Brookfield Renewable

CORPORATE PROFILE

NOVEMBER 2020

2

Cautionary Statement Regarding Forward-Looking Statements

This presentation contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. SecuritiesAct of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in anyapplicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts,projections, guidance or other statements that are not statements of fact. Forward-looking statements in this presentation include statements regarding the quality of Brookfield Renewable’s assets and theresiliency of the cash flow they will generate, Brookfield Renewable’s anticipated financial performance and payout ratios of FFO (as defined below), expected liquidity, the outlook in our core markets, includingNorth America, Europe, Latin America, China and India expected impact of inflation on revenue and FFO, target annual equity deployment, returns and costs reductions, future commissioning of assets, thecontracted nature of our portfolio, technology diversification, acquisition and investment opportunities, financing and refinancing opportunities, proceeds from opportunistically recycling capital, future energyprices and demand for electricity, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class,the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewable’s access to capital and liquidity. In some cases, forward-looking statements can be identified by the use ofwords such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”,“seeks”, “targets”, “believes”, “deliver”, “growth”, “advance” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” betaken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this presentationare based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward-looking statementsand information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially fromanticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: changes to hydrology at our hydroelectric facilities, towind conditions at our wind energy facilities, to irradiance at our solar facilities or to weather generally, as a result of climate change or otherwise, at any of our facilities; volatility in supply and demand in theenergy markets; our inability to re-negotiate or replace expiring power purchase agreements on similar terms; increases in water rental costs (or similar fees) or changes to the regulation of water supply;advances in technology that impair or eliminate the competitive advantage of our projects; an increase in the amount of uncontracted generation in our portfolio; industry risks relating to the power markets inwhich we operate; the termination of, or a change to, the MRE balancing pool in Brazil; increased regulation of our operations; concessions and licenses expiring and not being renewed or replaced on similarterms; our real property rights for wind and solar renewable energy facilities being adversely affected by the rights of lienholders and leaseholders that are superior to those granted to us; increases in the costof operating our plants; our failure to comply with conditions in, or our inability to maintain, governmental permits; equipment failures, including relating to wind turbines and solar panels; dam failures and thecosts and potential liabilities associated with such failures; force majeure events; uninsurable losses and higher insurance premiums; adverse changes in currency exchange rates and our inability to effectivelymanage foreign currency exposure; availability and access to interconnection facilities and transmission systems; health, safety, security and environmental risks; disputes, governmental and regulatoryinvestigations and litigation; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counter-parties and the uncertainty of success; ouroperations being affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; our reliance on computerized business systems, which couldexpose us to cyber-attacks; newly developed technologies in which we invest not performing as anticipated; labor disruptions and economically unfavorable collective bargaining agreements; our inability tofinance our operations due to the status of the capital markets; operating and financial restrictions imposed on us by our loan, debt and security agreements; changes to our credit ratings; our inability to identifysufficient investment opportunities and complete transactions; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; our inability to develop greenfieldprojects or find new sites suitable for the development of greenfield projects; delays, cost overruns and other problems associated with the construction and operation of generating facilities and risks associatedwith the arrangements we enter into with communities and joint venture partners; Brookfield Asset Management’s election not to source acquisition opportunities for us and our lack of access to all renewablepower acquisitions that Brookfield Asset Management identifies; we do not have control over all our operations or investments; political instability or changes in government policy, or unfamiliar cultural factors;foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; changes to government policies that provide incentives for renewable energy; a decline in the value ofour investments in securities, including publicly traded securities of other companies; we are not subject to the same disclosure requirements as a U.S. domestic issuer; the separation of economic interest fromcontrol within our organizational structure; future sales and issuances of our limited partnership units, preferred limited partnership units or securities exchangeable for our limited partnership units, or theperception of such sales or issuances, could depress the trading price of our limited partnership units or preferred limited partnership units; the incurrence of debt at multiple levels within our organizationalstructure; being deemed an “investment company” under the U.S. Investment Company Act of 1940; the risk that the effectiveness of our internal controls over financial reporting; our dependence on BrookfieldAsset Management and Brookfield Asset Management’s significant influence over us; the departure of some or all of Brookfield Asset Management’s key professionals; changes in how Brookfield AssetManagement elects to hold its ownership interests in Brookfield Renewable; Brookfield Asset Management acting in a way that is not in the best interests of Brookfield Renewable or our unitholders; and otherfactors including those set forth under “Risk Factors” in our most recent annual report on Form 20-F.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this presentation and should not berelied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update theforward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our most recent annual report on Form20-F.

