.2

NOTICE OF SPECIAL MEETING OF UNITHOLDERS

TO BE HELD ON OCTOBER 14, 2026

AND

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON OCTOBER 14, 2026

AND

JOINT MANAGEMENT INFORMATION CIRCULAR

WITH RESPECT TO A PROPOSED PLAN OF ARRANGEMENT

INVOLVING BROOKFIELD RENEWABLE PARTNERS L.P.,
BROOKFIELD renewable CORPORATION AND BROOKFIELD renewable PARTNERS INC.

AUGUST 26, 2026

These materials are important and require your immediate attention. They require you to make important decisions. If you are in doubt as to how to make such decisions, please contact your financial, legal, tax or other professional advisors.

LETTER TO SECURITYHOLDERS

Dear unitholders and shareholders:

We are pleased to announce the proposed simplification of our corporate structure, pursuant to which holders of equity interests of Brookfield Renewable Partners L.P. (“BEP”) would exchange their interests for shares in a publicly traded Canadian corporation, Brookfield Renewable Partners Inc. (“BEP Inc.”), and each of BEP and Brookfield Renewable Corporation (“BEPC” and, together with BEP, “Brookfield Renewable”) would become subsidiaries of BEP Inc. (the “Simplification”).

Holders of limited partnership units of BEP (“BEP Units”, such holders, “BEP Unitholders”) and class A exchangeable subordinate voting shares of BEPC (“BEPC Exchangeable Shares”, such holders, “BEPC Shareholders”) will vote on whether to exchange their BEP Units and BEPC Exchangeable Shares, respectively, for class A subordinate voting shares of BEP Inc. (“BEP Inc. Class A Shares”). If BEP Unitholders approve the Simplification but BEPC Shareholders do not, the BEP Units will be exchanged for BEP Inc. Class A Shares and the BEPC Exchangeable Shares will remain outstanding and become exchangeable into BEP Inc. Class A Shares.

The special meeting of BEP Unitholders will be held virtually on October 14, 2026 at 11:00 a.m. (Toronto time), and the special meeting of BEPC Shareholders will be held virtually on October 14, 2026 at 12:00 p.m. (Toronto time).

Why you should approve the Simplification

The Simplification generally is expected to be tax-deferred for Canadian and U.S. investors and completed without any meaningful cost to the business, while providing securityholders with the following benefits, among others:

Taxable Canadian BEP Unitholders will need to file a simple tax election to obtain tax-deferred treatment, which can be facilitated through www.bep.taxelection.ca.

Overview of the Simplification

Subject to the approval of BEP Unitholders:

Subject to the approval of BEPC Shareholders:

The Simplification will be implemented pursuant to a court-approved plan of arrangement under the laws of the Province of British Columbia.

Recommended Action

The nominating and governance committees of the boards of directors of each of the BEP General Partner and BEPC (collectively, the “Boards”) had a mandate to oversee and assess the terms of the Simplification. The BEP and BEPC nominating and governance committees have unanimously determined that the Simplification is in the best interests of BEP and BEPC, respectively, and have recommended that the Boards approve the Simplification and recommend that all security holders vote in favor of the Simplification and the transactions contemplated thereby.

The Boards, on the recommendation of each of their respective nominating and governance committees, have unanimously determined that the Simplification is in the best interests of each of BEP and BEPC, as applicable, and resolved to approve the Simplification and recommend that BEP Unitholders and BEPC Shareholders vote in favor of the resolutions approving the Simplification and the amendment to the BEP limited partnership agreement to provide for the Simplification, as applicable.

In making their determinations, the nominating and governance committees and the Boards considered, among other factors, the fairness opinion of Scotia Capital Inc. to the effect that, as of July 21, 2026 and subject to the assumptions, limitations and qualifications described therein, the consideration to be received by public holders of BEP Units and by public holders of BEPC Exchangeable Shares is fair, from a financial point of view, to such public holders.

Securityholders of record as of close of business on August 21, 2026 will be entitled to vote at the applicable meeting. Your vote and participation are important regardless of the number of securities that you own. We have made it easy for you to vote by telephone, internet, mail or by attending the meetings virtually. The notices of special meetings and joint management information circular (the “Circular”) that accompany this letter contain a detailed description of the Simplification, the Arrangement, the meetings and how to exercise your vote. You are urged to read this information carefully and, if you require assistance, to consult your own legal, tax, financial or other professional advisor.

On behalf of the Boards, we express our appreciation for your continued support. We look forward to having you join us on October 14, 2026.

Yours very truly,

Lou Maroun Independent Director Chair of the Nominating and Governance Committee Brookfield Renewable Partners Limited and Brookfield Renewable Corporation		Connor Teskey Chief Executive Officer Brookfield Renewable

NOTICE OF SPECIAL MEETING OF UNITHOLDERS

A special meeting (the “Unitholders’ Meeting”) of the holders (the “Unitholders”) of non-voting limited partnership units (each, a “BEP unit”) of Brookfield Renewable Partners L.P. (“BEP”) will be held on October 14, 2026 at 11:00 a.m. (Toronto time) in a virtual meeting format to:

Details relating to the Transaction and the other matters to be considered at the Unitholders’ Meeting are set forth in the Circular. Completion of the proposed Transaction is conditional upon certain other matters described in the Circular, including the receipt of the approval of the British Columbia Supreme Court (the “Final Order”) and required regulatory approvals. Subject to the receipt of such approvals, approval of the BEP Transaction Resolutions at the Unitholders’ Meeting and the satisfaction or waiver, as applicable, of the other conditions, it is anticipated that the Transaction will be completed in the fourth quarter of 2026.

