	
		
	  
	  	
	 City, Province and Postal Code
	  	
		
	  
	  	
	 Signature of Tendering Class B Shareholder
	  	

 NOTE: If this Notice of Class B Retraction is for less than all of the Class B Share(s)
represented by this certificate, a certificate representing the remaining Class B Shares of the Company will be issued and registered in the name of the Tendering Class B Shareholder as it appears on the register of the Company. 

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 EXHIBIT “D” 

Notice of Class C Retraction 

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 NOTICE OF CLASS C RETRACTION 

 

	To:	 Brookfield Renewable Corporation (the “Company”) 

This notice is given pursuant to Section 28.8 of the articles of the Company (the “Articles”). All capitalized words and
expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. 

The undersigned hereby notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: 

 

	        	 all Class C Share(s) registered in the name of the undersigned; or 

 

	        	          Class C Share(s) registered in the name of the
undersigned. 

 The undersigned acknowledges that this notice is and will be deemed to be an irrevocable offer by the
undersigned to sell the Tendered Class C Shares to the Company on or prior to the Specified Class C Retraction Date for the Class C Retraction Amount and on the other terms and conditions set out in the Articles. 

The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class C Shares to the extent that such redemption
would be contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class C Shares, the Company will only
be obligated to redeem the maximum number of Tendered Class C Shares (rounded down to a whole number of Class C Shares) that would not be contrary to such provisions. 

The undersigned hereby represents and warrants to the Company that the undersigned has good title to, and owns, the Class C Share(s) to
be acquired by the Company, free and clear of all liens, claims and encumbrances whatsoever. 
  

	
	  

	
	 (Date)

	
	  

	 (Signature of Tendering Class C Shareholder)

	
	  

	 (Guarantee of Signature)

 ☐     Please check this box if the Cash Amount resulting from the acquisition of the
Tendered Class C Shares is to be mailed to the last address of the Tendering Class C Shareholder as it appears on the register of the Company. 

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 NOTE: This panel must be completed and this certificate, together with such
additional documents as the Company may require, must be delivered to the registered office of the Company in Vancouver, British Columbia. Any payment resulting from the acquisition of the Tendered Class C Shares will be made payable to the
name of the Tendering Class C Shareholder as it appears on the register of the Company and payment resulting from such acquisition will be delivered to such Tendering Class C Shareholder as indicated above, unless the form appearing
immediately below is duly completed. 
  

			
	
Date:                      
                                         
                                     
	 	
	  
	 	
	 Name of Person in Whose Name Payment is to be Delivered (please print)
	 	
	  
	 	
	 Street Address or P.O. Box
	 	
	  
	 	
	 City, Province and Postal Code
	 	
	  
	 	
	 Signature of Tendering Class C Shareholder
	 	

 NOTE: If this Notice of Class C Retraction is for less than all of the Class C Share(s)
represented by this certificate, a certificate representing the remaining Class C Shares of the Company will be issued and registered in the name of the Tendering Class C Shareholder as it appears on the register of the Company. 

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 EXHIBIT B-1 

Authorized Signatures for Brookfield Renewable Corporation (“BEPC”) 

under Rights Agreement dated as of July 30, 2020 

[Omitted] 

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 EXHIBIT B-2 

Authorized Signatures for Brookfield Asset Management Inc. (“BAM”) 

under Rights Agreement dated as of July 30, 2020 

[Omitted[ 

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 EXHIBIT C 

Terms of Compensation of Rights Agent 

[Omitted] 
 . 

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 EXHIBIT D-1 

Form of Company Notice 
  

	To:	 Brookfield Asset Management Inc. 

Attn: Investor Relations 

Brookfield Place, Suite 300 

181 Bay Street, P.O. Box 762 

Toronto, Ontario, Canada M5J 2T3 

Phone:
1-866-989-0311 

Email: enquiries@brookfield.com 

Brookfield Renewable Partners L.P. 

73 Front Street, 5th Floor 

Hamilton, HM 12, Bermuda 

Phone: (441) 294-3304 

E-mail: enquiries@brookfieldrenewable.com 

Wilmington Trust, National Association 

Attn: Project Remus Administrator 

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 

Phone: (203) 453-1318 

Fax: (203) 453-1183 

Email: rlreynolds@wilmingtontrust.com 

With a copy to the following Email address: restructuring@wilmingtontrust.com 

Wilmington Trust, National Association: 

Reference is made to that certain Rights Agreement, dated as of July 30, 2020, between Brookfield Asset Management Inc.,
and Wilmington Trust, National Association (the “Rights Agreement”). Capitalized terms that are not otherwise defined in this Exchanging Class A Shareholder Notice shall have the meanings given to them in the Rights Agreement.

 THE DTC FREE DELIVERY OF THE SUBJECT CLASS A SHARES SHOULD BE DIRECTED TO THE RIGHTS AGENT’S DTC PARTICIPANT
NUMBER 990, FOR FURTHER CREDIT OF THE RECEIVED CLASS A SHARE ACCOUNT, ACCOUNT NUMBER [WT TO INSERT]. 
 The Company
represents and warrants that, with respect to ______________ Subject Class A Share(s): 

(i)    the Company has not satisfied its obligation under sections 26.12 and 26.14 of the Company’s
Articles by delivering the BEP Units Amount or Cash Amount on the applicable Specified Exchange Date; and 
  

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 (ii)    BEP has not, upon its election in its sole and
absolute discretion, acquired such Subject Class A Share(s) from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the
applicable Specified Exchange Date. 
 The BEP Units Amount and the Cash Amount for such Subject Class A Share(s) are
as follows: 
 BEP Units Amount:_______________________ 

Cash Amount:____________________________ 

The BEP Units Amount or the Cash Amount, as applicable, shall be issued or paid to the Exchanging Class A Shareholder,
whose information is as follows: 
 Please insert social security 

or other identifying number 
  

 
 (Please print name and address) 

 
  

Delivery instructions for BEP Units Amount: 

[Please insert complete instructions including recipient’s DTC participant number and the account number at the participant.] 

Delivery instructions for Cash Amount: 

[Please insert complete wire transfer instructions.] 

Dated: _____________ __, ______ 
  

			
	BROOKFIELD RENEWABLE CORPORATION, a British Columbia corporation

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

  
 -32- 

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 EXHIBIT D-2 

Form of Exchanging Class A Shareholder Notice 
  

	To:	 Brookfield Asset Management Inc. 

Attn: Investor Relations 

Brookfield Place, Suite 300 

181 Bay Street, P.O. Box 762 

Toronto, Ontario, Canada M5J 2T3 

Phone:
1-866-989-0311 

Email: enquiries@brookfield.com 

Wilmington Trust, National Association 

Attn: Project Remus Administrator 

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 

Phone: (203) 453-1318 

Fax: (203) 453-1183 

Email: rlreynolds@wilmingtontrust.com 

With a copy to the following Email address: restructuring@wilmingtontrust.com 

Wilmington Trust, National Association: 

Reference is made to that certain Rights Agreement, dated as of July 30, 2020, between Brookfield Asset Management Inc.,
and Wilmington Trust, National Association (the “Rights Agreement”). Capitalized terms that are not otherwise defined in this Exchanging Class A Shareholder Notice shall have the meanings given to them in the Rights Agreement.

 THE DTC FREE DELIVERY OF THE SUBJECT CLASS A SHARES SHOULD BE DIRECTED TO THE RIGHTS AGENT’S DTC PARTICIPANT
NUMBER 990, FOR FURTHER CREDIT OF THE RECEIVED CLASS A SHARE ACCOUNT, ACCOUNT NUMBER [WT TO INSERT]. 
 The
undersigned (the “Holder”) represents and warrants that, with respect to ______________ Subject Class A Share(s): 

(i)    the Company has not satisfied its obligation under sections 26.12 and 26.14 of the Company’s
Articles by delivering the BEP Units Amount or Cash Amount on the applicable Specified Exchange Date; and 

(ii)    BEP has not, upon its election in its sole and absolute discretion, acquired such Subject
Class A Share(s) from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the applicable Specified Exchange Date. 

Pursuant to and in accordance with the terms and conditions of the Rights Agreement, the Holder irrevocably elects to exercise
its Secondary Exchange Rights for the Holder’s Subject Class 
  

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A Shares identified above. The BEP Units Amount or the Cash Amount, as applicable, shall be issued or paid to: 

Please insert social security 
 or other identifying number 

 
  

(Please print name and address) 
  

 
 Delivery instructions for BEP Units
Amount: 
 [Please insert complete instructions including recipient’s DTC participant number and the account number at the
participant.] 
 Delivery instructions for Cash Amount: 

[Please insert complete wire transfer instructions.] 

Dated: _____________ __, ______ 
  

	
	
	   

	 Signature

 Signature Medallion Guaranteed: 

Signatures should be guaranteed by an eligible guarantor institution (bank, stock broker or savings and loan association with
membership in an approved signature medallion program). 

  
 -34-EX-10.3

 Exhibit 10.3  

 THIS GUARANTEE INDENTURE dated as of July 29, 2020; 

AMONG: 
 BROOKFIELD RENEWABLE PARTNERS
L.P., an exempted limited partnership formed under the laws of Bermuda, 
 (hereinafter referred to as the
“Partnership”), 
 – and – 

BEP SUBCO INC., a corporation incorporated under the laws of the Province of Ontario, 

(hereinafter referred to as the “Guarantor”), 

– and – 

COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company organized and existing under the laws of Canada, 

(hereinafter referred to as the “Security Trustee”). 

WHEREAS pursuant to the terms of this guarantee indenture (the “Guarantee”) the Guarantor has agreed to guarantee in
favour of the Holders (as defined below) the payment of the Class A Preferred LP Unit Obligations (as defined below), pursuant to the terms of the Guaranteed Class A Preferred LP Units (as defined below); 

AND WHEREAS all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed to authorize the
execution and delivery of this Guarantee and to make the same legal, valid and binding upon the Guarantor; 
 AND WHEREAS the
foregoing recitals are made as representations and statements of fact by the Guarantor and not by the Security Trustee; 
 NOW THEREFORE
THIS GUARANTEE WITNESSES that for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties), the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

	1.1	 Definitions 

For all purposes of this Guarantee, except as otherwise expressly provided or unless the context otherwise requires: 

 

	 	(a)	 the terms defined in this Article have the meanings assigned to them in this Article and include the plural as
well as the singular; 

  

	 	(b)	 the words “herein”, “hereof” and “hereunder” and other words
of similar import refer to this Guarantee as a whole and not to any particular Article, Section or other subdivision; and 

  

	 	(c)	 all references to “the Guarantee” or “this Guarantee” are to this Guarantee
as modified, supplemented or amended from time to time. 