Non Solicitation

No securities regulatory authority has either approved or disapproved of the contents of this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to sell or thesolicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under thesecurities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Table of Contents

Who We Are Page 4

Portfolio Overview Page 19

Growth Page 24

Financial Profile Page 29

Appendix Page 33

3

4

Who We Are

5

Global Leader in Decarbonization

We have integrated operating platforms on four continents with operating,

development and power marketing expertise

NORTH AMERICA9,400 megawatts

$29 Billion in total power assets

SOUTH AMERICA4,500 megawatts

$11 Billion in total power assets

ASIA1,400 megawatts

$1 Billion in total power assets

EUROPE4,100 megawatts

$11 Billion in total power assets

5,318 power generating facilities

$52 billionTOTAL POWER ASSETS

27 markets in 17 countries

19,400MEGAWATTS OF CAPACITY

120 years of experience

3,000+OPERATING EMPLOYEES

6

Complementary Portfolio of High-Quality Assets

Uniquely complementary asset base spread across five technologies

Wind4,700 MW

Solar2,600 MW

DG850 MW

Storage2,700 MW

Hydro7,900 MW

Our portfolio has

significant storage

capacity and ability

to produce power at

all hours of the day

Our wind assets are

focused on areas

with scarcity value,

and built with Tier 1

turbine equipment

Diversified portfolio

across PV and CSP

technologies with

diverse and scalable

applications

We own one of the

largest C&I DG

portfolios in the U.S.,

giving us direct

access to our

customers

Our pumped storage

and battery assets

are able to produce

electricity during

peak hours, and

recharge when

prices are low

Brookfield Renewable also owns a ~580 megawatt portfolio of biomass and co-generation facilities

7

Long Track-Record of Delivering Attractive, Risk-Adjusted Returns

NYSE: BEP, BEPC

TSX: BEP.UN, BEPC

MARKET SYMBOL

~$26B1

MARKET

CAPITALIZATION

~51% Equity Interest; GP & Manager

BROOKFIELD

PARTICIPATION

UNIT PERFORMANCE

Annualized Total Return

(As at November 16, 2020) 1-Year 5-Year

Since

Inception

BEP (NYSE) 66% 30% 19%

BEP (TSX) 67% 30% 19%

S&P 500 Index 18% 14% 6%

S&P Utilities Index 10% 13% 8%

S&P/TSX Composite Index 3% 8% 7%

S&P/TSX Capped Utilities Index 14% 13% 10%

Includes dividend reinvestment

1) Combined market capitalization of BEP and BEPC. Based on the closing price on November 16, 2020.

2) Based on the closing price on November 16, 2020.

CAPITALIZATION

Credit Rating: S&P BBB+

Average debt term

to maturity:14 years

DISTRIBUTION PROFILE

Current Distribution $1.74 per unit

Implied Yield2 ~3.0%

Target Annual Growth 5 – 9%

8

We have a Consistent Track Record of Strong Performance

• Source: Bloomberg

• Chart indicates unit price performance including reinvestment of dividends.

• BEP and S&P 500 Index returns since 11/30/1999 (BEP was formerly Great Lakes Hydro Income Fund until BEP spun out in 2011). S&P 500 ESG Index returns since its

inception on 4/30/2010.

BBB BBB+

1999 2020

BEP S&P 500 SPXESUP Index QCLN

19%BEP Total Return

Total Return

S&P 500 ESG Index: 12%

NASDAQ Green Energy ETF: 8%

S&P 500 Index: 8%

9

Ability to Invest Through a Canadian Corporation

Brookfield Renewable Corporation (NYSE, TSX: BEPC), a subsidiary of BEP L.P.,

was created to offer an economically equivalent security to BEP L.P., but in the

form of a more traditional corporate structure

BEPC BEP

Dividends/Distributions• Distributions are identical in amount and

timing

Exchangeable N/A• BEPC shares are exchangeable 1:1 for BEP

units at anytime

Structure and Index

Eligibility

Canadian

Corporation

Bermuda Limited

Partnership

• As a corporation, BEPC is eligible for many

equity indexes that exclude Limited

Partnerships

Tax Reporting U.S.: 1099 Form

Canada: T5

Form

U.S.: K-1 Slip

Canada: T5013

Slip

• For U.S. shareholders, subject to the holding

period, dividends paid by BEPC will be

“qualified dividends”

• For Canadian shareholders, dividends paid by

BEPC will be “eligible dividends”