Voting in favor of either of the BEP Transaction Resolutions will also constitute voting in favor of BEP Inc.’s ability to conduct future issuances of BEP Inc. Class A Shares (as such term is defined in the Circular) or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares pursuant to a prospectus, in each case, without requiring further approval by BEP Inc. shareholders.

The nominating and governance committee (the “BEP Nominating and Governance Committee”) of the board of directors of the general partner of BEP (the “BEP Board”), which consists exclusively of independent directors, has unanimously determined that the Transaction is in the best interests of BEP and recommended that the BEP Board approve the Transaction and recommend that Unitholders vote in favor of the BEP Transaction Resolutions.

The BEP Board, other than Jeffrey Blidner who as Vice Chair of Brookfield Corporation recused himself from voting, on the recommendation of the BEP Nominating and Governance Committee, has determined that the Transaction is in the best interests of BEP and has unanimously resolved to approve the Transaction and recommend that Unitholders vote in favor of the BEP Transaction Resolutions.

The Unitholders’ Meeting will be held in a virtual meeting format only to afford equal opportunity to all Unitholders to take part in the meeting. Unitholders will be able to listen to, participate in and vote at the Unitholders’ Meeting in real time through a web-based platform.

You can attend and vote at the Unitholders’ Meeting by visiting https://meetings.lumiconnect.com/400-245-868-582 and entering your control number or username and password “BEP2026” (case sensitive). See “General Proxy Matters” in the Circular for more information on how to listen, register for and vote at the Unitholders’ Meeting.

You have the right to vote at the Unitholders’ Meeting if you were a holder of BEP units at the close of business on August 21, 2026. Before casting your vote, we encourage you to review the Circular, including the section entitled “Business of the Meetings”.

We are posting electronic versions of the Circular and a form of proxy or voting instruction form on our website for Unitholders – a process known as “Notice and Access.” Electronic copies of the investor materials may be accessed at https://bep.brookfield.com under “Corporate Simplification” and at www.sedarplus.ca and www.sec.gov.

If you would like a paper copy of the Circular, please contact us at 1-416-649-8172 (toll-free in North America at 1-833-236-0278) or enquiries@brookfieldrenewable.com and we will send you materials free of charge within three business days of your request, provided the request is made before the date of the Unitholders’ Meeting or any adjournment thereof. In order to receive a paper copy of any materials in advance of the deadline to submit your vote, we recommend that you contact us before 9:00 a.m. (Toronto time) on September 29, 2026.

Instructions on Voting at the Meeting

Your vote and participation in the business of Unitholders’ Meeting is important regardless of the number of BEP units that you own. Registered holders of BEP units at the close of business on August 21, 2026 (“Registered Unitholders”) and duly appointed proxyholders will be able to attend and participate in the Unitholders’ Meeting and vote in real time, provided they are connected to the internet and follow the instructions in the Circular. See “General Proxy Matters” in the Circular. Non-registered holders of BEP units (“Non-Registered Unitholders”) who have not duly appointed themselves as proxyholder will be able to attend the Unitholders’ Meeting as guests but will not be able to ask questions or vote at the Unitholders’ Meeting.

If you wish to appoint a person other than the Management Representatives identified in the form of proxy or voting instruction form (including if you are a Non-Registered Unitholder who wishes to appoint yourself as proxyholder in order to attend the Unitholders’ Meeting) you must carefully follow the instructions in the Circular and on the form of proxy or voting instruction form. See “General Proxy Matters” in the Circular. These instructions include the additional step of registering your proxyholder with our transfer agent, Computershare Investor Services Inc., after submitting the form of proxy or voting instruction form. Failure to register the proxyholder (including, if you are a Non-Registered Unitholder, failure to appoint yourself as proxyholder) with our transfer agent will result in the proxyholder not receiving a username to participate in the Unitholders’ Meeting and only being able to attend as a guest. Guests will be able to listen to the Unitholders’ Meeting but will not be able to ask questions or vote.

Information for Registered Unitholders

Registered Unitholders and duly appointed proxyholders (including Non-Registered Unitholders who have duly appointed themselves as proxyholder) that attend the Unitholders’ Meeting online will be able to vote by completing a ballot online during the Unitholders’ Meeting through the live webcast platform.

If you are not attending the Unitholders’ Meeting and wish to vote by proxy, we must receive your vote by 5:00 p.m. (Toronto time) on October 9, 2026 or, in the event the Unitholders’ Meeting is adjourned or postponed, not less than two business days prior to the time of the adjourned or postponed meeting (the “Proxy Deadline”). You can cast your proxy vote in the following ways:

Registered Unitholders will be granted the right to dissent with respect to the Transaction in accordance with the provisions of the BEP LPA Amendment. The right to dissent is more particularly described in the Circular and the

relevant excerpt of the BEP LPA Amendment is set forth in Appendix E to the Circular. Please see “Dissent Rights” in the Circular for a description of the rights to dissent in respect of the Transaction.

Failure to strictly comply with the requirements set forth in the BEP LPA Amendment may result in the loss of any right to dissent. Registered Unitholders considering exercising their rights of dissent should consult their legal counsel and tax and investment advisors.

Information for Non-Registered Unitholders

Non-Registered Unitholders will receive a voting instruction form with their physical copy of this notice. If you wish to vote, but not attend the Unitholders’ Meeting, the voting instruction form must be completed, signed and returned in accordance with the directions on the form.