 In addition, the following terms shall have the following meanings: 

“Additional Guarantor” means any guarantor in any guarantee indenture with respect to any Guaranteed Class A Preferred LP Units among
the Partnership, the Security Trustee, and any other guarantors party thereto pursuant to which such guarantor has guaranteed certain obligations with respect to such Guaranteed Class A Preferred LP Units, other than the Guarantor under this
Agreement; 

  
 1 

 “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; 
 “Authorized
Investments” has the meaning given to such term in Section 5.7; 
 “Board Resolution” means, with respect to the Guarantor, a
copy of a resolution duly passed by the board of directors (or the equivalent) of the Governing Body of the Guarantor, to be in full force and effect on the applicable date, and delivered to the Security Trustee; 

“BRP Equity” means Brookfield Renewable Power Preferred Equity Inc.; 

“BRP Equity Preferred Share Guarantee Indenture” means any present or future guarantee indenture entered into by the Guarantor with respect
to any outstanding Class A Preference Shares issued by BRP Equity among BRP Equity, the Security Trustee and any other guarantors party thereto pursuant to which the Guarantor has guaranteed certain obligations with respect to such Class A
Preference Shares of BRP Equity; 
 “BRP Equity Preferred Share Guarantee Obligations” means all indebtedness, liabilities and obligations
of the Guarantor under or pursuant to any BRP Equity Preferred Share Guarantee Indentures; 
 “Business Day” means a day other than a
Saturday, a Sunday or any other day that is a statutory or civic holiday in Toronto, Canada; 
 “CBCA” means the Canada Business
Corporations Act; 
 “Class A Preferred LP Unit Obligations” means all financial liabilities and obligations
of the Partnership to Holders in respect of the Guaranteed Class A Preferred LP Units including or in respect of (i) any declared and unpaid distributions on the Guaranteed Class A Preferred LP Units, (ii) the applicable
redemption price and all declared and unpaid distributions up to, but excluding, the date fixed for redemption with respect to the Guaranteed Class A Preferred LP Units called for redemption, and (iii) the Liquidation Amount payable on the
Guaranteed Class A Preferred LP Units upon a voluntary or involuntary dissolution, liquidation or winding up of the Partnership, without regard to the amount of assets of the Partnership available for distribution; 

“Class A Preferred LP Units” means class A preferred limited partnership units, of which the Partnership is authorized to
issue an unlimited number pursuant to its limited partnership agreement; 
 “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 board of directors (or the equivalent) of 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; 
 “Corporate Trust Office” means the office of the Security Trustee, at which
at any particular time its corporate trust business shall be principally administered, which office on the date of execution of this Guarantee is located at 100 University Ave, 11th Floor, Toronto ON M5J 2Y1; 

“Event of Default” has the meaning given to such term in Section 4.2; 

“Governing Body” means (i) with respect to a corporation or limited company, such corporation or limited company, (ii) with respect
to a limited liability company, a manager or managing partner of such limited liability company, (iii) with respect to a limited partnership, a general partner of such limited partnership (or if any such general partner is itself a partnership,
such general partner’s general partner), (iv) with respect to a general partnership, the managing partner (or if there is no managing partner, each partner), and (v) with respect to any other Person, the Person that has the power to
determine the management and policies of such Person by status, and in the case of each of (i) through (v) includes any Person to whom such Person has delegated any power or authority; 

  
 2 

 “Guaranteed Class A Preferred LP Units” means the Series 5, Series 6,
Series 7, Series 8, Series 9, Series 10, Series 11, Series 12, Series 13, Series 14, Series 15 and Series 16 Class A Preferred LP Units and each Series of Class A Preferred LP Units that has been designated by the Partnership at any time
pursuant to Section 2.3 as being entitled to the benefits of this Guarantee pursuant to the terms hereof; 
 “Guaranteed Obligations”
has the meaning given to such term in Section 3.4; 
 “Guarantor” means BEP Subco Inc.; 

“Guarantor Order” or “Guarantor Request” means a written request or order signed in the name of the Guarantor by any officer
or director (or the equivalent) of the Governing Body of the Guarantor and delivered to the Security Trustee; 
 “Holders” means the
registered holders of any of the Guaranteed Class A Preferred LP Units from time to time, provided that, in determining whether the Holders of the requisite percentage of the aggregate Liquidation Amount of the applicable outstanding Guaranteed
Class A Preferred LP Units have given any request, notice, consent or waiver hereunder, “Holders” shall not include the Guarantor or any Affiliate of the Guarantor; 

“Liquidation Amount” means, in respect of any securities of any series or class and any determination date, the amount to which the holders
of such series or class are entitled in the event of a distribution of the assets of the issuer in accordance with the terms and conditions of such series or class upon the liquidation, dissolution or
winding-up of such issuer on such date, including for greater certainty any declared and unpaid distributions which such holder in accordance with the terms and conditions of such series or class is entitled
to receive upon the liquidation, dissolution or winding-up of such issuer; 
 “MI 61-101” means Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions; 

“Officer’s Certificate” means a certificate signed by any officer or director (or the equivalent) of the Governing Body of the Guarantor
and delivered to the Security Trustee; 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Guarantor,
including an employee of the Guarantor, a Governing Body of the Guarantor or the Partnership, and who shall be acceptable to the Security Trustee; 

“Partnership” means Brookfield Renewable Partners L.P.; 

“Person” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof; 
 “Security Trustee” means Computershare Trust Company of
Canada; and 
 “Senior Indebtedness” shall mean the principal of and the interest and premium (or any other amounts payable thereunder), if
any, on: 
  

	 	(i)	 all indebtedness (including any indebtedness to trade creditors), liabilities and obligations of the Guarantor
(other than the Guaranteed Obligations), whether outstanding on the date of this Guarantee or thereafter created, incurred, assumed or guaranteed; and 

  

	 	(ii)	 all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities or
obligations; 

 except only for any such indebtedness, liabilities or obligations that are, pursuant to the terms of the instrument
creating or evidencing such indebtedness, liabilities or obligations, expressly pari passu with or subordinate in right of payment to the Class A Preferred LP Unit Obligations; 

“Series” means a series of Class A Preferred LP Units; 

“subsidiary entity” shall have the meaning set out in MI 61-101; and 

“wholly-owned subsidiary entity” shall have the meaning set out in MI 61-101. 

  
 3 

	1.2	 Compliance Certificates and Opinions 

Upon any application or request by the Guarantor to the Security Trustee to take any action under any provision of this Guarantee, the
Guarantor shall furnish to the Security Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Guarantee (including any covenant compliance with which constitutes a condition precedent) relating to
the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which
the furnishing of certain documents is specifically required by any provision of this Guarantee relating to such particular application or request, no additional certificate or opinion need be furnished. 

In addition to the foregoing, every certificate or opinion with respect to compliance with a covenant or condition provided for in this
Guarantee (other than as otherwise specified herein) shall include: 
  

	 	(a)	 a statement that each individual signing such certificate or opinion has read and understood such covenant or
condition and the definitions herein relating thereto; 

  

	 	(b)	 a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 

  

	 	(c)	 a statement that, in the opinion of each such individual, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  

	 	(d)	 a statement as to whether, in the opinion of each such individual, such covenant or condition has been complied
with. 

  

	1.3	 Form of Documents Delivered to Security Trustee 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Governing Body of the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Governing Body of the Guarantor stating that the information with respect to such factual matters is in the possession of the
Guarantor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Guarantee, they may, but need not, be consolidated and form one instrument. 
  

	1.4	 Acts of Holders 

 

	 	(a)	 Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Guarantee to be given or taken by one or more Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed by them in writing. Except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Security Trustee and, where it is hereby expressly required, to the Guarantor and/or the Partnership. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Guaranteed Class A Preferred LP Unit, shall be sufficient for any purpose of this Guarantee and conclusive in favour of the Security Trustee, the Guarantor and the Partnership, if
made in the manner provided in this Section. 

  
 4 

	 	(b)	 The fact and date of the execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner that the Security Trustee deems sufficient. 

  

	 	(c)	 If the Guarantor shall solicit from any Holders of Guaranteed Class A Preferred LP Units any request,
demand, authorization, direction, notice, consent, waiver or other Act, the Guarantor may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Guarantor shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than
the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite
percentage of the applicable outstanding Guaranteed Class A Preferred LP Units have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding
Guaranteed Class A Preferred LP Units shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to
the provisions of this Guarantee not later than eleven months after the record date. 

  

	1.5	 Notices, Etc. to Security Trustee and Guarantor 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other documents provided or permitted by this
Guarantee to be made upon, given or furnished to, or filed with: 
  

	 	(a)	 the Security Trustee by any Holder, the Guarantor or the Partnership shall be sufficient for every purpose
hereunder if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to the Security Trustee at 100 University Ave, 11th Floor, Toronto ON M5J 2Y1 Attention: Manager,
Corporate Trust, Facsimile No. 416-981-9777; or 

  

	 	(b)	 the Partnership by any Holder, the Security Trustee or the Guarantor shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to the Partnership addressed to it at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda, Attention:
Corporate Secretary, Facsimile No. 441-296-4475; or 

  

	 	(c)	 the Guarantor by any Holder, the Security Trustee, or the Partnership shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to the Guarantor addressed to it at P.O. Box 762, Suite 300, Brookfield Place, 181 Bay Street, Toronto,
Ontario Canada M5J 2T3, Attention: Corporate Secretary, Facsimile No. (416) 369-2301. 

Any delivery made or facsimile sent on a day other than a Business Day, or after 3:00 p.m. (Toronto time) on a Business Day, shall be
deemed to be received on the next following Business Day. Anything mailed shall not be deemed to have been given until it is actually received. The Guarantor or the Partnership may from time to time notify the Security Trustee of a change in address
or facsimile number which thereafter, until changed by like notice, shall be the address or facsimile number of the Guarantor or the Partnership for all purposes of this Guarantee. 

 

	1.6	 Notice to Holders; Waiver 

Where this Guarantee provides for notice of any event to any Holders of Guaranteed Class A Preferred LP Units by the Guarantor or the
Security Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at the Holder’s address as it appears in
the list of Holders as provided by the Partnership, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or in any other manner from time to time permitted by applicable laws, including,
without limitation, internet-based or other electronic communications. In any case where notice to any Holders of Guaranteed Class A Preferred LP Units is given by mail, neither the accidental failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders, but upon such failure to mail or such defect in any notice so mailed being discovered, the notice (as corrected to address any

  
 5 

 
defects) shall be mailed forthwith to such Holder. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not
such Holder actually receives such notice. 
 Any request, demand, authorization, direction, notice, consent or waiver required or permitted
under this Guarantee shall be in the English language. 
 Where this Guarantee provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Security Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 
  

	1.7	 Effect of Headings 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

 

	1.8	 Successors and Assigns 

All covenants and agreements in this Guarantee by the Guarantor shall bind its successors and assigns, whether so expressed or not. 