10

Simple Strategy with Proven Track Record of Success Through Cycles

Acquire and develop high-quality

assets and businesses that help decarbonize

global electricity grids below intrinsic value

Optimize cash flows by applying our

operating expertise to enhance value

Finance our businesses on an

investment grade basis

Recycle capital from mature,

de-risked assets

11

Investment Highlights

Diverse and High-Quality

Cash Flows

19,400 megawatts of renewable capacity

across multiple technologies and

continents, supported by a strong

contract profile and best-in-class assets

Multiple Levers to

Grow Cash Flows

Proven and repeatable growth strategy

combining a value investment approach

with operating expertise and capital

discipline that has delivered 19% total

returns to unitholders since inception

Strong Financial

Position

Robust balance sheet and access to

diverse sources of capital ensures

significant downside protection

Attractive

Sector

Strong ESG practices support global

decarbonization and create long-term

value for stakeholders

12

Decarbonization is a Global Objective

All parts of the economy recognize the need to decarbonize

• Over 125 governments have committed to net-zero targets

‒ Supporting transition through green stimulus and increased regulation, including carbon pricing and taxes for companies that fail to meet standards

• 1,000+ companies have committed to climate related targets

‒ In particular, utilities, energy and industrial companies require significant capital and operating expertise to decarbonize their businesses over the next decade

• Many of the largest investors globally have set policies to prioritize climate mitigation

‒ Climate Action 100+: 500+ investors have united to engage with largest global emitters to help drive transition

‒ UN Net Zero Asset Owner Alliance: 30+ investors with $5T AUM have made a public commitment to have net-zero investment portfolios by 2050

• Nearly 200 signatories have signed up for the Principles for Responsible Banking to align financing portfolios with the Paris Agreement and UN SDGs

Governments

Corporations

Investors

Lenders

13

Achieving Net-zero Emissions by 2050 Requires Immediate Action

Substantial and immediate reallocation of capital will be required to shift to a

sustainable pathway, with the next decade seen as critical to the transition

0

5

10

15

20

25

30

35

40

2010 2020e 2030e 2040e 2050e

Gt C

O2

Global Energy Infrastructure CO2 Emissions: Current Plans vs. Pathway for Net-Zero by 2050†

† Represents emissions from all energy sector and industrial processes including power plants, industrial facilities, buildings and vehicles. Current pathway

reflects all announced policy intentions and targets as of September 2020, insofar as they are backed up by detailed measures for their realization.

Historical

Pathway for net-zero

CO2 emissions in 2050

Current pathway under existing

policies and targets

Source: International Energy Agency (2020), World Energy Outlook 2020, IEA, Paris

14

0

20

40

60

80

100

120

140

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

$/M

Wh

PV Solar Onshore Wind CCGT

Renewables are Now the Most Economic Sources of Bulk Power

Levelized Cost of Energy

Source: Bloomberg New Energy Finance

15

Meaning the Global Opportunity For Renewable Investment is Growing

$2T

$5T

$10T

INVESTMENT IN

THE LAST

5 YEARS

PROJECTED RANGE OF INVESTMENT OVER THE

NEXT DECADE

Source: Bloomberg New Energy Finance

16

And Energy Transition Initiatives are Accelerating

Distributed

GenerationLocal businesses

looking to

decarbonize

Business

TransformationPartners seeking to

transition

businesses

New Asset

ClassesGreen hydrogen

and green

data centers

17

Strong ESG Practices Create Long-Term Stakeholder Value

Accelerate the

decarbonization of global

electricity grids through our

renewable power portfolio

Apply Task Force on Climate-

related Financial Disclosures

(TCFD) framework to analyze

long-term climate change

risks

Protect biodiversity

Manage water and waste

resources

Maintain a social license to

operate

Health and safety – with a

focus on high-risk incidents –

prevention is a top priority

Proactively engage with and

give back to communities in

which we operate

Human capital initiatives

emphasizing diversity and

inclusion

Social

Operate with high ethical

standards and a robust

policy framework (e.g. our

Code of Business Conduct and

Ethics, Anti-Bribery and Anti-

Corruption Policy)

Integrate ESG into our

decision-making, processes

and management systems

Diverse Board of Directors

and executive management

team

Asset and information security

GovernanceEnvironmental

Maintaining a social license to operate is central to preserving capital,

mitigating risk and creating long term value

18

Our Portfolio Helps Decarbonize the World

28 MILLION tCO2e OF AVOIDED EMISSIONS, EQUIVALENT TO:

6 million 10 million 5 million 470 million nearly all

vehicles

removed

from the

road annually

tons of waste

recycled

instead of

landfilled

homes'

electricity use

for one year

trees planted of London,

England's

emissions in

one year

19

Portfolio Overview

We Have the Highest Quality Cash Flows in the Sector

1) Figures based on long-term average generation, proportionate to BEP.

