Brookfield Renewable Partners L P : - Presentation

Brookfield Renewable

INVESTOR DAY

SEPTEMBER 24, 2020

Agenda

Looking Ahead	3
Sachin Shah, Chief Executive Officer
Our Long-Term Approach	24
Connor Teskey, Chief Investment Officer
Financial Update	41
Wyatt Hartley, Chief Financial Officer
Key Takeaways and Q&A	56
Sachin Shah, Chief Executive Officer

Looking Ahead

SACHIN SHAH

CHIEF EXECUTIVE OFFICER

3

Decarbonization is a global objective

4

Carbon reduction is universal

There is still a long path to meeting carbon-free targets globally

NET-ZERO CARBON

32%	28%	38%	37%	19%	28%
California	New York	E.U.	U.K.	India	China

Current Renewables Generation		Other Generation		2050 Renewables Target

Source: Bloomberg New Energy Finance	5

Increasingly ambitious corporate targets

2025		2040
Amazon, Wal-Mart, and Nike:		Amazon: net zero carbon emissions
100% renewable		General Motors: 100% renewable

	2030	2050
	Microsoft: carbon negative	Microsoft: remove historical carbon emissions
	H&M: 100% renewable	Johnson & Johnson: 100% renewable

6

Wind and solar are the cheapest sources of bulk generation

$/MWh

LEVELIZED COST OF ENERGY

140

120

100

80

60

40

20

0

2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
				PV Solar		Onshore Wind		CCGT

Source: Bloomberg New Energy Finance	7

How has the recession impacted these trends?

8

U.S. electricity generation

is down 5%

Source: U.S. Energy Information Administration (EIA).	9

Over the same period, fossil fuel generation

is down 10%

Source: U.S. Energy Information Administration (EIA).	10

Renewable generation

is up 14%

Source: U.S. Energy Information Administration (EIA).	11

Investors signed up to Principles for Responsible Investment

USD)	$100
$80						20%+
AUM (TRILLIONS
$60
$40
$20
	$-
	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020

Source: UNPRI; Scotiabank GBM.	12

Significant capital will be invested into renewables

$10T

$5T

$2T

INVESTMENT IN	PROJECTED RANGE OF INVESTMENT OVER THE
THE LAST	NEXT DECADE
5 YEARS

Source: Bloomberg New Energy Finance.

Our leading and differentiated business

is very well positioned…

14

…with over $50 billion of operating renewables

15

Growing distributions

6%	$1.74
CAGR
$0.57
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Note: distribution amounts have been adjusted for the special distribution of BEPC shares effective July 30, 2020.	16

Strong balance sheet

BBB+		$3.4B
Investment grade		Available
balance sheet		liquidity

17

Best-in-class carbon avoidance

6 Million		Nearly All		5 Million
Vehicles off the		London's		Homes' annual
road annually		annual		electricity use
				generation

Note: figures above equivalent to BEP's operating portfolio, which avoids 28 million tons of CO2 annually.

18

A simple, repeatable strategy

19

Invest on a value basis

Operational turnarounds

Carve-out transactions

Development

Restructuring Capital solutions

20

Use our operating expertise to help businesses thrive

Sustainability Additionality Transition

21

Our approach

1

Invest on a value basis

3

Monetize

mature assets

12-15% Returns Long-term Impact

2

Sustain

Add

Transition

22

20+ year track record

BBB		BBB+

18%

BEP Total Return

Total Return

S&P 500 Index: 6%

	Total Return
	S&P 500 ESG Index: 11%
1999	2020
BEP	S&P 500 S&P 500 ESG

1.	Source: Bloomberg
2.	Chart indicates share price performance including reinvestment of dividends.
23
3.	BEP and S&P 500 Index returns since 11/30/1999. S&P 500 ESG Index returns since its inception on 4/30/2010.

Our Long-Term Approach

CONNOR TESKEY

CHIEF INVESTMENT OFFICER

24

Over the next five years…

Consistent Expanded Growing

Approach Capabilities Market

…we are increasing our targeted annual equity

deployment to $800M-1B

25

Doing this through a consistent and balanced approach

CAPITAL ALLOCATION		OPERATIONAL APPROACH

•	Deep value	•	Long-term focus
•	Contrarian	•	Partnership approach
• Complex or large-scale transactions	•	ESG-oriented
		•	Perpetual improvement

26

Value and growth through decarbonization

Sustainability Additionality Transition

27

Sustainability | Preserve and enhance existing renewable assets

Sustainability Additionality Transition

Improved cash flows and de-risked investments through

long-term sustainable operating principles

28

Sustainability | A differentiated approach to ownership

Operating expertise	Global standards
Ongoing investment	Social focus
Strongly capitalized	Enhanced returns
Stable sponsor

29

Sustainability | Not in the community, but part of the community

Maintaining a social license to operate is central to preserving capital, mitigating risk and creating long-term value