 

	1.9	 Severability Clause 

In case any provision in this Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
  

	1.10	 Governing Law 

This Guarantee shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein. 
  

	1.11	 No Recourse Against Certain Persons 

A director, officer, employee or securityholder, as such, of the Guarantor shall not have any liability for any obligations of the Guarantor
under this Guarantee or for any claim based on, in respect of or by reason of such obligations or its creation. 
  

	1.12	 Counterparts 

This Guarantee may be executed by facsimile, PDF or other electronic signature and in counterparts, each of which shall be deemed to be an
original, and all of which together constitute one and the same instrument. 
  

	1.13	 Language 

Les parties aux présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s’y
rattachent et/ou qui en decouleront soient rediges et exécutés en langue anglaise. The parties hereto have required that this Guarantee and all documents and notices related thereto be drafted and executed in English. 

 

	1.14	 Force Majeure 

The Security Trustee shall not be liable to any party to this Guarantee, or held in breach of this Guarantee by any party to this Guarantee,
if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of acts of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes
(including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times applicable to the Security Trustee’s obligations under this Guarantee shall be extended for a period of time
equivalent to the time lost because of any delay that is excusable under this Section. 

  
 6 

 ARTICLE 2 

GUARANTEE 
  

	2.1	 Guarantee 

The Guarantor irrevocably and unconditionally guarantees in favour of the Holders the due and punctual payment of the Class A Preferred
LP Unit Obligations, regardless of any defense (except for the defense of payment by the Partnership), right of set-off or counterclaim which the Guarantor may have or assert. The Guarantor’s obligation
to pay the Class A Preferred LP Unit Obligations may be satisfied by (i) direct payment to the applicable Holders or (ii) payment to the applicable Holders through the facilities of the Security Trustee. The Guarantor shall give
prompt written notice to the Security Trustee in the event it makes a direct payment to the Holders hereunder. 
  

	2.2	 Waiver of Notice 

The Guarantor hereby waives notice of acceptance of this Guarantee. 
  

	2.3	 Guarantee Absolute 

The Guarantor guarantees that the Class A Preferred LP Unit Obligations will be paid strictly in accordance with the terms of the
Guaranteed Class A Preferred LP Units and this Guarantee within the time required by Section 2.1, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any such terms or the rights of the
Holders with respect thereto. The liability of the Guarantor under this Guarantee shall be absolute and unconditional irrespective of: 
  

	 	(a)	 any sale, transfer or assignment by any Holder of any Guaranteed Class A Preferred LP Units or any right,
title, benefit or interest of such Holder therein or thereto; 

  

	 	(b)	 any amendment or change in or to, or any waiver of, any of the terms of any Guaranteed Class A Preferred
LP Units; 

  

	 	(c)	 any change in the name, objects, constitution, capacity, capital or the constating documents of the Guarantor;

  

	 	(d)	 any change in the name, objects, constitution, capacity, capital or the constating documents of the
Partnership; 

  

	 	(e)	 any partial payment by the Partnership, or any release or waiver, by operation of law or otherwise, of the
performance or observance by the Partnership of any express or implied agreement, covenant, term or condition relating to any Guaranteed Class A Preferred LP Units to be performed or observed by the Partnership; 

 

	 	(f)	 the extension of time for the payment by the Partnership of all or any portion of the Class A Preferred LP
Unit Obligations or the extension of time for the performance of any other obligation under, arising out of, or in connection with, any Guaranteed Class A Preferred LP Units; 

 

	 	(g)	 any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any
right, privilege, power or remedy conferred on the Holders pursuant to the terms of any Guaranteed Class A Preferred LP Units, or any action on the part of the Partnership granting indulgence or extension of any kind; 

 

	 	(h)	 subject to Section 4.1(c), the recovery of any judgment against the Partnership, any voluntary or
involuntary liquidation, dissolution, sale of any collateral, winding up, merger or amalgamation of the Partnership or the Guarantor, any sale or other disposition of all or substantially all of the assets of the Partnership, or any judicial or
extrajudicial receivership, insolvency, bankruptcy, assignment for the benefit of, or proposal to, creditors, reorganization, moratorium, arrangement, composition with creditors, or readjustment of debt of, or other proceedings affecting the
Partnership, the Guarantor or any of the assets of the Partnership or the Guarantor; 

  

	 	(i)	 any circumstance, act or omission that would prevent subrogation operating in favour of the Guarantor;

  

	 	(j)	 any invalidity of, or defect or deficiency in, the Guaranteed Class A Preferred LP Units or this
Guarantee; 

  

	 	(k)	 the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 

 

	 	(l)	 any other circumstance, act or omission that might otherwise constitute a defence available to, or a discharge
of, the Partnership in respect of any of the Class A Preferred LP Unit Obligations (other than, and to the extent of, the payment or satisfaction thereof), 

  
 7 

 it being the intent of the Guarantor that its obligations in respect of the Class A Preferred LP Unit
Obligations shall be absolute and unconditional under all circumstances and shall not be discharged except by payment in full of the Class A Preferred LP Unit Obligations. The Holders shall not be bound or obliged to exhaust their recourse
against the Partnership or any other Persons or to take any other action before being entitled to demand payment from the Guarantor hereunder. 

There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of
the foregoing. 
  

	2.4	 Continuing Guarantee 

This Guarantee shall apply to and secure any ultimate balance due or remaining due to the Holders in respect of the Class A Preferred LP
Unit Obligations and shall be binding as an absolute and continuing obligation of the Guarantor. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment of any of the Class A Preferred LP Unit
Obligations must or may be rescinded, is declared or may become voidable, or must or may otherwise be returned by the Holders for any reason, including the insolvency, bankruptcy, dissolution or reorganization of the Partnership or upon or as a
result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Partnership or any substantial part of its property, all as though such payment had not been made. If at any time the Partnership is
precluded from making payment when due in respect of any Class A Preferred LP Unit Obligations by reason of the provisions of its organizational documents or otherwise, such amounts shall nonetheless be deemed to be due and payable by the
Partnership to the Holders for all purposes of this Guarantee and the Class A Preferred LP Unit Obligations shall be immediately due and payable to the Holders. This is a guarantee of payment, and not merely a deficiency or collection
guarantee. 
  

	2.5	 Rights of Holders 

The Guarantor expressly acknowledges that: (i) this Guarantee will be deposited with the Security Trustee to be held for the benefit of
the Holders; and (ii) the Security Trustee has the right to enforce this Guarantee on behalf of the Holders. 
  

	2.6	 Guarantee of Payment 

If the Partnership shall fail to pay any of the Class A Preferred LP Unit Obligations when due, the Guarantor shall pay to the Holders
the Class A Preferred LP Unit Obligations immediately after demand made in writing by one or more Holders or the Security Trustee, but in any event within 15 days of any failure by the Partnership to pay the Class A Preferred LP Unit
Obligations when due, without any evidence that the Holders or the Security Trustee have demanded that the Partnership or the Guarantor pay any of the Class A Preferred LP Unit Obligations or that the Partnership has failed to do so. 

 

	2.7	 Subrogation 

The Guarantor shall have no right of subrogation in respect of any payment made to the Holders hereunder until such time as the Class A
Preferred LP Unit Obligations have been fully satisfied. In the case of the liquidation, dissolution, winding-up or bankruptcy of the Partnership (whether voluntary or involuntary), or if the Partnership makes
an arrangement or compromise or proposal with its creditors, the Holders shall have the right to rank for their full claim and to receive all distributions or other payments in respect thereof until their claims have been paid in full, and the
Guarantor shall continue to be liable to the Holders for any balance which may be owing to the Holders by the Partnership. The Class A Preferred LP Unit Obligations shall not, however, be released, discharged, limited or affected by the failure
or omission of the Holders to prove the whole or part of any claim against the Partnership. If any amount is paid to the Guarantor on account of any subrogation arising hereunder at any time when the Class A Preferred LP Unit Obligations have
not been fully satisfied, such amount shall be held in trust by the Guarantor for the benefit of the Holders and shall forthwith be paid to the Holders to be credited and applied against the applicable Class A Preferred LP Unit Obligations.

  

	2.8	 Independent Obligations 

The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Partnership with respect to the Guaranteed
Class A Preferred LP Units and that the Guarantor shall be liable to make payment of the Class A Preferred LP Unit Obligations pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (l), inclusive, of Section 2.3 and regardless of whether the Holders make a demand upon the Guarantor. The Guarantor will pay the Class A Preferred LP Unit Obligations in accordance with this Guarantee

  
 8 

 
without regard to any equities between it and the Partnership or any defence or right of set-off, compensation, abatement, combination of accounts or
cross-claim that it or the Partnership or any Additional Guarantor may have. 
  

	2.9	 Guarantor to Investigate Financial Condition of the Partnership 

The Guarantor acknowledges that it has fully informed itself about the financial condition of the Partnership. The Guarantor assumes full
responsibility for keeping fully informed of the financial condition of the Partnership and all other circumstances affecting the Partnership’s ability to pay the Class A Preferred LP Unit Obligations. 

ARTICLE 3 

SUBORDINATION OF OBLIGATIONS TO SENIOR INDEBTEDNESS 

AND PARI PASSU RANKING WITH CERTAIN OTHER OBLIGATIONS 
  

	3.1	 Applicability of Article 

The obligations of the Guarantor hereunder shall be subordinate and subject in right of payment, to the extent and in the manner hereinafter
set forth in the following sections of this Article 3, to the prior payment in full of all Senior Indebtedness of the Guarantor, and the Security Trustee and each Holder as a condition to and by acceptance of the benefits conferred hereby
agrees to and shall be bound by the provisions of this Article 3. 
  

	3.2	 Order of Payment 

Upon any distribution of the assets of the Guarantor on any dissolution, winding up, liquidation or reorganization of the Guarantor (whether
in bankruptcy, insolvency or receivership proceedings, or upon an “assignment for the benefit of creditors” or any other marshalling of the assets and liabilities of the Guarantor, or otherwise): 

 

	 	(a)	 all Senior Indebtedness of the Guarantor shall first be paid in full, or provision made for such payment,
before any payment is made on account of the Class A Preferred LP Unit Obligations; and 

  

	 	(b)	 any payment or distribution of assets of the Guarantor, whether in cash, property or securities, to which the
Holders or the Security Trustee on behalf of such Holders would be entitled except for the provisions of this Article 3, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating
agent making such payment or distribution, directly to the holders of Senior Indebtedness of the Guarantor or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any
of such Senior Indebtedness may have been issued, to the extent necessary to pay all Senior Indebtedness of the Guarantor in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Senior
Indebtedness. 