2) Figures based on revenue, proportionate to BEP. Excludes financial contracts and Brazil and Colombia, where we would expect the energy associated with

maturing contracts to be re-contracted in the normal course given the construct of the respective power markets.

64%

27%

9%

Hydro Wind Solar

Hydro

Focused1

Contracted

Cash Flows1

North America Latin America & Asia Europe

31%

8%

61%

8%

58%

34%

10 years or fewer 11-19 years 20 years or more

14-year

Average PPA

Term2

Growing

Global

Footprint1

Cash flows are supported

by a strong contract

profile and are well

diversified by technology

and geography

92%

8%

Contracted Merchant

20

21

Diverse, Creditworthy Counterparties

Diverse Customer

Base

Highly diversified customer base

comprised of over 600 high-quality

counterparties insulating our business

from single counterparty risk

Our single largest non-government third-

party customer represents 2% of

generation

Creditworthy

Counterparties

Counterparties comprised primarily of

strong investment grade public power

authorities or utilities

Diverse high-quality customer base provides strong downside protection,

safeguarding our cash flows

22

We Simultaneously Grew and De-risked our Cash Flows

Today a ~20% below LTA-hydrology year in any single market

would have less than a 2% impact on our FFO

10%

29%

10%8%5%

6%

7%

4%

10%

10%2%

13%

51%

33%

3%

~$2.00+FFO PER UNIT

$0.72FFO PER UNIT

Canada Hydro U.S. Hydro Brazil Hydro Colombia HydroCanada Wind U.S. Wind Europe Wind LatAm & Asia WindEurope & Asia Solar North America Solar Storage & Other

2010 2020

10%+CAGR

New York

11%

New England

6%

MISO

7%

PJM

3%

23

Fully Hedged 77%

23%

Across

multiple

currencies

…And Diversified our Foreign Currency Exposure

Brazil32%

Fully Hedged68%

2010 FX Exposure

Post-Hedging

2020 FX Exposure

Post-Hedging

In the event of a 10% depreciation in any single currency, we have only 1% FFO exposure

24

Growth

25

Organic Cash Flow Growth

BEP is focused on delivering 5% to 9% distribution growth annually on a per unit

basis from organic initiatives and fully funded by internally generated cash flows

Lever

Expected Annual

FFO Growth Detail

Inflation

Escalation1% to 2% ~40% of our revenues have embedded inflation

indexation

Re-Contracting 1% to 2%Limited downside risk to PPA maturities in North

America plus exposure to rising power prices in

Brazil and Colombia

Cost Reduction 1% to 2% Targeting cost reductions of $2/MWh

Development &

Repowering3% to 5%

Targeting to build up to 7,000 MW from our

proprietary development pipeline over the next five

years at premium returns

FFO per Unit

Growth

Potential

6% to 11% We do not rely on M&A to achieve our

distribution growth target

26

Create Additionality Through an Enhanced Development Pipeline

Hydro Other Wind Solar Storage

Given our scale, diversity, and global nature, we are uniquely positioned to partner

with governments and businesses to help them achieve their decarbonization goals

• We have an over 18,000 MW development pipeline diversified across multiple

technologies and geographies, including approximately 2,700 MW under

construction

• With our development pipeline, we would create enough carbon free power to avoid

an additional 27 million metric tons of carbon dioxide per year

North America Latam Asia Europe

18,300 MW 18,300 MW

27

Increased development activities secure growth

Development

Pipeline18,000 MW

Target 3–5% FFO

per unit growth

• Target 3,500 MW

• $90 million FFO annually

• Executing on under-construction and

advanced-stage projects

2% annual FFO

per unit growth

• Target 3,500 MW

• Up to $135 million FFO annually

• Delivering on up to 20% of our

extensive global development

pipeline

1–3% annual

FFO per unit

growth

SECURED

TO BE

DELIVERED

Note: Megawatts are presented on a consolidated basis. Proportionate megawatts are 1,150 MW for secured growth and 1,700 MW for growth to be delivered.