If you wish to appoint a proxyholder, you must complete the additional step of registering the proxyholder with our transfer agent, Computershare Investor Services Inc. at www.computershare.com/BEP by no later than the Proxy Deadline.

Notice from Eligible Canadian Holders

Unitholders who are Eligible Canadian Holders (as defined in the Circular) may, at their option, submit a notice form (a “Unitholder Notice”) indicating their intention to exchange their BEP units on a full or partial rollover basis by filing a joint tax election following the completion of the Transaction. Notwithstanding that BEP Inc. has received a Unitholder Notice from an Eligible Canadian Holder, further actions must be taken by such holder in order to make a joint tax election. More information with respect to the Unitholder Notice is set forth in the Circular under the heading “The Transaction —Unitholder Notice”.

By Order of the Board

Jane Sheere
Secretary
August 26, 2026

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

A special meeting (the “Shareholders’ Meeting”) of holders (“BEPC Shareholders”) of class A exchangeable subordinate voting shares (each, a “BEPC exchangeable share”) and class B multiple voting shares (each, a “BEPC class B share”) of Brookfield Renewable Corporation (“BEPC”) will be held on October 14, 2026 at 12:00 p.m. (Toronto time) in a virtual meeting format to:

Details relating to the Transaction and the other matters to be considered at the Shareholders’ Meeting are set forth in the Circular. Completion of the proposed Transaction is conditional upon certain other matters described in the Circular, including the receipt of the approval of the British Columbia Supreme Court (the “Final Order”) and required regulatory approvals. Subject to the receipt of such approvals, approval of the BEPC Transaction Resolution at the Shareholders’ Meeting, approval of the BEP Transaction Resolutions (as such term is defined in the Circular) and the satisfaction or waiver, as applicable, of the other conditions, it is anticipated that the Transaction will be completed in the fourth quarter of 2026.

Voting in favor of the BEPC Transaction Resolution will, in the event the BEPC Shareholders approve the BEPC Transaction Resolution, also constitute voting in favor of BEP Inc.’s ability to conduct future issuances of BEP Inc. Class A Shares (as such term is defined in the Circular) or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares pursuant to a prospectus, in each case, without requiring further approval by BEP Inc. shareholders.

The nominating and governance committee (the “BEPC Nominating and Governance Committee”) of the board of directors of BEPC (the “BEPC Board”), which consists exclusively of independent directors, has unanimously determined that the Transaction is in the best interests of BEPC and recommended that the BEPC Board approve the Transaction and recommend that BEPC Shareholders vote in favor of the Transaction.

The BEPC Board, other than Jeffrey Blidner who as Vice Chair of Brookfield Corporation recused himself from voting, on the recommendation of the BEPC Nominating and Governance Committee, has determined that the Transaction is in the best interests of BEPC and has unanimously resolved to approve the Transaction and recommend that BEPC Shareholders vote in favor of the Transaction Resolution.

The Shareholders’ Meeting will be held in a virtual meeting format only to afford equal opportunity to all BEPC Shareholders to take part in the meeting. Holders of BEPC exchangeable shares and BEPC class B shares will be able to listen to, participate in and vote at the Shareholders’ Meeting in real time through a web-based platform.

You can attend and vote at the Shareholders’ Meeting by visiting https://meetings.lumiconnect.com/400-094-363-363 and entering your control number or username and password “BEPC2026” (case sensitive). See “General Proxy Matters” in the Circular for more information on how to listen, register for and vote at the Shareholders’ Meeting.

You have the right to vote at the Shareholders’ Meeting if you were a holder of BEPC exchangeable shares or BEPC class B shares at the close of business on August 21, 2026. Before casting your vote, we encourage you to review the Circular, including the section entitled “Business of the Meetings”.

We are posting electronic versions of the Circular and a form of proxy or voting instruction form on our website for BEPC Shareholder review – a process known as “Notice and Access.” Electronic copies of the investor materials may be accessed at https://bep.brookfield.com/bepc under “Corporate Simplification” and at www.sedarplus.ca and www.sec.gov.

If you would like a paper copy of the Circular, please contact us at 1-416-649-8172 (toll-free in North America at 1-833-236-0278) or enquiries@brookfieldrenewable.com and we will send you materials free of charge within three business days of your request, provided the request is made before the date of the Shareholders’ Meeting or any adjournment thereof. In order to receive a paper copy of any materials in advance of the deadline to submit your vote, we recommend that you contact us before 9:00 a.m. (Toronto time) on September 29, 2026.

Instructions on Voting at the Meeting

Your vote and participation in the business of the Shareholders’ Meeting is important regardless of the number of BEPC exchangeable shares that you own. Registered holders of BEPC exchangeable shares and BEPC class B shares at the close of business on August 21, 2026 (“Registered Shareholders”) and duly appointed proxyholders will be able to attend and participate in the Shareholders’ Meeting and vote in real time, provided they are connected to the internet and follow the instructions in the Circular. See “General Proxy Matters” in the Circular. Non-registered holders of BEPC exchangeable shares (“Non-Registered Shareholders”) who have not duly appointed themselves as proxyholder will be able to attend the Shareholders’ Meeting as guests but will not be able to ask questions or vote at the Shareholders’ Meeting.