  

	3.3	 Subrogation to Rights of Holders of Senior Indebtedness 

Subject to the payment in full of all Senior Indebtedness of the Guarantor, the Holders shall be subrogated to the rights of the holders of
Senior Indebtedness of the Guarantor to receive payments or distributions of assets of the Guarantor (to the extent of the application thereto of such payments or other assets which would have been received by the Holders but for the provisions
hereof) until the Class A Preferred LP Unit Obligations shall be paid in full, and no such payments or distributions to the Holders of cash, property or securities, which otherwise would be payable or distributable to the holders of such Senior
Indebtedness, shall, as between the Guarantor, its creditors (other than the holders of Senior Indebtedness), and the Holders, be deemed to be a payment by the Guarantor to the holders of such Senior Indebtedness or on account of such Senior
Indebtedness, it being understood that the provisions of this Article 3 are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Indebtedness of the Guarantor, on the
other hand. 
  

	3.4	 Pari Passu Ranking 

Notwithstanding anything herein contained to the contrary, the obligations of the Guarantor hereunder rank on a pro rata and
pari passu basis with the BRP Equity Preferred Share Guarantee Obligations (collectively, the BRP Equity Preferred Share Guarantee Obligations and the Class A Preferred LP Unit Obligations are the “Guaranteed
Obligations”). All Class A Preferred LP Unit Obligations are expressly pari passu with all BRP Equity Preferred Share Guarantee Obligations for purposes of all BRP Equity Preferred Share Guarantee Indentures. 

  
 9 

	3.5	 Obligation to Pay Not Impaired 

Nothing contained in this Article 3 or elsewhere in this Guarantee is intended to or shall impair, as between the Guarantor, its
creditors (other than the holders of Senior Indebtedness) and the Holders, the obligation of the Guarantor, which is absolute and unconditional, to pay to the Holders the Class A Preferred LP Unit Obligations in accordance herewith, as and when
the same shall become due and payable in accordance with this Guarantee, or affect the relative rights of the Holders and creditors of the Guarantor other than the holders of the Senior Indebtedness; nor shall anything herein or therein prevent the
Security Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon default under this Guarantee, subject to the rights, if any, under this Article 3 of the holders of Senior Indebtedness and other Guaranteed
Obligations in respect of cash, property or securities of the Guarantor that are received upon the exercise of any such remedy. 
  

	3.6	 No Payment if Senior Indebtedness in Default 

Upon the acceleration, demand or maturity of any Senior Indebtedness by lapse of time, acceleration, demand or otherwise, then, except as
provided in Section 3.7, all principal of and interest on all such matured Senior Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment by the Guarantor is made on account of the Class A
Preferred LP Unit Obligations. 
 In case of default with respect to any Senior Indebtedness permitting the holders thereof to accelerate
the maturity thereof, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment (by purchase of the Guaranteed Class A Preferred LP Units or otherwise) shall be made by the Guarantor with respect to
the Class A Preferred LP Unit Obligations, and neither the Security Trustee nor the Holders shall be entitled to demand, institute proceedings for the collection of, or receive any payment or benefit from the Guarantor (including without
limitation by set-off, combination of accounts or otherwise in any manner whatsoever) on account of the Class A Preferred LP Unit Obligations after the happening of such a default (except as provided in
Section 3.8), and unless and until such default shall have been cured or waived or shall have ceased to exist, such payments received from the Guarantor shall be held in trust for the benefit of, and, if and when the Senior Indebtedness of the
Guarantor shall have become due and payable, shall be paid over to, the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing an amount
of such Senior Indebtedness remaining unpaid, until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 

The fact that any payment hereunder is prohibited by this Section 3.6 shall not prevent the failure to make such payment from being an
Event of Default hereunder. 
  

	3.7	 Payment on Guaranteed Class A Preferred LP Units Permitted 

Nothing contained in this Article 3 or elsewhere in this Guarantee, or in any of the Guaranteed Class A Preferred LP Units, shall
affect the obligation of the Guarantor to make, or prevent the Guarantor from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Guarantor or reorganization proceedings specified in Section 3.2
affecting the affairs of the Guarantor, any payment on account of the Class A Preferred LP Unit Obligations, except that the Guarantor shall not make any such payment other than as contemplated by this Article 3, if it is in default in
payment of any of its Senior Indebtedness. The fact that any such payment is prohibited by this Section 3.7 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 3 or
elsewhere in this Guarantee, or in any of the Guaranteed Class A Preferred LP Units, shall prevent the application by the Security Trustee of any moneys deposited with the Security Trustee hereunder for the purpose so deposited, to the payment
of or on account of the Class A Preferred LP Unit Obligations unless and until the Security Trustee shall have received written notice from the Guarantor or from the holder of Senior Indebtedness or from the representative of any such holder of
default with respect to any Senior Indebtedness permitting the holders thereof to accelerate the maturity thereof. 
  

	3.8	 Confirmation of Subordination 

As a condition to the benefits conferred hereby on each Holder, each such Holder by acceptance thereof authorizes and directs the Security
Trustee, on the Holder’s behalf, to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article 3, and appoints the Security Trustee as the Holder’s attorney-in-fact for any and all such purposes. Upon request of the Guarantor, and upon being furnished with an Officer’s Certificate stating that one or more named Persons are holders of Senior
Indebtedness of the Guarantor, or the representative or representatives of such holders, or the trustee or trustees under which any instrument evidencing such Senior Indebtedness may have been 

  
 10 

 
issued, and specifying the amount and nature of such Senior Indebtedness, the Security Trustee shall enter into a written agreement or agreements with the Guarantor and the Person or Persons
named in such Officer’s Certificate providing that such Person or Persons are entitled to all the rights and benefits of this Article 3 as the holder or holders, representative or representatives, or trustee or trustees of such Senior
Indebtedness specified in such Officer’s Certificate and in such agreement. Such agreement shall be conclusive evidence that the indebtedness specified therein is Senior Indebtedness, however, nothing herein shall impair the rights of any
holder of Senior Indebtedness who has not entered into such an agreement. 
  

	3.9	 Security Trustee May Hold Senior Indebtedness 

The Security Trustee is entitled to all the rights set forth in this Article 3 with respect to any Senior Indebtedness at the time held
by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Guarantee deprives the Security Trustee of any of its rights as such holder. 
  

	3.10	 Rights of Holders of Senior Indebtedness Not Impaired 

No right of any present or future holder of any Senior Indebtedness to enforce the subordination herein will at any time or in any way be
prejudiced or impaired by any act or failure to act on the part of the Guarantor or by any non-compliance by the Guarantor with the terms, provisions and covenants of this Guarantee, regardless of any
knowledge thereof which any such holder may have or be otherwise charged with. 
  

	3.11	 Altering Senior Indebtedness 

A holder of Senior Indebtedness has the right to extend, renew, modify or amend the terms of such Senior Indebtedness or any security therefor
and to release, sell or exchange such security and otherwise to deal freely with the Guarantor or any other Person, all without notice to or consent of the Holders or the Security Trustee and without affecting the subordination herein, the
liabilities and obligations of the parties to this Guarantee or the Holders or the Security Trustee. 
  

	3.12	 Additional Indebtedness 

This Guarantee does not restrict the Guarantor from incurring any indebtedness or otherwise or mortgaging, pledging or charging its properties
to secure any indebtedness. 
 ARTICLE 4 

TERMINATION AND REMEDIES 
  

	4.1	 Termination of Guarantee 

 

	 	(a)	 This Guarantee shall terminate upon the satisfaction of the following: 

 

	 	(i)	 either 

  

	 	(A)	 all of the outstanding Guaranteed Class A Preferred LP Units shall have been purchased and cancelled; or

  

	 	(B)	 all of the outstanding Guaranteed Class A Preferred LP Units shall have been redeemed; and

  

	 	(ii)	 all other sums payable by the Partnership in respect of the Class A Preferred LP Unit Obligations have
been paid. 

 The Guarantor shall notify the Security Trustee in writing that the requirements set out in Sections
4.1(a)(i) and (ii) have been satisfied and that the Guarantee has been terminated as a result thereof. 
  

	 	(b)	 This Guarantee shall terminate automatically upon the occurrence of any of the following events:

  

	 	(i)	 the Guarantor becomes a wholly-owned subsidiary entity of an Additional Guarantor; or 

 

	 	(ii)	 the Guarantor becomes a wholly-owned subsidiary entity of the Partnership or Brookfield Renewable Energy L.P.

 The Guarantor shall notify the Security Trustee in writing of the occurrence of either of the events under this
Section 4.1(b) and the termination of this Guarantee as a result thereof. 

  
 11 

	 	(c)	 At any time following the termination of all of the BRP Equity Preferred Share Guarantee Obligations of the
Guarantor, provided that an officer of the Partnership certifies to the Security Trustee that no default then exists of any of the Guaranteed Obligations, the Guarantor shall be entitled to request in writing to the Security Trustee that it be fully
and unconditionally released from all of its rights, obligations and liabilities under this Guarantee. Upon the delivery of any such written request to the Security Trustee by the Guarantor pursuant to the foregoing sentence, the Guarantor shall,
without any further action in respect thereto, be deemed to have been irrevocably and unconditionally released of all its rights, obligations and liabilities under this Guarantee and will cease to be the Guarantor for purposes of this Guarantee.

  

	 	(d)	 All of the rights, obligations and liabilities of the Guarantor pursuant to this Guarantee shall terminate upon
the conveyance, distribution or transfer (including pursuant to a reorganization, consolidation, liquidation, dissolution, sale of any collateral, winding up, merger, amalgamation, arrangement or otherwise) of all or substantially all of the
Guarantor’s properties, securities and assets to the Partnership or a Person that is an Additional Guarantor immediately prior to such conveyance, distribution or transfer. 

 

	 	(e)	 Upon termination of this Guarantee, the Security Trustee shall, upon request of the Guarantor, provide to the
Guarantor written documentation acknowledging the termination of this Guarantee. 

  

	4.2	 Suits for Enforcement by the Security Trustee 

In the event that the Guarantor fails to pay the Class A Preferred LP Unit Obligations as required (an “Event of
Default”) pursuant to the terms of this Guarantee, the Holders may, subject to Section 4.6, institute judicial proceedings for the collection of the moneys so due and unpaid, may prosecute such proceedings to judgment or final decree
and may enforce the same against the Partnership and/or the Guarantor and may collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Guarantor. 