Assumes $0.8 billion of BEP capital deployed into development at target FFO yields of ~20% and average funding costs of 5% for $135 million FFO

28

Proven Track Record of Capital Deployment

We target annual equity deployment of $800M-1B

Deployed ~$4 billion of BEP equity since 2016$billions

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

Hydro Wind Solar Other

North America Latin America Europe Asia

29

Financial Profile

30

Robust Balance Sheet

BBB+INVESTMENT GRADE BALANCE SHEET

80%NON-RECOURSE FINANCINGS

Highest rating in the sector with non-amortizing

corporate debt fully supported by perpetual

hydro portfolio

Structured on an investment grade basis with

attractive covenant packages that are free from

financial maintenance covenants

10 YEARSAVERAGE DEBT TERM TO MATURITY

Well laddered debt profile with no material

maturities in the next five years

90%FIXED RATE FINANCINGS

Minimal interest rate exposure, with only 5% of

our debt in North America and EU exposed to

rising interest rates

12xFFO INTEREST

COVERAGE

18%DEBT TO

CAPITALIZATION -

CORPORATE

Figures and table are as at September 30th

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

2020 2021 2022 2023 2024 After

Pro Forma Debt Maturity Ladder

$ billions, as at September 30,2020

Non-Recourse Maturities Recourse Maturities

31

Access to Deep Pool of Capital

Significant Liquidity Partner Capital

Diversified Access to

Capital MarketsTrack Record of

Capital Recycling

We currently have ~$3.3 billion

of available liquidity

We have access to ~$5 billion of

partner capital to invest alongside

We have raised ~$3.8 billion in

corporate debt and equity (preferred

and common) since 2015

Raised ~$1.5 billion in proceeds in

the last two years through

opportunistic capital recycling

Multiple

Funding

Levers

32

ATTRACTIVE SECTOR

Strong ESG practices support global

decarbonization and create long-term

value for stakeholders

HIGH-QUALITY CASH FLOWS

Stable cash flows from diverse global, multi-

technology platform, supported by a strong

contract profile and best-in-class assets

Key TakeawaysKey Takeaways

STRATEGY

Proven and repeatable strategy combining

a value investment approach with

operating expertise and capital discipline

that has delivered 19% total returns

unitholders since inception

FINANCIAL PROFILE

Robust balance sheet with high levels of

liquidity and access to diverse, scale

capital

33

Appendix

34

Indicative Corporate Structure

1. BAM ownership figures as of September 30, 2020.

2. Economic ownership interest on a fully diluted basis.

3. Portfolios of fixed income and equity securities managed on behalf of clients.

4. Includes Oaktree and other alternative investments. Oaktree also has real estate and infrastructure products.

5. On a fully exchanged basis, combined BEP and BEPC.

Brookfield Asset Management(NYSE:BAM)

Infrastructure

Real Estate

Real Estate

Real Estate

Brookfield

Property

Partners

(NASDAQ: BPY)

55%2

Renewable Power

Brookfield

Renewable

Partners

(NYSE: BEP)

51%5

Infrastructure

Infrastructure

Brookfield

Infrastructure

Partners

(NYSE: BIP)

28%

Real Asset

Credit

Private Equity

Private Equity

Brookfield

Business

Partners

(NYSE: BBU)

63%

Credit & Other

Alternative

Strategies

Credit – Oaktree4

PUBLIC

SECURITIES3

BUSINESSES

PRIVATE

FUNDS

AFFILIATES1

35

Governance

EXECUTIVE LEADERSHIP

Connor Teskey Chief Executive Officer

Wyatt Hartley Chief Financial Officer

Jennifer Mazin General Counsel

Ruth Kent Chief Operating Officer

Brookfield Renewable has a Master Services Agreement with Brookfield Asset Management

• Provides comprehensive suite of services to Brookfield Renewable

• Base management fee of $20 million adjusted annually for inflation

• Equity enhancement fee equal to 1.25% of the increase in BEP’s combined capitalization

Incentive distributions based upon increases in distributions paid to unitholders over pre-defined thresholds (Master

Limited Partnerships (MLP) structure)

• 15% participation by Brookfield in distributions over $0.375/unit per quarter

• 25% participation by Brookfield in distributions over $0.4225/unit per quarter

Brookfield Renewable’s general partner has a majority of independent directors

Brookfield Renewable’s governance is structured to provide significant alignment of interests between Brookfield