If you wish to appoint a person other than the Management Representatives identified in the form of proxy or voting instruction form (including if you are a Non-Registered Shareholder who wishes to appoint yourself as proxyholder in order to attend the Shareholders’ Meeting) you must carefully follow the instructions in the Circular and on the form of proxy or voting instruction form. See “General Proxy Matters” in the Circular. These instructions include the additional step of registering your proxyholder with our transfer agent, Computershare Investor Services Inc., after submitting the form of proxy or voting instruction form. Failure to register the proxyholder (including, if you are a Non-Registered Shareholder, failure to appoint yourself as proxyholder) with our transfer agent will result in the proxyholder not receiving a username to participate in the Shareholders’ Meeting and only being able to attend as a guest. Guests will be able to listen to the Shareholders’ Meeting but will not be able to ask questions or vote.

Information for Registered Shareholders

Registered Shareholders and duly appointed proxyholders (including Non-Registered Shareholders who have duly appointed themselves as proxyholder) that attend the Shareholders’ Meeting online will be able to vote by completing a ballot online during the Shareholders’ Meeting through the live webcast platform.

If you are not attending the Shareholders’ Meeting and wish to vote by proxy, we must receive your vote by 5:00 p.m. (Toronto time) on October 9, 2026 or, in the event the Shareholders’ Meeting is adjourned or postponed, not less than two business days prior to the time of the adjourned or postponed meeting (the “Proxy Deadline”). You can cast your proxy vote in the following ways:

Registered Shareholders have the right to dissent with respect to the BEPC Transaction Resolution in accordance with the provisions of Division 2 of Part 8 of the Business Corporations Act (British Columbia) (“BCBCA”) and the Interim Order. The right to dissent is more particularly described in the Circular and the text of Division 2 of Part 8 of the

BCBCA is set forth in Appendix E to the Circular. Please see “Dissent Rights” in the Circular for a description of the rights to dissent in respect of the Transaction.

Failure to strictly comply with the requirements set forth in Division 2 of Part 8 of the BCBCA and the Interim Order with respect to the BEPC Transaction Resolution may result in the loss of any right to dissent. Persons who are beneficial owners of BEPC exchangeable shares registered in the name of a broker, custodian, nominee or other intermediary and who wish to dissent should be aware that only the Registered Shareholders are entitled to dissent. Accordingly, a beneficial holder desiring to exercise the right to dissent must make arrangements for the BEPC exchangeable shares beneficially owned by such holder to be registered in such holder’s name prior to the time the written objection to the BEPC Transaction Resolution is required to be received by BEPC or, alternatively, make arrangements for the Registered Shareholder to dissent on behalf of the holder. Registered Shareholders considering exercising their rights of dissent should consult their legal counsel and tax and investment advisors.

Information for Non-Registered Shareholders

Non-Registered Shareholders will receive a voting instruction form with their physical copy of this notice. If you wish to vote, but not attend the Shareholders’ Meeting, the voting instruction form must be completed, signed and returned in accordance with the directions on the form.

If you wish to appoint a proxyholder, you must complete the additional step of registering the proxyholder with our transfer agent, Computershare Investor Services Inc. at www.computershare.com/BEPC by no later than the Proxy Deadline.

By Order of the Board

Jennifer Mazin
Co-President, General Counsel and Corporate Secretary
August 26, 2026

TABLE OF CONTENTS

INFORMATION FOR ALL SECURITYHOLDERS

This Circular is delivered in connection with the solicitation of proxies by and on behalf of the management of our group for use at the Meetings and any adjournment or postponement thereof for the purposes set forth in the accompanying Notices of Meetings.

Information contained in this Circular is given as at August 21, 2026, unless otherwise indicated. As BEP and BEPC operate in U.S. dollars and report their financial results in U.S. dollars, all financial information in this Circular is denominated in U.S. dollars, unless otherwise indicated. All references to C$ are to Canadian dollars.

No person has been authorized to give any information or make any representation in connection with the matters to be considered at the Meetings other than those contained, or incorporated by reference, in this Circular and, if given or made, any such information or representation must not be relied upon as having been authorized. This Circular and the transactions contemplated in connection with the Transaction, including the securities to be issued pursuant to the Transaction, have not been approved or disapproved by any securities regulatory authority in Canada, the United States or any other jurisdiction, including the SEC, nor has any securities regulatory authority in Canada, the United States or any other jurisdiction, including the SEC, passed upon the merits or fairness of such transactions or upon the accuracy or adequacy of this Circular. Any representation to the contrary is a criminal offence.

This Circular does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities, or the solicitation of a proxy, by any person in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such an offer or solicitation of an offer or proxy solicitation. Neither the delivery of this Circular nor any distribution of the securities referred to in this Circular will, under any circumstances, create an implication that there has been no change in the information set forth herein since the date as of which such information is given in this Circular.

All capitalized terms used in this Circular, including the Appendices hereto, but not otherwise defined have the meanings set forth in the Glossary attached as Appendix A. Unless the context requires otherwise, prior to completion of the Transaction, the terms “we”, “us”, “our”, “our group” and “Brookfield Renewable” refer to Brookfield Renewable Partners L.P. and its controlled entities, including BRELP, the Holding Entities, Brookfield Renewable Corporation, together with all of their respective subsidiaries and the Operating Entities. Unless the context requires otherwise, following the completion of the Transaction, the terms “we”, “us”, “our”, “our group” and “Brookfield Renewable” will refer to BEP Inc. together with all of its subsidiaries, including Brookfield Renewable Partners L.P. and its controlled entities, including BRELP, the Holding Entities, and Brookfield Renewable Corporation, together with all of their respective subsidiaries and the Operating Entities. Unless the context suggests otherwise, references in this Circular to:

Securityholders should not construe the contents of this Circular as legal, tax or financial advice and should consult with their own legal, tax, financial or other professional advisors in considering the matters contained in this Circular.