KIDWIND PROGRAM	'NAMGIS FIRST NATIONS	LA GUAJIRA WIND PROJECT
IRELAND	PARTNERSHIP	COLOMBIA
	CANADA

30

Additionality | Accretively growing our assets

Sustainability Additionality Transition

Expanding and delivering our 18,000 MW development pipeline

at premium returns

31

Additionality | Enhancing our development capabilities

2015

3 GW

2020

18 GW

North America		Latam		Asia		Europe

Local development teams

across the globe

Delivery from concept to commercialization

Flexible commercial strategy focused on relationships

Ability to manage large-scaleprojects

Advantage from global procurement platform

32

Additionality | Strong track record of development activities

~$4B

invested

8% 17%

28% 2 GW

47%

2 GW	50M
developed
trees planted
15-20% returns

16%

4%

2 GW 46%

34%

Solar

Wind

Hydro

Storage & Other

North America

Latam

Asia

Europe

Note: 50 million trees planted is equivalent to 2 GW developed, which avoids approximately 3 million tons of CO2 annually.

33

Additionality | Ramped up our solar development activities

20152020

Utility scale

0 GW

9 GW

C&I rooftop

0 GW

1 GW

Total solar pipeline

0 GW

10 GW

15-20%+

returns

34

Additionality | Best-in-class carbon avoidance

5 Million		100%		100%
Vehicles off the		Paris' annual		CO2 generated by
road annually		generation		Apple or half of BP

Note: figures above equivalent to BEP's development pipeline, which would avoid 23 million tons of CO2 annually.

35

Transition | Accelerate energy transition initiatives

Sustainability Additionality Transition

Provide capital and solutions to drive

carbon reduction initiatives

36

Transition | Investing in key sectors and businesses

Distributed		TransAlta		New Asset
Generation		Investment		Classes
Local businesses		Corporations seeking		Green hydrogen
looking to		to transition		and green
decarbonize		businesses		data centers

37

Transition | Global partners in decarbonization

38

We are the partner of choice to support

governments and businesses in achieving their

decarbonization goals

39

In summary

1

Invest on a value basis

3

Monetize

mature assets

12-15% Returns Long-term Impact

2

Sustain

Add

Transition

40

Financial Update

WYATT HARTLEY

CHIEF FINANCIAL OFFICER

41

Our business is well positioned to continue to

deliver solid growth through all economic cycles

42

Underpinned by a strong balance sheet with ample liquidity

BBB+		~85%		14-year
INVESTMENT		NON-RECOURSE		AVERAGE
GRADE			DEBT		CORPORATE DEBT
								DURATION

~$3.4 billion of available liquidity

43

Highly resilient cash flows

CONTRACTED

15-year average PPA term

DE-RISKED

No single market >10%

DIVERSIFIED

600+ investment-grade counterparties

LIMITED FX EXPOSURE

75% fully hedged

44

A strong track record of FFO per-unit growth

		10+%
		CAGR
	2010		2020F
	$0.72 FFO		~$2.00+ FFO
	per unit		per unit

Note: 2020 FFO per unit reflects the last twelve months and is pro forma the TERP transaction.	45

Proven resilience through the current global shutdown

~98%

~$1B

$2B+

Executed

ASSET

LIQUIDITY

CAPITAL

STRATEGIC

AVAILABILITY

ADDED

DEPLOYED

MERGER

46

Merger with TERP has many immediate benefits

Simplified ownership structure

Immediately cash accretive

Expands portfolio in North America and Western Europe

Strengthens contract profile

47

Access to flexible and diverse sources of funding

Asset-level		Preferred		Capital
up-financings		equity and		recycling
				corporate debt

Funding plan does not require common equity issuances

48

Leaders in sustainable finance

$200M				$1,300M
PREFERRED SECURITIES				CORPORATE
				GREEN BONDS
	>$4
$2,500M		$50M
BILLION
PROJECT-LEVEL	SUSTAINABILITY-
GREEN BONDS				LINKED LOAN

49

Broadening our investor base

We completed the launch of BEPC, which has been well received by the market

				Russell 2000/3000		Increased float
Completed special
distribution		and FTSE Global		through TERP
								merger

50

Growing development activities enhance the

visibility of organic cash flow growth

over the next five years

51

Target 6-11% FFO per-unit growth through operational levers

Embedded		Expected		Development		FFO Per-Unit
Inflation		Margin		Pipeline		Growth
Escalation		Expansion				Potential
1-2%		2-4%		3-5%		6-11%

52

Increased development activities secure growth

Development

Pipeline

3-5%

18,000 MW

SECURED

2% annual FFO per-unit growth

TO BE

DELIVERED

1-3% annual FFO per-unit growth

• 3,500 MW commissioned
• $90 million FFO annually
• Executing on under-construction and advanced-stage projects
• 3,500 MW additional development
• Up to $135 million FFO annually
• Delivering on up to 20% of our extensive global development pipeline

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	53
billion deployed for additional development at target FFO yields of ~23% and average funding costs of 5% for $135 million FFO net to BEP.