Asset Management and unitholders

36

Favorable Structure Relative to Master Limited Partnerships

Brookfield Renewable has not and is not expected to generate UBTI and ECI

• BEP is a Bermuda-based publicly traded partnership that indirectly owns holding

companies in the U.S., Canada and other jurisdictions. BEP is not a U.S. MLP

• Chart below shows a comparison of BEP versus an MLP

1) Not all MLP’s are the same. This represents Brookfield’s understanding of common features of these types of vehicles

2) UBTI is unrelated business taxable income

3) ECI is effectively connected income

4) Source: Management estimates based on Barclays Capital Master Limited Partnerships MLP Trader Weekly

Brookfield Renewable MLP1

Type of entity Publicly traded partnership Publicly traded partnership

UBTI2 No Yes

ECI3 No Yes

U.S. tax slip issued K1 K1

Tax profile of distributions Benefits from return of capital Benefits from depreciation

Target payout ratio ~70% of FFO 80%-90% of distributable cash flow4

Incentive distributions 25% maximum 50% maximum

37

Leader in Green Energy & Sustainability

BEP is the largest member by market capitalization of the S&P/TSX Renewable Energy and Clean

Technology Index.

Since 2017, BEP has issued four green bonds through project-level financings for an aggregate

value of over $2.5 billion. Citing BEP's environmental stewardship, commitment to renewable

power, and use of proceeds towards renewable power generation, the green bonds received E-1

Green Evaluation scores from S&P - the highest on its scale. In addition, BEP issued a

sustainability-linked loan for $50 million.

BEP has issued five corporate-level green bonds to date for an aggregate value of $1.3 billion, as

well as a $200 million perpetual preferred unit issuance in 2020 – under its Green Bond and

Preferred Securities Framework with proceeds to be used to finance and/or refinance investments

in renewable power generation and to support the development of clean energy technologies. A

third-party opinion from Sustainalytics deemed the Framework to be credible and impactful.

BEP is committed to sustainable development principles that reduce the impact of our operations

and help to manage the underlying water resources efficiently. Low Impact Hydropower Institute

(LIHI) certification is a voluntary certification program designed to help identify and provide market

incentives for hydropower operations that are minimizing their environmental impacts. BEP has

received LIHI certification for 65 hydro facilities across the US, more than any other operator,

making it the U.S. leader in low impact hydropower generation.1

The Environmental Choice Program is a comprehensive national program sponsored by

Environment Canada. It certifies manufacturers and suppliers that produce products and services

that are less harmful to the environment. These bear the EcoLogo registered trademark. 22 of our

hydroelectric facilities in Ontario, Quebec, and British Columbia meet the strict standards of the

Environmental Choice Program.

1) This product includes Low Impact Hydropower from facilities certified by the Low Impact Hydropower Institute (an independent non-profit organization) to have environmental impacts

in key areas below levels the Institute considers acceptable for hydropower facilities. For more information about the certification, please visit www.lowimpacthydro.org.

3838

Case Study: TerraForm Power Merger

>4 GWACROSS SOLAR

AND WIND

$5BTRANSACTION

VALUE

Transaction Overview

• Acquired controlling interest in TerraForm Power,

one of the largest owners of wind and solar

globally, following the bankruptcy of its sponsor in

2016

• Merged the remaining interest into Brookfield

Renewable on an all-stock basis in 2020

Value-Enhancing Thesis

• One of the few organizations with the scale and

operating capability to acquire the business through

the restructuring, and immediately stabilize the

business by implementing an operating plan and

resuming growth

• Drove significant value to TerraForm Power

shareholders

o Delivered 35% annualized total return and

over two times their money from the time of

our initial investment

• Merger was accretive to Brookfield Renewable and

strengthened our business in North America and

Europe

3939

Case Study: Janauba Solar

1,200 MWLATE-STAGE

PROJECTS

100%CONTRACTED

CASH FLOWS1

Project Overview

• 1,200 MW advanced solar development in Brazil

• One of the largest solar developments globally

• Expected total equity to complete project of ~$200

million

Value-Enhancing Thesis

• Requires both development and energy marketing

capabilities to bring the project to completion

o Leverage deep power marketing expertise to

contract the facility prior to commencing

construction

o Using global scale drive down equipment

procurement, installation and operating costs

to deliver additional value over time

• Returns expected to be close to 20%

Progress to Date

• Phase 1 is fully contracted and construction

expected to commence in early 2021, with target

commissioning in early 2022

• In process of contracting Phase 2 with construction

expected to commence at the end of 2021, with

expected commissioning in 2023

1 Phase 1 only. Expect to fully contract Phase 2 prior to commencing construction