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BALLARD POWER SYSTEMS INC. ANNUAL INFORMATION FORM for the Year Ended December 31, 2019 Dated March 5, 2020

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BALLARD POWER SYSTEMS INC. ANNUAL INFORMATION FORM for the Year Ended December 31, 2019 Dated March 5, 2020 BALLARD POWER SYSTEMS INC. ANNUAL INFORMATION FORM For the year ended December 31, 2019 Dated March 5, 2020 TABLE OF CONTENTS CORPORATE STRUCTURE ....................................................................................................................................2 Name, Address and Incorporation .....................................................................................................................2 Our Vision, Mission, and Values .......................................................................................................................2 Intercorporate Relationships ..............................................................................................................................2 Recent History ........................................................................................................................................................3 Ballard Receives $19.2 Million Order from the Weichai-Ballard JV for MEAs to Power Fuel Cell Electric Vehicles in China .................................................................................................................................3 Ballard and HDF Energy Sign Development Agreement for Multi-Megawatt Fuel Cell Systems ...................4 $44 Million Order from the Weichai-Ballard JV to Support Initial Fuel Cell Vehicle Deployments in China ..................................................................................................................................................................4 Strategic Collaboration with Weichai ................................................................................................................4 Transaction to Divest Power Manager Business ...............................................................................................6 Ballard Acquires Fuel Cell Assets from AFCC Automotive Fuel Cell Cooperation Corporation (“AFCC”)...6 Ballard and Audi Sign 3.5-Year Extension to Long-Term Program for Fuel Cell Passenger Cars ...................6 Ballard Receives Purchase Order for 40 Fuel Cell Modules to Power Van Hool Buses in Germany ...............6 Development Program for Next-Gen Air-Cooled Fuel Cell Stack for Forklift Trucks .....................................6 Ballard Unmanned Systems Cost Reductions ...................................................................................................7 Multi-Year Development Agreement with Siemens AG ...................................................................................7 Supply Agreements with Broad-Ocean .............................................................................................................7 Licensing and Local Assembly Transaction with Broad-Ocean ........................................................................7 Strategic Collaboration and Equity Investment Transaction with Broad-Ocean ...............................................7 Local Production of Fuel Cell Stacks in China ..................................................................................................8 Sale of Methanol Telecom Backup Power Business .........................................................................................9 OUR BUSINESS ........................................................................................................................................................9 Strategy ................................................................................................................................................................10 Revenues from Market Segments ........................................................................................................................11 Our Markets, Products and Services ....................................................................................................................12 Product & Service Overview ...........................................................................................................................12 Fuel Cell Products and Services ...........................................................................................................................13 Power Products Markets ..................................................................................................................................13 Technology Solutions ......................................................................................................................................17 Impact of Regulations and Public Policy .............................................................................................................18 Research and Product Development ....................................................................................................................20 Intellectual Property .............................................................................................................................................20 Manufacturing ......................................................................................................................................................21 Safety ...................................................................................................................................................................21 Quality ..................................................................................................................................................................22 Facilities ...............................................................................................................................................................22 Sustainability ........................................................................................................................................................23 Human Resources.................................................................................................................................................23 SHARE CAPITAL AND MARKET FOR SECURITIES .......................................................................................23 i DIVIDEND RECORD AND POLICY ....................................................................................................................24 ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTIONS ON TRANSFER ..............................................................................................................................................................24 DIRECTORS AND OFFICERS ...............................................................................................................................25 Board of Directors ................................................................................................................................................25 Conflicts of Interest ..............................................................................................................................................30 Senior Officers .....................................................................................................................................................30 Shareholdings of Directors and Senior Officers ..................................................................................................31 AUDIT COMMITTEE MATTERS .........................................................................................................................31 Audit Committee Mandate ...................................................................................................................................31 Composition of the Audit Committee ..................................................................................................................31 Audit Fees ............................................................................................................................................................33 Audit-Related Fees ...............................................................................................................................................33 Tax Fees ...............................................................................................................................................................33 All Other Fees ......................................................................................................................................................33 LEGAL PROCEEDINGS ........................................................................................................................................33 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .......................................33 TRANSFER AGENT AND REGISTRAR ..............................................................................................................34 MATERIAL CONTRACTS .....................................................................................................................................34 Weichai Strategic Collaboration Transaction ......................................................................................................34 Power Manager Asset Sale ...................................................................................................................................34 Technology Development Agreement with Audi ................................................................................................34 Broad-Ocean Licensing Transaction ....................................................................................................................35
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