If an Event of Default occurs and is continuing, the Security Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders, upon being indemnified and funded to its satisfaction by the Holders, by such appropriate judicial proceedings as the Security Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Guarantee or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  

	4.3	 Security Trustee May File Proofs of Claim 

In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Guarantor or the property of the Guarantor that is pending, the Security Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise: 

 

	 	(a)	 to file and prove a claim for any Class A Preferred LP Unit Obligation then due and payable by the
Guarantor hereunder and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Security Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Security Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding; and 

  

	 	(b)	 to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute
the same, 

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Security Trustee. 
 Nothing herein contained shall be deemed to
authorize the Security Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Guaranteed Class A Preferred LP Units or the rights of any
Holder thereof or to authorize the Security Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

	4.4	 Security Trustee May Enforce Claims Without Possession of Guaranteed Class A Preferred LP Units

 All rights of action and claims under this Guarantee may be prosecuted and enforced by the Security Trustee without
the possession of any of the Guaranteed Class A Preferred LP Units in any proceeding relating thereto, and any such proceeding instituted by the Security Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of 

  
 12 

 
the Security Trustee, its agents and counsel, be for the rateable benefit of the Holders in respect of which such judgment has been recovered. 

 

	4.5	 Application of Money Collected 

Any money collected by the Security Trustee pursuant to this Article shall be applied in the following order: 

FIRST, To the payment of all amounts due to the Security Trustee including, without limitation, the reasonable compensation,
expenses, disbursements and advances of the Security Trustee in or about the execution of its trust, or otherwise in relation hereto, with interest thereon as herein provided; 

SECOND, To the payment of all amounts due to the Holders in respect of the costs, charges, expenses and advances incurred in
connection with enforcing their rights hereunder; 
 THIRD, To the payment of any Class A Preferred LP Unit Obligations
then due and unpaid on a pro rata basis; and 
 FOURTH, The balance, if any, to the Person or Persons entitled thereto. 

 

	4.6	 Limitation on Suits 

No Holder of any outstanding Guaranteed Class A Preferred LP Units shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Guarantee, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  

	 	(a)	 such Holder has previously given written notice to the Security Trustee of a continuing Event of Default with
respect to this Guarantee; 

  

	 	(b)	 the Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding
Guaranteed Class A Preferred LP Units affected by such Event of Default (determined as one class), shall have made written request to the Security Trustee to institute proceedings in respect of such Event of Default in its own name as Security
Trustee hereunder; 

  

	 	(c)	 such Holder or Holders have provided to the Security Trustee reasonable funding, if requested by the Security
Trustee, and reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 

  

	 	(d)	 the Security Trustee for 15 days after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and 

  

	 	(e)	 no direction inconsistent with such written request has been given to the Security Trustee during such 15-day period by the Holders representing a majority of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A Preferred LP Units affected by such Event of Default (determined as one
class); 

 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of,
or by availing of, any provision of this Guarantee to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Guarantee,
except in the manner herein provided and for the equal and rateable benefit of all Holders. 
  

	4.7	 Restoration of Rights and Remedies 

If the Security Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Guarantee and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Security Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Guarantor, the Security Trustee and the
Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Security Trustee and the Holders shall continue as though no such proceeding had been instituted. 

 

	4.8	 Rights and Remedies Cumulative 

No right or remedy herein conferred upon or reserved to the Security Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in 

  
 13 

 
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	4.9	 Delay or Omission Not Waiver 

No delay or omission of the Security Trustee or of any Holder to exercise any right or remedy accruing upon an Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Security Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Security Trustee or by the Holders, as the case may be. 
  

	4.10	 Control by Holders 

The Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A
Preferred LP Units affected by an Event of Default (determined as one class) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power
conferred on the Security Trustee, with respect to this Guarantee, provided that in each case: 
  

	 	(a)	 such direction shall not be in conflict with any rule of law or with this Guarantee; 

 

	 	(b)	 the Security Trustee may take any other action deemed proper by the Security Trustee which is not inconsistent
with such direction; and 

  

	 	(c)	 the Security Trustee need not take any action which might involve it in personal liability or be unjustly
prejudicial to the Holders not consenting to any such direction. 

  

	4.11	 Waiver of Stay or Extension Laws 

The Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Guarantee; and the Guarantor (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Security Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted. 
  

	4.12	 Undertaking for Costs 

All parties to this Guarantee agree, and each Holder by acceptance thereof and by acceptance of the benefits hereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Guarantee, or in any suit against the Security Trustee for any action taken, suffered or omitted by it as Security Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable lawyers’ fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (i) any suit instituted by the Guarantor, (ii) any suit instituted by the Security Trustee,
(iii) any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 25% of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A Preferred LP Units, or (iv) any suit instituted
in accordance with this Guarantee by any Holders for the enforcement of the payment of the Guaranteed Class A Preferred LP Unit Obligations in compliance with this Guarantee. 

ARTICLE 5 
 THE
SECURITY TRUSTEE 
  

	5.1	 Certain Duties and Responsibilities 

 

	 	(a)	 The Security Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Guarantee, and no implied covenants or obligations shall be read into this Guarantee against the Security Trustee. 

  

	 	(b)	 The Security Trustee, in exercising its powers and discharging its duties prescribed or conferred by this
Guarantee, shall 

  
 14 

	 	(i)	 act honestly and in good faith with a view to the best interests of the Holders, and 

 

	 	(ii)	 exercise that degree of care, diligence and skill a reasonably prudent trustee, appointed in respect of a
guarantee indenture would exercise in comparable circumstances. 

  

	 	(c)	 In the absence of bad faith on its part, the Security Trustee, in the exercise of its rights and duties
hereunder, may conclusively act and rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, opinions or other evidence furnished to the Security Trustee and conforming to the requirements of
this Guarantee. The Security Trustee shall not be liable for or by reason of any statements of fact or recitals in this Guarantee or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the
Guarantor (or by its agents). The Security Trustee shall not in any way be responsible for the consequence of any breach on the part of the Guarantor (or by its agents) of any of the Guarantor’s covenants herein. 

 

	 	(d)	 No provision of this Guarantee shall be construed to relieve the Security Trustee from the duties imposed on it
in Section 5.1(b) or from liability for its own gross negligence or its own wilful misconduct, except that: 

  

	 	(i)	 this Section 5.1(d) shall not be construed to limit the effect of Section 5.1(a) and (b);

  

	 	(ii)	 the Security Trustee shall not be liable for any error of judgment made in good faith by any of its officers,
unless it shall be proved that the Security Trustee was grossly negligent in ascertaining the pertinent facts; 

  

	 	(iii)	 the Security Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good
faith in accordance with an appropriate direction of the Holders pursuant to Section 4.10 relating to the time, method and place of conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power
conferred upon the Security Trustee, under this Guarantee; and 

  

	 	(iv)	 no provision of this Guarantee shall require the Security Trustee to expend or risk its own funds or otherwise
incur any personal financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers except as herein expressly provided. 

 

	 	(e)	 Whether or not herein expressly so provided, every provision of this Guarantee relating to the conduct or
affecting the liability of or affording protection to the Security Trustee shall be subject to the provisions of this Section. 

  

	5.2	 Certain Rights of Security Trustee 

Subject to the provisions of Section 5.1: 
  

	 	(a)	 the Security Trustee may rely absolutely and shall be protected in acting or refraining from acting upon any
resolution, Officer’s Certificate or other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained; 

 

	 	(b)	 any order, request or direction of the Guarantor mentioned herein shall be sufficiently evidenced by the
Guarantor Request or Guarantor Order and any resolution shall be sufficiently evidenced by a Board Resolution; 

  

	 	(c)	 whenever in the administration of this Guarantee the Security Trustee shall deem it desirable that a matter be
proved or established prior to taking, suffering or omitting any action hereunder, the Security Trustee (unless other evidence be herein specifically prescribed) may act and rely upon an Officer’s Certificate (i) as evidence of the truth
of any statements of fact, and (ii) to the effect that any particular dealing or transaction or step or thing is, in the opinion of the officers so certifying, expedient, as evidence that it is expedient; provided that the Security Trustee may
in its sole discretion, acting reasonably, require from the Guarantor or otherwise further evidence or information before acting or relying on such certificate; 

 

	 	(d)	 the Security Trustee may employ or retain such agents, counsel and other assistants as it may reasonably
require for the proper determination and discharge of its duties hereunder and shall be entitled to receive reasonable remuneration for all services performed by it and compensation for all disbursements, costs and expenses made or incurred by it in
the discharge of its duties hereunder and shall not be responsible for any misconduct on the part of any of them, any such costs and expenses which shall immediately become and form part of the Security Trustee’s fees hereunder;

  
 15 

	 	(e)	 the Security Trustee may, in relation to this Guarantee, act and rely on the opinion or advice of or on
information obtained from any counsel, notary, valuer, surveyor, engineer, broker, auctioneer, accountant or other expert, whether retained by the Security Trustee or by the Guarantor or otherwise; 

 

	 	(f)	 the Security Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in reliance thereon; 

  

	 	(g)	 the Security Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Guarantee at the request or direction of any of the Holders pursuant to this Guarantee, unless such Holders shall have furnished to the Security Trustee reasonable funding and a reasonable indemnity, satisfactory to the Security Trustee, to protect
and hold harmless the Security Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction and/or damage it may suffer by reason thereof as a condition to the commencement or
continuation of such act, action or proceeding. The Security Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding require the Holders at whose instance it is acting, to deposit with the Security
Trustee the unit certificates held by them respecting the Guaranteed Class A Preferred LP Units for which such unit certificates the Security Trustee shall issue receipts; 

 

	 	(h)	 the Security Trustee shall not be required to take notice of any default under this Guarantee, other than
payment of any moneys required by any provision of this Guarantee to be paid to it, unless and until notified in writing of such default, which notice shall clearly set out the nature of the default desired to be brought to the attention of the
Security Trustee; 

  

	 	(i)	 prior to the occurrence of an Event of Default under this Guarantee and after the curing of any such Event of
Default which may have occurred, the Security Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
or other paper or document or any investigation of the books and records of the Guarantor (but the Security Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Security
Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Guarantor, personally or by agent or attorney), unless requested to do so by the Act of the Holders
representing a majority of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A Preferred LP Units; provided, however, that the Security Trustee may require reasonable indemnity against the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation; and 

  

	 	(j)	 the Security Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys, and the Security Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. Any solicitors employed or consulted by
the Security Trustee as counsel may, but need not be solicitors for the Guarantor. 

