Investment Spotlight: Shepherds Flat

Governance SENIOR MANAGEMENT TEAM Mark Carney Vice Chair Vice Chair Sachin Shah Connor Teskey Wyatt Hartley Chief Executive Officer Chief Financial Officer Jennifer Mazin Ruth Kent General Counsel Chief Operating Officer Brookfield . Brookfield Renewable is a party to a Master Services Agreement with Brookfield Asset Management O 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 Brookfield Renewable's combined capitalization Incentive distributions based upon increases in distributions paid to shareholders over defined thresholds O 15% participation by Brookfield in distributions over $0.20/unit per quarter • . О 25% participation by Brookfield in distributions over $0.2253/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 35

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