Descriptions in this Circular of the terms of the Arrangement Agreement, the Plan of Arrangement, the BEP LPA Amendment, the Scotiabank Fairness Opinion, the Interim Order and the draft articles of BEP Inc. are summaries of the terms of those documents and are qualified in their entirety by reference to the full text of such documents. The Arrangement Agreement is available on BEP’s and BEPC’s SEDAR+ profiles at www.sedarplus.ca and on BEP’s and BEPC’s EDGAR profiles at www.sec.gov and copies of the Arrangement Agreement, the Interim Order, the Scotiabank Fairness Opinion and the draft articles of BEP Inc. are attached hereto as Appendix D, Appendix G, Appendix H and Appendix K, respectively. You are urged to carefully read the full text of these documents.

Brookfield Renewable is indirectly sending proxy-related materials to all objecting and non-objecting beneficial owners.

This Circular includes market and industry data and other information that has been obtained from third party sources, including industry publications and other publicly available sources. Although we believe such information to be reliable, Brookfield Renewable has not independently verified any of the data or information included in this Circular that was obtained from third party or publicly available sources, nor has Brookfield Renewable evaluated the underlying data or assumptions relied upon by such sources. References in this Circular to any publications, reports, surveys or articles prepared by third parties should not be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report, survey or article is not incorporated by reference in this Circular.

NOTICE TO SECURITYHOLDERS NOT RESIDENT IN CANADA

BEP is a partnership existing under the laws of Bermuda. BEPC and BEP Inc. are corporations existing under the laws of British Columbia. This solicitation of proxies involves securities of Canadian reporting issuers and is being effected in accordance with applicable corporate laws and securities laws in Canada. Securityholders should be aware that the requirements applicable to our group under Canadian laws may differ from the requirements under corporate laws and securities laws relating to partnerships and corporations in other jurisdictions.

This Circular has been prepared in accordance with the disclosure requirements in effect in Canada, which differ from the disclosure requirements in effect in any other jurisdiction. Securityholders who are foreign taxpayers should be aware that the Transaction may have tax consequences both in Canada and such foreign jurisdiction. Except for certain Canadian and U.S. federal income tax consequences described in “Certain Canadian Federal Income Tax

Considerations” and “Certain United States Federal Income Tax Considerations”, the consequences for such Securityholders are not described in this Circular and such Securityholders are advised to consult their tax advisors to determine the particular tax consequences to them of the transactions contemplated in this Circular.

NOTICE TO SECURITYHOLDERS IN THE UNITED STATES

THE TRANSACTION AND THE BEP INC. CLASS A SHARES TO BE ISSUED IN CONNECTION WITH THE TRANSACTION HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, THE SECURITIES REGULATORY AUTHORITY IN ANY STATE IN THE UNITED STATES OR ANY OTHER U.S. REGULATORY AUTHORITY, NOR HAS THE SEC, THE SECURITIES REGULATORY AUTHORITY OF ANY STATE IN THE UNITED STATES OR ANY OTHER U.S. REGULATORY AUTHORITY PASSED ON THE FAIRNESS OR MERITS OF THE TRANSACTION OR THE ADEQUACY OR ACCURACY OF THIS INFORMATION CIRCULAR. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENCE.

The solicitation of proxies hereby is not subject to the requirements of Section 14(a) of the U.S. Exchange Act, by virtue of an exemption applicable to proxy solicitations by a “foreign private issuer” as defined in Rule 3b-4 under the U.S. Exchange Act. Accordingly, the solicitation of proxies is being made by or on behalf of BEP and BEPC in accordance with applicable corporate and securities laws, and this Circular has been prepared in accordance with disclosure requirements applicable in Canada. Securityholders should be aware that requirements under such Canadian laws and such disclosure requirements may differ from requirements under United States corporate and securities laws relating to United States corporations.

The issuance of the BEP Inc. Class A Shares pursuant to the Transaction has not been and will not be registered under the U.S. Securities Act and will be issued in reliance on the exemption afforded by Section 3(a)(10) of the U.S. Securities Act and in compliance with the U.S. Securities Laws of each state of the United States in which the holders reside. See “Certain Legal and Regulatory Matters—United States Securities Laws Matters”.

Section 3(a)(10) of the U.S. Securities Act exempts from the registration requirements under the U.S. Securities Act the issuance of securities which have been approved by a court of competent jurisdiction, after a hearing upon the substantive and procedural fairness of the terms and conditions of the relevant transaction and at which all persons to whom it is proposed the securities will be issued will have the right to appear. The Court issued the Interim Order on August 21, 2026 and, subject to the approval of the BEP Transaction Resolutions by the Unitholders and the holding of the Shareholders’ Meeting, a hearing for a Final Order approving the Transaction is expected to take place on or about October 19, 2026 at the Court at 800 Smithe Street, Vancouver, British Columbia V6Z 2E1 or as soon thereafter as is reasonably practicable. All persons to whom it is proposed to issue securities pursuant to the Transaction will have the right to appear at this hearing and will receive timely and adequate notice thereof, provided that they satisfy the applicable conditions set forth in the Interim Order. See “Certain Legal and Regulatory Matters—Court Approval”.