  

	5.3	 Protection of Security Trustee 

By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed as follows:

  

	 	(a)	 the recitals contained herein, shall be taken as the statements of the Guarantor, and the Security Trustee
shall not be liable for or assume any responsibility for their correctness; 

  

	 	(b)	 the Security Trustee makes no representations as to, and shall not be liable for, the validity or sufficiency
of this Guarantee; 

  

	 	(c)	 nothing herein contained shall impose any obligation on the Security Trustee to see or to require evidence of
registration or filing (or renewals thereof) of this Guarantee or any instrument ancillary or supplemental hereto; 

  

	 	(d)	 the Security Trustee shall not be bound to give any notice of the execution hereof; 

 

	 	(e)	 the Security Trustee shall not incur any liability or responsibility whatever or be in any way responsible for
the consequence of any breach on the part of the Guarantor of any of the covenants herein contained or of any act of the agents or servants of the Guarantor; and 

 

	 	(f)	 the Partnership shall indemnify the Security Trustee (including its directors, officers, employees,
representatives and agents) for, and hold it harmless against, any claim, demand, suit, loss, liability or expense 

  
 16 

	 	
(including any and all reasonable legal and adviser fees and disbursements) incurred without gross negligence or bad faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. This indemnity will survive
the termination or discharge of this Guarantee and the resignation or removal of the Security Trustee. 

  

	5.4	 Security Trustee Not Required to Give Security 

The Security Trustee shall not be required to give security for the execution of the trusts or its conduct or administration hereunder. 

 

	5.5	 No Person Dealing with Security Trustee Need Enquire 

No Person dealing with the Security Trustee shall be concerned to enquire whether the powers that the Security Trustee is purporting to
exercise have become exercisable, or whether any money remains due upon the Guaranteed Class A Preferred LP Units or to see to the application of any money paid to the Security Trustee. 

 

	5.6	 May Hold Guaranteed Class A Preferred LP Units 

Subject to applicable law, the Security Trustee or any other agent of the Guarantor, in its individual or in any other capacity, may become
the owner or pledgee of the Guaranteed Class A Preferred LP Units and, subject to Section 5.8, may otherwise deal with the Guarantor with the same rights it would have if it were not the Security Trustee, and without being liable to
account for any profit made thereby. 
  

	5.7	 Moneys Held in Trust 

Upon receipt of a direction from the Guarantor, the Security Trustee shall invest funds held by the Security Trustee in Authorized Investments
in its name in accordance with such direction. Any direction from the Guarantor to the Security Trustee shall be in writing and shall be provided to the Security Trustee no later than 9:00 a.m. on the day on which the investment is to be made.
Any such direction received by the Security Trustee after 9:00 a.m. ET or received on a non-Business Day, shall be deemed to have been given prior to 9:00 a.m. ET the next Business Day. Any direction
from the Guarantor for the release of the funds must be received prior to 11:00 a.m. ET on the day on which the release of funds is to be made. Any such direction for the release of funds received after 11:00 a.m. ET or on a non-Business Day, will be handled on a commercially reasonable efforts basis and may result in funds being released on the next Business Day. For the purposes of this Section, “Authorized Investments”
means short term interest bearing or discount debt obligations issued or guaranteed by the Government of Canada or a Province or a Canadian chartered bank (which may include an Affiliate or related party of the Security Trustee) provided that such
obligation is rated at least R1 (middle) by DBRS Limited or an equivalent rating service. 
 In the event that the Security Trustee does not
receive a direction or only a partial direction, the Security Trustee may hold cash balances constituting part or all of the funds and may, but need not, invest same in its deposit department, the deposit department of one of its Affiliates, or the
deposit department of a Canadian chartered bank; but the Security Trustee, its Affiliates or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Guarantee or to any other person or entity other than at a
rate, if any, established from time to time by the Security Trustee, its Affiliates or a Canadian chartered bank. For the purpose of this Section, “Affiliate” means affiliated companies within the meaning of the CBCA, and includes
Computershare Investor Services Inc. and each of their affiliates within the meaning of the Business Corporations Act (Ontario). 
  

	5.8	 Conflict of Interest 

 

	 	(a)	 The Security Trustee represents to the Guarantor that at the time of the execution and delivery hereof and to
the best of the Security Trustee’s knowledge and belief, no material conflict of interest exists in respect of the Security Trustee’s role as a fiduciary hereunder and agrees that in the event of a material conflict of interest arising
hereafter it will, within 90 days after becoming aware that a material conflict of interest exists, either eliminate the same or resign its trust hereunder. 

  

	 	(b)	 If, notwithstanding Section 5.8(a), the Security Trustee has a material conflict of interest, the validity
and enforceability of this Guarantee shall not be affected in any manner whatsoever by reason only of the existence of such material conflict of interest. 

  
 17 

	 	(c)	 If the Security Trustee contravenes Section 5.8(a), the Holders representing not less than 25% of the
aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A Preferred LP Units may apply to the Ontario Superior Court of Justice for an order that the Security Trustee be replaced, and such court may make an order on such
terms as it thinks fit. 

  

	5.9	 Corporate Trustee Required; Eligibility 

There shall at all times be a trustee hereunder which shall be a corporation resident or authorized to carry on the business of a trust
company in Canada. Neither the Guarantor nor any Affiliate of the Guarantor shall serve as trustee. If at any time the Security Trustee shall cease to be eligible in accordance with the provisions of this Section, the Security Trustee shall resign
immediately in the manner and with the effect hereinafter specified in this Article. 
  

	5.10	 Resignation and Removal; Appointment of Successor 

 

	 	(a)	 Notwithstanding any other provisions hereof, no resignation or removal of the Security Trustee and no
appointment of a successor trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor trustee in accordance with the applicable requirements of Section 5.11. 

 

	 	(b)	 The Security Trustee may resign its trust and be discharged from all further duties and liabilities hereunder
at any time with respect to the Guarantee by giving to the Partnership and the Guarantor 60 days’ notice in writing or such shorter notice as they may accept as sufficient. If the instrument of acceptance by a successor trustee required by
Section 5.11 shall not have been delivered to the Security Trustee within 60 days after the giving of such notice of resignation, the resigning trustee may apply to the Ontario Superior Court of Justice for an order for the appointment of a
successor trustee with respect to the Guarantee. 

  

	 	(c)	 The Security Trustee may be removed at any time by the Guarantor, except during an Event of Default.

  

	 	(d)	 If any time: 

  

	 	(i)	 the Security Trustee shall fail to comply with Section 5.8(a); or 

 

	 	(ii)	 the Security Trustee shall cease to be eligible under Section 5.9 and shall fail to resign after written
request to do so by the Guarantor; or 

  

	 	(iii)	 the Security Trustee shall be dissolved, shall become incapable of acting or shall become or be adjudged a
bankrupt or insolvent or a receiver of the Security Trustee or of its property shall be appointed or any public officer shall take charge or control of the Security Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 

 then, in any such case the Guarantor by Board Resolution may remove the Security Trustee.

  

	 	(e)	 If the Security Trustee shall resign, be removed or become incapable of acting or if a vacancy shall occur in
the office of the Security Trustee for any other reason, the Guarantor, by Board Resolution, shall promptly appoint a successor trustee or trustees and shall comply with the applicable requirements of Section 5.11. If, within one year after
such resignation, removal or incapability or the occurrence of such vacancy, a successor trustee has not been successfully appointed in accordance with the terms hereof, a successor trustee shall be appointed by Act of the Holders representing a
majority of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A Preferred LP Units and the successor Trustee so appointed by the Holders shall, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements of Section 5.11, become the successor trustee. If no successor trustee shall have been so appointed by the Guarantor or the Holders and such appointment accepted in the manner required by Section 5.11, the
Security Trustee (at the Partnership’s expense) or any Holder who is a bona fide Holder of the Guaranteed Class A Preferred LP Units may, on behalf of such Holder and all other Holders, apply to the Ontario Superior Court of Justice
for any order for the appointment of a successor trustee. 

  

	 	(f)	 The Partnership shall give notice of each resignation and each removal of the Security Trustee and each
appointment of a successor trustee to the Holders by mailing such notice to such Holders at their addresses as they shall appear on the list of Holders as maintained by the Partnership. If the Partnership shall fail to give such notice within 10
days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be given at the expense of the Partnership. Each notice shall include the name of the successor trustee and the address of its Corporate
Trust Office. 

  
 18 

	5.11	 Acceptance of Appointment by Successor Trustee 

 

	 	(a)	 In case of the appointment hereunder of a successor trustee, each successor trustee so appointed shall execute,
acknowledge and deliver to the Guarantor and to the retiring trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring trustee shall become effective and such successor trustee, without any further
act, deed or conveyance (but subject to Section 5.11(b)), shall become vested with all the rights, powers, trusts and duties of the retiring trustee. On the request of the Guarantor or the successor trustee, the retiring trustee shall, upon
payment of its fees and expenses then unpaid, execute, acknowledge and deliver an instrument transferring to such successor trustee all such rights, powers and trusts of the retiring trustee and shall duly assign, transfer and deliver to such
successor trustee all property and money, if any, held by such retiring trustee hereunder. 

  

	 	(b)	 In case of the appointment hereunder of a successor trustee, the Guarantor, Partnership, the retiring trustee
and such successor trustee shall execute, acknowledge and deliver an indenture supplemental hereto in which each successor trustee shall accept such appointment and which shall (i) contain such provisions as shall be deemed necessary or
desirable to transfer and confirm to, and to vest in, such successor trustee all the rights, powers, trusts and duties of the retiring trustee to which the appointment of such successor trustee relates, (ii) add to or change any of the
provisions of this Guarantee to the extent necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture (except as specifically
provided for therein) shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such trustee; and upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring trustee shall become effective to the extent provided therein, and each such successor
trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring trustee with respect to the Guarantee to which the appointment of such successor trustee relates, and such
retiring Trustee shall duly assign, transfer and deliver to each successor trustee all property and money held, if any, by such retiring trustee hereunder which the appointment of such successor trustee relates. 

 

	 	(c)	 Upon request of any such successor trustee, the Guarantor shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor trustee all rights, power and trusts referred to in subsection (a) or (b) of this Section, as the case may be. 

 

	 	(d)	 No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee
shall be qualified and eligible under this Article. 

  

	5.12	 Merger, Consolidation, Amalgamation or Succession to Business 

Any corporation into which the Security Trustee may be merged or with which it may be consolidated or amalgamated, or any corporation
resulting from any merger, consolidation or amalgamation to which the Security Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Security Trustee, shall be the successor of the
Security Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or instrument or any further act on the part of any of the parties hereto. 

 

	5.13	 Not Bound to Act 

The Security Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any
other reason whatsoever, the Security Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable economic sanctions or anti-money laundering or
anti-terrorist legislation, regulation or guideline. Further, should the Security Trustee, in its sole judgment, determine at any time that its acting under this Guarantee has resulted in its being in
non-compliance with any applicable economic sanctions or anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to
the Guarantor and the Partnership, provided that (i) the Security Trustee’s written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified
to the Security Trustee’s satisfaction, acting reasonably, within such 10 day period, then such resignation shall not be effective. 
  

