RE Royalties : 2022 Annual Information Form

ANNUAL INFORMATION FORM

FOR THE YEAR ENDED DECEMBER 31, 2022

May 1, 2023

		Table of Contents
1.	Introductory Notes	3
1.1. Forward Looking Statements	3
1.2. Currency	4
1.3. Effective Date of Information	4
2.	Corporate Structure	5
2.1	Name, Address and Incorporation	5
2.2	Intercorporate Relationships	6
3.	General Development of the Business	7
3.1. Summary of Business Activities	7
3.2. Summary of Corporate Activities	8
4.	Description of the Business	11
4.1.	General	11
4.1.1.	Summary	11
4.1.2.	Principal Products	11
4.1.3.	Industry Overview	12
4.1.4.	Current Royalty Portfolio	14
4.1.5.	Competitive Conditions	26
4.1.6.	Energy Generation Cycles	26
4.1.7.	Economic Dependence	27
4.1.8.	Changes to Contracts	27
4.1.9.	Employees	27
4.1.10.	Investment Policy	27
4.1.11.	Reorganizations	28
4.1.12.	Environmental and Social Data	29
5.	Risk Factors	33
6.	Dividends and Distributions	40
7.	Description of Capital Structure	41
7.1.	General	41
7.1.1.	Common Shares	41
7.1.2.	Convertible Note	42
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7.1.3.	Share Purchase Options	42
7.1.4.	Deferred and Restricted Share Units	42
7.1.5.	Share Purchase Warrants	43
7.1.6.	Green Bonds	44
8.	Market for Securities	49
8.1.	Trading Price and Volume	49
8.2.	Prior Sales	49
9.	Escrowed Securities and Securities Subject to Contractual Restriction on Transfer	51
9.1.	Escrow of Common Shares	51
10.	Directors and Officers	51
10.1.	Name, Occupation and Security Holding	51
10.2.	Cease Trade Orders, Bankruptcies, Penalties or Sanctions	52
10.3.	Conflicts of Interest	53
11.	Promoters	53
12.	Legal Proceedings and Regulatory Actions	53
13.	Interest of Management and Others in Material Transactions	53
14.	Transfer Agents and Registrars	54
15.	Material Contracts	54
16.	Interests of Experts	54
17.	Additional Information	54
18.	Audit and Risk Committee	54

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1. Introductory Notes

1.1. Forward Looking Statements

This discussion includes certain statements that may be deemed "forward-looking information" or "forward- looking statements" within the meaning of Canadian and United States securities law. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using words or phrases including, but not limited to, "expects", "does not expect", "is expected", "anticipates", "does not anticipate", "plans", "estimates", "believes", "does not believe" or "intends", or stating that certain actions, events or results may, could, would, might or will be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking information". This information represents predictions, and actual events or results may differ materially.

Forward-looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the Company's financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities. Forward-looking information contained in this discussion is based on certain assumptions regarding expected growth, results of operations, performance, industry trends and growth opportunities.

While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the renewable energy industry generally; income tax and regulatory matters; the ability of the Company to implement its business strategies including expansion plans; competition; currency and interest rate fluctuations; and the other risks discussed under the heading "Risk Factors" in this Annual Information Form. The foregoing factors are not intended to be exhaustive.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date hereof and the Company and its directors, officers and employees disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking information is expressly qualified in its entirety by this cautionary statement. Forward-looking information and other information contained herein concerning management's general expectations concerning the renewable energy industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management

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is not aware of any misstatements regarding any industry data or comparables presented herein, industry data and comparables are subject to change based on various factors. The Company has not independently verified any of this data from independent third-party sources.

Any forward-looking statements contained in this discussion are made as of the date hereof and the Company does not undertake to update or revise them, except as may be required by applicable securities law.

1.2. Currency

The Company's accounts are maintained in Canadian dollars and all dollar amounts herein are expressed in Canadian dollars unless otherwise indicated.

All financial information in this Annual Information Form ("AIF") is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.

1.3. Effective Date of Information

Unless otherwise stated herein, the information in this AIF is for the fiscal year ended December 31, 2022 but is current as of May 1, 2023 unless otherwise clear from the context.

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