The enforcement by Securityholders of civil liabilities under U.S. Securities Laws may be affected adversely by the fact that the parties to the Transaction are organized under the laws of jurisdictions other than the United States, that some or all of their officers and directors are residents of countries other than the United States, and that some or all of the experts named in this Circular may be residents of countries other than the United States. As a result, it may be difficult or impossible for Securityholders to effect service of process within the United States upon the parties to the Transaction, their respective officers and directors or the experts named herein, or to realize against them upon judgments of United States courts predicated upon civil liabilities under U.S. Securities Laws. In addition, Securityholders should not assume that the courts of Canada: (a) would enforce judgments of United States courts obtained in actions against such persons predicated upon civil liabilities under U.S. Securities Laws; or (b) would enforce, in original actions, liabilities against such persons predicated upon civil liabilities under U.S. Securities Laws.

Securityholders who are U.S. taxpayers should be aware that the Transaction described in this Circular may have tax consequences both in Canada and in the United States which are not described fully herein. Securityholders are urged to consult their tax advisors regarding the U.S. federal and Canadian income tax consequences of the Transaction. See “Certain United States Federal Income Tax Considerations—Consequences to U.S. Holders” for certain information concerning the tax consequences of the Transaction for Securityholders who are U.S. taxpayers.

CAUTION REGARDING FORWARD LOOKING INFORMATION

This Circular and the documents incorporated by reference in this Circular contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and U.S. Securities Laws, including the United States Securities Litigation Reform Act of 1995.

These forward-looking statements and information relate to, among other things, the proposed terms of, and matters relating to, the Transaction, the Meetings and the expected timing thereof; the expected benefits of the Transaction for our group and our Securityholders and the anticipated effect of the completion of the Transaction on our group and its future operations; the anticipated business strategies or further actions of BEP, BEPC and BEP Inc. following completion of the Transaction and their respective abilities to accomplish same; the Final Order; the various steps to be completed in connection with the Transaction; certain anticipated Canadian and U.S. federal income tax consequences resulting from the completion of the Transaction; the possible future declaration and payment of dividends by BEP Inc. and, if applicable, BEPC; certain fees and expenses expected to be incurred by our group in connection with the Transaction; and expectations with respect to future general economic and market conditions and the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our group, as well as regarding recently completed and proposed acquisitions, dispositions and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods. We may make such statements in this Circular, in other filings with Canadian regulators or the SEC and in other public communications. The words “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”, “seeks” 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. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve assumptions, 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 achievements 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, the following:

There are also risks inherent in the nature of the Transaction, including (i) the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, the required Unitholder and BEPC Shareholder approvals and the Court and other conditions of closing necessary to complete the Transaction, or for other reasons; (ii) risks related to tax matters; (iii) the absence of any event, change or other circumstances that could give rise to the termination of the Arrangement Agreement, and (iv) the delay in or increase in the cost of completing the Transaction. The anticipated timeline for completion of the Transaction may change for a number of reasons, including the inability to obtain the approval of the Court, any other required approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the Transaction. If the Transaction is approved by Unitholders but not by BEPC Shareholders, the anticipated benefits of the Transaction may not be realized, or may not be realized to the same extent, as currently contemplated. As a result of the foregoing, readers should not place undue reliance on the forward-looking statements contained in or incorporated by reference into this Circular.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to our group, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our group undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Further information regarding these and other risk factors are included in BEP’s and BEPC’s public filings with provincial and territorial securities regulatory authorities (including the BEP Annual Report and the BEPC Annual Report) and can be found on BEP’s and BEPC’s SEDAR+ profile at www.sedarplus.ca and on BEP’s and BEPC’s EDGAR profile at www.sec.gov.

PRESENTATION OF FINANCIAL INFORMATION

Currency

The financial statements and other financial information contained in this Circular, or incorporated herein by reference, is presented in United States dollars. In this Circular, all references to “$” are to United States dollars and references to “C$” are to Canadian dollars.

Cautionary Statement Regarding the Use of Non-IFRS Accounting Measures

The financial information of BEP Inc., BEP and BEPC contained in this Circular and the documents incorporated by reference in this Circular has been prepared in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”) as issued by the International Accounting Standards Board, which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods. To measure performance, we focus on net income, a measure under IFRS Accounting Standards, as well are certain non-IFRS measures. We disclose a number of non-IFRS measures in this Circular and the documents incorporated by reference herein, including Adjusted EBITDA (defined below) and Funds from Operations (“FFO”), along with other measures.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies. We define “Adjusted EBITDA” as revenues and other income less direct costs (including energy marketing costs), before the effects of interest expense, income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financial instruments, non-cash income or loss from equity-accounted investments, distributions to preferred shareholders, preferred unitholders, perpetual subordinated note holders and other typical non-recurring items. We include realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Adjusted EBITDA in order to provide additional insight regarding the performance

of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period net income.

FFO

FFO is a measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly related to the performance of Brookfield Renewable. We define FFO as Adjusted EBITDA less interest, current income taxes, management service costs and distributions to preferred shareholders, preferred unitholders and perpetual subordinated noteholders, before the effects of certain cash items (e.g., acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g., deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business, and including monetization of tax attributes at certain development projects. We include realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within FFO in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period net income.

FFO and Adjusted EBITDA are not calculated in accordance with, and do not have any standardized meaning prescribed by IFRS Accounting Standards, and are therefore unlikely to be comparable to similar measures presented by other issuers. In particular, our definition of FFO may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS Accounting Standards.

We believe that Adjusted EBITDA and FFO are useful supplemental measures that may assist investors in assessing our financial performance. Neither Adjusted EBITDA nor FFO should 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 Standards. These non-IFRS measures reflect how we manage our business and, in our opinion, enable investors and other readers to better understand our business.

