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