	5.14	 Security Trustee’s Privacy Clause 

The parties acknowledge that federal and/or provincial legislation that addresses the protection of individuals’ personal information
(collectively, “Privacy Laws”) applies to obligations and activities under this Guarantee. Despite any 

  
 19 

 
other provision of this Guarantee, no party shall take or direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Guarantor shall, prior to
transferring or causing to be transferred personal information to the Security Trustee, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined
that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws. The Security Trustee shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy
Laws. Specifically, the Security Trustee agrees: (i) to have a designated chief privacy officer; (ii) to maintain policies and procedures to protect personal information and to receive and respond to any privacy complaint or inquiry;
(iii) to use personal information solely for the purposes of providing its services under or ancillary to this Guarantee and not to use it for any other purpose except with the consent of or direction from the Guarantor or the individual
involved; (iv) not to sell or otherwise improperly disclose personal information to any third party; and (v) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against
loss, theft, or unauthorized access, use or modification. 
  

	5.15	 Compensation and Reimbursement 

The Partnership agrees: 
  

	 	(a)	 to pay to the Security Trustee from time to time reasonable compensation for all services rendered by it
hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); and 

  

	 	(b)	 except as otherwise expressly provided herein, to reimburse the Security Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Security Trustee in accordance with any provision of this Guarantee (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except
any tax in respect of which may be refunded or credited to it or any such expense, disbursement or advance as may be attributable to its negligence or bad faith. 

The Security Trustee’s remuneration shall be payable out of any funds coming into the possession of the Security Trustee in priority to
any payment of the Class A Preferred LP Unit Obligations. The said remuneration shall continue to be payable whether or not this Guarantee shall be in the course of administration by or under the direction of a court of competent jurisdiction.
Any amount due under this Section and unpaid within 30 days after demand for such payment by the Security Trustee, shall bear interest at the then current rate of interest charged by the Security Trustee to its corporate customers. This
Section 5.15 shall survive the removal or termination of the Security Trustee and the termination of this Guarantee. 
  

	5.16	 Third Party Interests 

Each party to this Agreement (“Representing Party”) hereby represents to the Security Trustee that any account to be opened
by, or interest to be held by, Security Trustee in connection with this Agreement, for or to the credit of such Representing Party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by
or on behalf of a third party, in which case such Representing Party hereby agrees to complete, execute and deliver forthwith to Security Trustee a declaration, in Security Trustee’s prescribed form or in such other form as may be satisfactory
to it, as to the particulars of such third party. 
 ARTICLE 6 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND GUARANTOR 

 

	6.1	 List of Holders 

The Partnership shall furnish or cause to be furnished to the Security Trustee at such times as the Security Trustee may request in writing,
within five Business Days after the receipt by the Partnership of any such request, a list, in such form as the Security Trustee may reasonably require, of the names and addresses of the Holders as of a date not more than 15 days prior to
the time such list is furnished, in each case to the extent such information is in the possession or control of the Partnership and is not identical to a previously supplied list of Holders or has not otherwise been received by the Security Trustee
in its capacity as such. The Security Trustee may destroy any list of Holders previously given to it on receipt of a new list of Holders. 

  
 20 

	6.2	 Access to list of Holders 

A Holder may, upon payment to the Security Trustee of a reasonable fee, require the Security Trustee to furnish within 10 days after
receiving the affidavit or statutory declaration referred to below, a list setting out (i) the name and address of every Holder of Guaranteed Class A Preferred LP Units, (ii) the aggregate number of Guaranteed Class A Preferred
LP Units owned by each such Holder, and (iii) the aggregate number of the Guaranteed Class A Preferred LP Units then outstanding, each as shown on the list provided to the Security Trustee by the Partnership pursuant to Section 6.1
dated as of the day that the affidavit or statutory declaration is delivered to the Security Trustee. The affidavit or statutory declaration, as the case may be, shall contain (i) the name and address of the Holder, (ii) where the
applicant is a corporation, its name and address for service, (iii) a statement that the list will not be used except in connection with an effort to influence the voting of the Holders, or any other matter relating to the Guarantee, and
(iv) such other undertaking as may be required by applicable law. Where the Holder is a corporation, the affidavit or statutory declaration shall be made by a director or officer of the corporation. 

 

	6.3	 Communications to Holders 

The rights of Holders to communicate with other Holders with respect to their rights under this Guarantee and the corresponding rights and
privileges of the Security Trustee, shall be governed by applicable law. 
 Every Holder of Guaranteed Class A Preferred LP Units, by
receiving and holding the same, agrees with the Guarantor and the Security Trustee that neither the Guarantor nor the Security Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to the names
and addresses of Holders made pursuant to the terms hereof or applicable law. 
 ARTICLE 7 

CONVEYANCE OR TRANSFER 
  

	7.1	 Conveyance or Transfer; Only on Certain Terms 

The Guarantor shall not convey, distribute or transfer all or substantially all of its properties, securities and assets to any Person or
Persons, unless: 
  

	 	(a)	 the Person or Persons that so acquire all or substantially all of the Guarantor’s property shall, unless
such assumption occurs by operation of law, have expressly assumed the obligations of the Guarantor hereunder pursuant to an indenture supplemental hereto that is executed and delivered to the Security Trustee, in form satisfactory to the Security
Trustee, acting reasonably; and 

  

	 	(b)	 the Guarantor or such Person shall have delivered to the Security Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such conveyance, distribution or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

 This Section shall only apply to conveyances, distributions and transfers by the Guarantor as transferor and shall not
apply to any conveyance, distribution or transfer by the Guarantor to the Partnership, any Additional Guarantor or any subsidiary entity of the Partnership or any Additional Guarantor. 

 

	7.2	 Successor Person Substituted 

Upon any conveyance, distribution or transfer of all or substantially all of the properties, securities and assets of the Guarantor to any
Person that has assumed the obligations of the Guarantor in accordance with Section 7.1, the successor Person to which such conveyance, distribution or transfer is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Guarantor under this Guarantee with the same effect as if such successor Person had been named as the Guarantor herein, and in the event of any such conveyance, distribution or transfer, the Guarantor shall be discharged of all
obligations and covenants under this Guarantee. 

  
 21 

 ARTICLE 8 

SUPPLEMENTAL INDENTURES 
  

	8.1	 Supplemental Indentures Without Consent of Holders 

Without the consent of any Holders, the Guarantor, when authorized by or pursuant to a Board Resolution, and the Security Trustee, at any time
and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Security Trustee, for any of the following purposes: 
  

	 	(a)	 to evidence the succession of another Person to the Guarantor and the assumption by any such successor of the
covenants of the Guarantor contained herein or to add another Person as a guarantor hereunder (with such Person thereafter becoming the Guarantor for purposes of this Guarantee); or 

 

	 	(b)	 to add to the covenants of the Guarantor or to surrender any right or power herein conferred upon the
Guarantor; or 

  

	 	(c)	 to add any additional Events of Default; or 

 

	 	(d)	 to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to this
Guarantee and to add to or change any of the provisions of this Guarantee as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 5.11; or

  

	 	(e)	 to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other
provision herein, or to make any amendment which, in the opinion of the Security Trustee, relying upon an Opinion of Counsel, does not adversely affect the interests of the Holders in any material respect; or 

 

	 	(f)	 to supplement any of the provisions of this Guarantee to such extent as shall be necessary to permit or
facilitate the termination of this Guarantee pursuant to Section 4.1; provided that in the opinion of the Security Trustee, relying upon an Opinion of Counsel, any such action (other than any action permitted by Section 4.1) does not
adversely affect the interests of the Holders in any material respect. 

  

	8.2	 Supplemental Indentures with Consent of Holders 

With the consent of either (i) the Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then
outstanding Guaranteed Class A Preferred LP Units, by Act of such Holders delivered to the Guarantor and the Security Trustee, or (ii) if a meeting of the Holders is called for obtaining such consent, Holders representing not less than a
majority of the aggregate Liquidation Amount of all Guaranteed Class A Preferred LP Units represented at such meeting and voting in respect of such consent, the Guarantor, when authorized by or pursuant to a Board Resolution, and the Security
Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Guarantee or of modifying in any manner the rights of the
Holders under this Guarantee; provided, however, that no such supplemental indenture shall, without the consent of the Holders representing not less than 662/3% of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A Preferred LP Units by Act of such Holders delivered to the Guarantor and the Security Trustee or, if a
meeting of the Holders is called for obtaining such consent, Holders representing not less than 662/3% of the aggregate Liquidation Amount
of all Guaranteed Class A Preferred LP Units represented at such meeting and voting in respect of such consent, as the case may be: 
  

	 	(a)	 reduce the percentage of the aggregate Liquidation Amount of the outstanding Guaranteed Class A Preferred
LP Units required for any such supplemental indenture, for any waiver of compliance with certain provisions of this Guarantee or certain defaults applicable hereunder and their consequences provided for in this Guarantee, or reduce the requirements
of Section 11.4 for quorum or voting with respect to the Guarantee; or 

  

	 	(b)	 modify any of the provisions of this Section, except to increase any such percentage or to provide that certain
other provisions of this Guarantee cannot be modified or waived without the consent of Holders. 

  

	8.3	 Execution of Supplemental Indentures 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Guarantee, the Security Trustee shall be entitled to receive, and shall be fully protected in acting and relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or
permitted by this Guarantee. The Security Trustee may, but shall not be obligated to, enter into any 

  
 22 

 
such supplemental indenture which affects the Security Trustee’s own rights, duties or immunities under this Guarantee or otherwise. 

 

	8.4	 Effect of Supplemental Indentures 

Upon the execution of any supplemental indenture under this Article, this Guarantee shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Guarantee for all purposes. 
  

	8.5	 Notice of Supplemental Guarantees 

Promptly after the execution by the Guarantor, the Partnership and the Security Trustee of any supplemental indenture pursuant to the
provisions of Section 8.2, the Partnership shall give notice thereof to the Holders of each of the outstanding Guaranteed Class A Preferred LP Units affected, in the manner provided for in Section 1.6, setting forth in general terms
the substance of such supplemental indenture. 
 ARTICLE 9 

COVENANTS 
  

	9.1	 Existence 

Subject to Article 7, the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its
existence. 
  

	9.2	 Security Trustee Not Required to Verify Liquidation Amount 

The Guarantor and the Partnership will not require the Security Trustee to calculate or verify the Liquidation Amount. When requested by the
Security Trustee, the Partnership shall deliver to the Security Trustee an Officer’s Certificate specifying the Liquidation Amount. 

ARTICLE 10 

PURCHASE OF GUARANTEED CLASS A PREFERRED LP UNITS 
  

	10.1	 Purchase of Guaranteed Class A Preferred LP Units 

Subject to applicable law, the Guarantor may at any time purchase Guaranteed Class A Preferred LP Units at any price in the market
(including purchases from or through an investment dealer or a firm holding membership on a recognized stock exchange) or by tender available to all Holders of a particular Series or by private contract. 