For further details regarding our use of FFO and Adjusted EBITDA and the use of other non-IFRS measures, as well as reconciliations of each of FFO and Adjusted EBITDA to net income (loss), see “Forward Looking Statements — Cautionary Statement Regarding the Use of Non-IFRS Accounting Measures” and the “Reconciliation of Non-IFRS Financial Measures” section in Item 5.A “Operating Results — PART 4 — Financial Performance Review on Proportionate Information — Reconciliation of non-IFRS measures” in the BEP Annual Report and “Reconciliation of non-IFRS measures” in the BEP Q2 2026 MD&A.

QUESTIONS AND ANSWERS ABOUT THE TRANSACTION AND THE MEETINGS

The following questions and answers address briefly certain questions you may have regarding the Transaction and the Meetings. The below information is only a summary of certain information contained elsewhere in this Circular and is qualified in its entirety by the more detailed information and financial data and statements contained in or referred to elsewhere in this Circular, including the Appendices and documents that are incorporated by reference herein, all of which are important and should be reviewed carefully. Unless otherwise indicated, the summary information below with respect to the completed Transaction assumes that the Share Exchange, which is subject to the approval of BEPC Shareholders, has occurred. Capitalized terms used in these questions and answers but not otherwise defined herein have the meanings set forth in the Glossary attached as Appendix A to this Circular.

THE MEETINGS

Time, Date and Place

The Unitholders’ Meeting will be convened by the BEP General Partner in Bermuda and held in a virtual meeting format only on October 14, 2026 at 11:00 a.m. Toronto time, via live audio and video webcast available online at https://meetings.lumiconnect.com/400-245-868-582 (Meeting ID: 400-245-868-582; Password: “BEP2026” (case sensitive)).

The Shareholders’ Meeting will be held in a virtual meeting format only on October 14, 2026 at 12:00 p.m. Toronto time, via live audio and video webcast available online at https://meetings.lumiconnect.com/400-094-363-363 (Meeting ID: 400-094-363-363; Password: “BEPC2026” (case sensitive)).

Record Date for Notice of Unitholders’ Meeting and Unitholders Entitled to Vote

As at August 21, 2026, there were 300,111,626 BEP units (680,198,825 BEP units on a fully exchanged basis, assuming exchange of the REUs, the BEPC exchangeable shares and BRHC class A.2 shares into BEP units) issued and outstanding and 30,014 BEP GP units were issued and outstanding.

Each Registered Unitholder as at the close of business on August 21, 2026 is entitled to receive notice of and to vote at the Unitholders’ Meeting. Except as otherwise provided in this Circular, each Unitholder on such date is entitled to vote on all matters to come before the Unitholders’ Meeting or any adjournment thereof, either in person or by proxy.

The BEP Limited Partnership Agreement provides that, subject to applicable law and in addition to any other required approvals, each Unitholder is entitled to cast one vote for each Unit held on the record date for determination of Unitholders entitled to vote on any matter.

Holders of BEP Preferred Units, BRHC class A.2 shares and REUs will not be entitled to notice of, to attend or to vote at the Unitholders’ Meeting.

Record Date for Notice of the Shareholders’ Meeting and BEPC Shareholders Entitled to Vote

As at August 21, 2026, there were 150,879,577 BEPC exchangeable shares and 43,661 BEPC class B shares outstanding. The BEPC class B shares are all held indirectly by BEP.

Each registered holder of BEPC exchangeable shares or BEPC class B shares as at the close of business on August 21, 2026 is entitled to receive notice of and to vote at the Shareholders’ Meeting. Except as otherwise provided in this Circular, each holder of a BEPC exchangeable share or a BEPC class B share on such date is entitled to vote on all matters to come before the Shareholders’ Meeting or any adjournment thereof, either in person or by proxy.

The share conditions for the BEPC exchangeable shares and BEPC class B shares provide that, subject to applicable law and in addition to any other required shareholder approvals, (i) each holder of BEPC exchangeable shares is entitled to cast one vote for each BEPC exchangeable share held on the record date for determination of shareholders entitled to vote on any matter and (ii) each holder of BEPC class B shares is entitled to cast a number of votes for each BEPC class B share held on the record date for determination of shareholders entitled to vote on any matter equal to: (A) the number that is three (3) times the number of BEPC exchangeable shares then issued and outstanding divided by (B) the number of BEPC class B shares then issued and outstanding. The effect of the foregoing is that the holders of the BEPC class B shares are entitled to cast, in the aggregate, a number of votes equal to three times the number of votes attached to the BEPC exchangeable shares or 75% of the total eligible votes.

Holders of BRHC class A.2 shares will not be entitled to notice of, to attend or to vote at the Shareholders’ Meeting.

Business of the Meetings

At the Unitholders’ Meeting, Unitholders will be asked to consider and vote upon, pursuant to the Interim Order, the BEP Transaction Resolutions, the full text of which is set forth in Appendix B.

At the Shareholders’ Meeting, holders of BEPC exchangeable shares and BEPC class B shares will be asked to consider and vote upon, pursuant to the Interim Order, the BEPC Transaction Resolution, the full text of which is set forth in Appendix C.

See “The Transaction” for more information on the business of the Meetings.

We will also consider other business that may properly come before the Meetings. As at the date of this Circular, management is not aware of any changes to these items of business and does not expect any other items of business to be brought forward at the Meetings. If there are changes or new items of business, Securityholders or their duly appointed proxyholders can vote their respective securities on these items as they see fit. The persons named on the form of proxy will have discretionary authority with respect to any changes or new items of business which may properly come before the Meetings and will vote on them in accordance with their best judgment.

