Investor Presentaiton

15 Ballard 2023 outlook¹ Total Operating Costs² Capital Expenditures³ $135M $155M - $40M - $60M Continued investment in research & product development ahead of the hydrogen growth curve Advancing new technology, product innovation, & development across target markets, incl. next-generation MEAS, plates, stacks, and modules, and increasing sales & marketing expenditures Investment in testing capabilities, adding production, lab and engineering equipment & expanded prototyping capabilities Investing in advanced manufacturing of bipolar plates starting in 2022 1, 2, 3 See Slide Notes BALLARD™

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