ARTICLE 11 

MEETINGS OF HOLDERS OF GUARANTEED CLASS A PREFERRED LP UNITS 

 

	11.1	 Purposes for Which Meetings May Be Called 

A meeting of the Holders of any one or more Series of the Guaranteed Class A Preferred LP Units may be called at any time and from time
to time pursuant to the provisions of this Article for one or more of the following purposes: 
  

	 	(a)	 to give any notice to the Guarantor or to the Security Trustee, to give any directions to the Security Trustee,
or to take any other action authorized to be taken by the Holders pursuant to any of Sections 4.3 to 4.12; 

  

	 	(b)	 to remove the Security Trustee and appoint a successor Security Trustee with respect to the Guarantee pursuant
to the provisions of Article 5; 

  

	 	(c)	 to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of
Section 8.2; or 

  

	 	(d)	 to take any other action required or permitted to be taken by or on behalf of the Holders of any specified
percentage of the aggregate Liquidation Amount of any Series or of all of the then outstanding Guaranteed Class A Preferred LP Units under any other provision of this Guarantee or under applicable law. 

  
 23 

	11.2	 Call, Notice and Place of Meetings 

 

	 	(a)	 The Security Trustee may at any time request that the Partnership call, and upon receipt of such request the
Partnership shall call or cause its transfer agent to call, a meeting of Holders for any purpose specified in Section 11.1, to be held at such time and at such place in Toronto, Ontario, or in such other place as the Security Trustee or
Guarantor shall determine. Notice of every meeting of Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided for in Section 1.6,
not less than 21 nor more than 180 days prior to the date fixed for the meeting. In all cases, it is the Partnership who is to bear all costs associated with calling, giving notice of, and holding the meeting. 

 

	 	(b)	 In case at any time the Guarantor, pursuant to a Board Resolution, or the Holders representing at least 10% of
the aggregate Liquidation Amount of Guaranteed Class A Preferred LP Units shall have requested the Security Trustee to request that the Partnership call a meeting of the Holders of such Guaranteed Class A Preferred LP Units for any purpose
specified in Section 11.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Security Trustee shall not have so requested or the Partnership shall not have mailed or caused to be
mailed notice of such meeting within 21 days after receipt of such request and any required indemnification or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Guarantor or the Holders representing the
aggregate Liquidation Amount in the amount above specified, as the case may be, may determine the time and the place in Toronto, Ontario, or in such other place as the Security Trustee may approve for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in paragraph (a) of this Section. 

  

	11.3	 Persons Entitled to Vote at Meetings 

To be entitled to vote at any meeting of Holders, a Person shall be (a) a Holder of one or more outstanding Guaranteed Class A
Preferred LP Units, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the
Persons entitled to vote at such meeting and their respective counsel, employees or any representatives of the Security Trustee and its counsel, and any representatives of the Guarantor, the Partnership and their counsel. 

 

	11.4	 Quorum; Action 

The Holders representing not less than 25% of the aggregate Liquidation Amount of the applicable Guaranteed Class A Preferred LP Units
shall constitute a quorum for a meeting of such Holders. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders, be dissolved. In any other case the meeting
may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 11.2(a),
except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. 

At the reconvening of any meeting adjourned for lack of a quorum, the Holders of the applicable Guaranteed Class A Preferred LP Units
entitled to vote at such meeting present in person or by proxy shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. 

Except as limited by the proviso to Section 8.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which a
quorum is present as aforesaid may be adopted by the affirmative vote of the Holders representing not less than a majority of the aggregate Liquidation Amount of the applicable Guaranteed Class A Preferred LP Units represented at such meeting
in person or by proxy; provided, however, that, except as limited by the proviso to Section 8.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Guarantee
expressly provides may be made, given or taken by the Holders of a specified percentage which is more or less than a majority of the aggregate Liquidation Amount of all of the then outstanding units of the applicable Guaranteed Class A
Preferred LP Units may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of not less than such specified percentage of the aggregate Liquidation
Amount of all of the then outstanding units of the applicable Guaranteed Class A Preferred LP Units present at such meeting. 
 Any
resolution passed or decision taken at any meeting of Holders duly held in accordance with this Section shall be binding on all the Holders, whether or not present or represented at the meeting. 

  
 24 

	11.5	 Determination of Voting Rights; Conduct and Adjournment of Meetings 

 

	 	(a)	 Notwithstanding any provisions of this Guarantee, the Security Trustee may make such reasonable regulations as
it may deem advisable for any meeting of Holders in regard to proof of the holding of Guaranteed Class A Preferred LP Units and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as its shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding
of Guaranteed Class A Preferred LP Units shall be proved in the manner specified in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4. Such regulations may provide that written
instruments appointing proxies may be presumed valid and genuine without the proof specified in Section 1.4 or other proof. 

  

	 	(b)	 The Security Trustee shall, by an instrument in writing, appoint a temporary chairman and secretary of the
meeting, unless the meeting shall have been called by the Guarantor or by Holders as provided in Section 11.2(b), in which case the Guarantor or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary
chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A
Preferred LP Units represented and voted at the meeting. 

  

	 	(c)	 Any meeting of Holders duly called pursuant to Section 11.2 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Guaranteed Class A Preferred LP Units represented and voted at the meeting; and the meeting may be held as
so adjourned without further notice. 

  

	11.6	 Counting Votes and Recording Action of Meetings 

The vote upon any resolution submitted to any meeting of Holders shall be by written ballot(s) on which shall be subscribed the signatures of
the Holders or of their representatives by proxy and the number of outstanding Guaranteed Class A Preferred LP Units held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all
votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings
of each meeting of Holders shall be prepared by the permanent secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 11.2 and, if applicable, Section 11.4. Each copy shall be signed and verified by the
affidavits of the permanent chairman and permanent secretary of the meeting and one such copy shall be delivered to the Guarantor, and another to the Security Trustee to be preserved by the Security Trustee, the latter to have attached thereto the
ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  

	11.7	 Serial Approvals and Meetings 

 

	 	(a)	 If any business to be transacted at a meeting of Holders especially affects the rights of the Holders of one or
more Series in a manner or to an extent substantially differing from that in or to which it affects the rights of the Holders of any other Series (as to which an Opinion of Counsel will be binding on all Holders and the Security Trustee for all
purposes hereof) then: 

  

	 	(i)	 reference to such fact, indicating each Series so especially affected, will be made in the notice of such
meeting and the meeting will be and is herein called a “serial meeting”; and 

  

	 	(ii)	 the Holders of a Series so especially affected will not be bound by any action taken at a serial meeting unless
in addition to compliance with the other provisions of this Article 11 at such meeting: 

  

	 	(A)	 there are present in person or by proxy, holders of at least 25% of the aggregate Liquidation Amount of the
outstanding Guaranteed Class A Preferred LP Units of such Series (subject to the adjournment and quorum provisions in respect of any reconvened meeting set out in Section 11.4); and 

 

	 	(B)	 the resolution is passed by votes of more than 50% of the aggregate Liquidation Amount of the Guaranteed
Class A Preferred LP Units of such Series present in person or by proxy then outstanding; provided, however, that a resolution to approve (i) a reduction of the percentage of the aggregate Liquidation Amount of such Series required for any
supplemental indenture hereto, any waiver of compliance with this Guarantee or any default hereunder in respect of such Series 

  
 25 

	 	
and its consequence provided for in this Guarantee, or to reduce the requirements of Section 11.4 for quorum or voting with respect to such Series and the Guarantee; or (ii) to modify
any of the provisions of this Section 11.7 with respect to such Series, except to increase any such percentage or to provide that certain other provisions of this Guarantee cannot be modified or waived without the consent of the Holders of such
Series, requires the approval of Holders of 662/3% of the aggregate Liquidation Amount of such Series that are present in person or by
proxy. 

  

	 	(b)	 If in the Opinion of Counsel any business to be transacted at any meeting of Holders does not affect the rights
of the Holders of one or more Series, the provisions of Section 8.2 and this Article 11 will apply with respect to such business as if the Class A Preferred LP Units of such Series were not outstanding. Notwithstanding the foregoing,
notice will be given to the Holders of such Series of such meeting together with notice that such business does not affect the rights of such Holders. 

[Remainder of Page Intentionally Left Blank] 

  
 26 

 IN WITNESS WHEREOF the parties hereto have duly executed and delivered this Guarantee as of
the date first written above. 
  

					
	BROOKFIELD RENEWABLE PARTNERS L.P. by its general partner, Brookfield Renewable Partners Limited
		
	By:	 	/s/ Jane Sheere
		 	Name:	 	Jane Sheere
		 	Title:	 	Secretary

  

					
	 BEP SUBCO INC.

		
	By:	 	/s/ Douglas Christie
		 	Name:	 	Douglas Christie
		 	Title:	 	Director

  

					
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	By:	 	/s/ Yana Nedyalkova
		 	Name:	 	Yana Nedyalkova
		 	Title:	 	Corporate Trust Officer
		
	By:	 	/s/ Neil Scott
		 	Name:	 	Neil Scott
		 	Title:	 	Corporate Trust Officer

  
 27 

 FORM OF DESIGNATION NOTICE 

To: Computershare Trust Company of Canada (the “Trustee”) and Brookfield Renewable Corporation (the “Company”) 

This notice is given pursuant to Section 2.3 of the guarantee indenture among Brookfield Renewable Partners L.P. (the “Partnership”),
BEP Subco Inc. and the Trustee dated as of •, 2020 (the “Guarantee”). All capitalized words and expressions used in this notice that are not defined herein have the meanings ascribed to such words and expressions in the
Guarantee. 
 The Partnership hereby notifies the undersigned that the Partnership desires to designate [description of designated
Class A Preferred LP Units] (the “Designated Units”) as being entitled to the benefits of the Guarantee pursuant to the terms thereof and constituting Guaranteed Class A Preferred LP Units (with all
financial liabilities and obligations thereunder constituting Class A Preferred LP Unit Obligations). 
 The undersigned hereby acknowledges that the
Designated Units constitute Guaranteed Class A Preferred LP Units from and after the date hereof and that the terms of the Guarantee extend to such Series of Class A Preferred LP Units. 

 

			
		
	DATED:	 	 

  

					
	BROOKFIELD RENEWABLE PARTNERS L.P. by its general partner,
	
	BROOKFIELD RENEWABLE PARTNERS LIMITED
		
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	

 Agreed and acknowledged: 
  

					
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  

					
	BROOKFIELD RENEWABLE CORPORATION
		
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  
 28

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