Enhanced visibility on cash flow growth

10%+

FFO PER-UNIT GROWTH

3.20			ORGANIC GROWTH
			6-11%		4-5%
2.70	10%+				3-5%
	CAGR
2.20				2-4%
		1-2%
1.70
1.20
0.70	2010	2020	Inflation	Margin	Development	Acquisitions¹	2025
			Escalation	Enhancement	Pipeline

1.	$3.7 billion deployed between development and M&A investments at target FFO yields of 10% to 11% and average funding costs of 5%.
54
2.	Slide reflects FFO per-unit.

In summary

We offer a high-quality distribution

Investment-gradebalance sheet Resilient cash flows

Access to diverse sources of capital

Visibility on 10%+ FFO per-unit growth

55

Key Takeaways and Q&A

SACHIN SHAH

CHIEF EXECUTIVE OFFICER

56

Key takeaways

As decarbonization accelerates, our global business is well positioned

We invest and operate with a long-term view

We remain focused on delivering total returns of 12-15%

Our strong financial profile enables us to pursue growth

57

Q&A

Notice to Recipients

All amounts are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this presentation is presented as of June 30, 2020, and on a consolidated basis.

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. Securities Act 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 any applicable 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 the resiliency of the cash flow they will generate, Brookfield Renewable's anticipated financial performance and payout ratio, future commissioning of assets and expected returns from such assets, our target annual equity deployment, our target FFO per unit growth, contracted nature of our portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions, financing and refinancing opportunities, Brookfield Renewable Corporation's ("BEPC") eligibility for index inclusion, BEPC's ability to attract new investors as well as the future performance and prospects of BEPC and Brookfield Renewable, the prospects and benefits of the combination of Brookfield Renewable and TerraForm Power, Inc. ("TERP"), including certain information regarding the combined company's expected cash flow profile and liquidity, future energy prices and demand for electricity, economic recovery, 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. In some cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "scheduled", "estimates", "intends", "anticipates", "believes", "potentially", "tends", "continue", "attempts", "likely", "primarily", "approximately", "endeavours", "pursues", "strives", "seeks", "targets", "believes", or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, 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 presentation are 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 statements and 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 from anticipated 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, to wind 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 the energy markets; our inability to re-negotiate or replace expiring PPAs 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 in which 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 similar terms; 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 cost of 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 the costs 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 effectively manage foreign currency exposure; availability and access to interconnection facilities and transmission systems; health, safety, security and environmental risks; energy marketing risks; disputes, governmental and regulatory investigations and litigation; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performingcounter-parties and the uncertainty of success; our operations being affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; some of our acquisitions may be of distressed companies, which may subject us to increased risks, including the incurrence of legal or other expenses; our reliance on computerized business systems, which could expose 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 to finance 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 identify sufficient investment opportunities and complete transactions; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions, including the TERP acquisition and the special distribution of BEPC shares; our inability to develop greenfield projects 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 associated with 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 renewable power acquisitions that Brookfield Asset Management identifies, including by reason of conflicts of interest; we do not have control over all our operations or investments; political instability or changes in government policy; 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 of our 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 from control within our organizational structure; future sales and issuances of our LP Units, preferred limited partnership units or securities

exchangeable for LP Units, or the perception of such sales or issuances, could depress the trading price of the LP Units, preferred limited partnership units or securities exchangeable for LP Units; the incurrence of debt at multiple levels within our organizational structure; being deemed an "investment company" under the U.S. Investment Company Act of 1940; the effectiveness of our internal controls over financial reporting; our dependence on Brookfield Asset 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 Asset Management 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 its unitholders; and the severity, duration and spread of the COVID-19 outbreak, as well as the direct and indirect impacts that the virus may have.

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 be relied 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 the forward-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 Form 20-F and the other risks and factors that are described therein.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES
This presentation contains references to financial metrics that are not calculated	in
accordance with, and do not have any standardized meaning prescribed	by,

International Financial Reporting Standards ("IFRS"). We believe such non-IFRS measures including, but not limited to, funds from operations ("FFO") and FFO per unit, are useful supplemental measures that may assist investors and others in assessing our financial performance and the financial performance of our subsidiaries. As these non-IFRS measures are not generally accepted accounting measures under IFRS, references to FFO and FFO per unit, as examples, are therefore unlikely to be comparable to similar measures presented by other issuers and entities. These non- IFRS measures have limitations as analytical tools. They should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure, please see "Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures" included in our annual report on Form 20-F and "Part 4 - Financial Performance Review on Proportionate Information - Reconciliation of non-IFRS measures" in our management's discussion and analysis for the three and six months ended June 30, 2020.

References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities, including BEPC, unless the context reflects otherwise.

59

Brookfield Renewable

INVESTOR DAY

SEPTEMBER 24, 2020