Voting Information

Notice and Access

BEP and BEPC are using the Notice and Access provisions of National Instrument 54-101 - Communication with Beneficial Owners of Securities of a Reporting Issuer and National Instrument 51-102 - Continuous Disclosure Obligations (“Notice and Access”) to provide meeting materials electronically to Registered Unitholders and Non-Registered Unitholders, and Registered Shareholders and Non-Registered Shareholders.

Instead of mailing meeting materials to Securityholders, we have posted this Circular and a form of proxy or voting instruction form for each Meeting on our website at www.bep.brookfield.com under “Corporate Simplification”, as well as on BEP’s and BEPC’s SEDAR+ profiles at www.sedarplus.ca and BEP’s and BEPC’s EDGAR profiles at www.sec.gov. BEP has sent the Notice of Special Meeting of Unitholders, together with a form of proxy or voting instruction form (collectively, the “BEP Notice Package”), to all Unitholders, and BEPC has sent the Notice of Special Meeting of BEPC Shareholders, together with a form of proxy or voting instruction form (collectively, the “BEPC Notice Package”), to all BEPC Shareholders, each informing Securityholders that this Circular is available online and explaining how this Circular may be accessed.

BEP and BEPC will not directly send the BEP Notice Package or BEPC Notice Package to Non-Registered Unitholders or Non-Registered Shareholders. Instead, BEP and BEPC will pay Intermediaries to forward the BEP Notice Package and BEPC Notice Package to all such Non-Registered Shareholders and Non-Registered Unitholders.

BEP and BEPC have elected to utilize Notice and Access because it allows for a reduction in the use of printed paper materials, is consistent with our focus on sustainability and results in significantly lower printing and mailing costs in connection with the Meetings.

No Unitholders or BEPC Shareholders will receive a paper copy of this Circular unless they have provided standing instructions to their broker to receive the Circular or they contact us at 1-416-649-8172 (toll-free in North America at 1-833-236-0278) or enquiries@brookfieldrenewable.com. In such cases, we will mail a paper copy of this Circular within three Business Days of any request, provided the request is made before the date of the Unitholders’ Meeting or the Shareholders’ Meeting, as applicable, or any adjournment thereof. To ensure receipt of a paper copy in advance of the voting deadline, we must receive your request before 9:00 a.m. (Toronto time) on September 29, 2026. If your request is made after the Unitholders’ Meeting or the Shareholders’ Meeting, as applicable, and within one year of this Circular being filed, we will mail a paper copy of this Circular within 10 calendar days of such request.

Q&A on Voting

What am I voting on?

Who is entitled to vote?

Holders of BEP units at the close of business on August 21, 2026 are entitled to one vote per BEP unit on the BEP Transaction Resolutions.

Holders of BEPC exchangeable shares at the close of business on August 21, 2026 are entitled to one vote per BEPC exchangeable share on the BEPC Transaction Resolution. Holders of BEPC class B shares at the close of business on August 21, 2026 are collectively entitled to cast, in the aggregate, a number of votes equal to three times the number of votes attached to the BEPC exchangeable shares issued and outstanding on the BEPC Transaction Resolution.

Registered Unitholders and duly appointed proxyholders will be able to attend the Unitholders’ Meeting, and Registered Shareholders, holders of BEPC class B shares and duly appointed proxyholders will be able to attend the Shareholders’ Meeting. These securityholders will be able to submit questions and vote in real time at their respective Meeting, provided they are connected to the internet, have a control number or have received a username from Computershare and follow the instructions in this Circular. Non-Registered Unitholders or Non-Registered Shareholders who have not duly appointed themselves as proxyholder will be able to attend the Unitholders’ Meeting or the Shareholders’ Meeting, as applicable, as guests but will not be able to ask questions or vote at their respective Meeting.

Unitholders or BEPC Shareholders who wish to appoint a person other than the Management Representatives identified in the form of proxy or voting instruction form (including a Non-Registered Unitholder or Non-Registered Shareholder who wishes to appoint themselves to attend the applicable Meeting) must carefully follow the instructions in this Circular and on their form of proxy or voting instruction form. These instructions include the additional step of registering such proxyholder with BEP and BEPC’s transfer agent, Computershare, after submitting the form of proxy or voting instruction form by visiting www.computershare.com/BEP or www.computershare.com/BEPC, as applicable, by no later than the Proxy Deadline. When registering, the Unitholder or BEPC Shareholder must provide Computershare with the name and email address of their appointee. Computershare will provide your appointee with a username which will allow your appointee to log in to and vote at the applicable Meeting. Failure to register the proxyholder with Computershare will result in the proxyholder not receiving a username to participate in the Unitholders’ Meeting or the Shareholders’ Meeting, as applicable, and only being able to attend as a guest. Guests will be able to listen to the Meetings but will not be able to ask questions or vote.

If you are a Non-Registered Unitholder or Non-Registered Shareholder located in the United States and you wish to appoint yourself as a proxyholder, in addition to the steps above, you must first obtain a valid legal proxy from your Intermediary. See “General Proxy Matters—If my securities are not registered in my name but are held in the name of an Intermediary, how do I vote my securities?”.

How do I vote?

Unitholders and BEPC Shareholders can vote in one of two ways, as follows:

See “General Proxy Matters” for more information.

Principal Holders of Securities Entitled to Vote

The following table presents information regarding the beneficial ownership of the securities entitled to vote at either Meeting, as of the Record Date, by persons or corporations that beneficially own, exercise control or direction over, have contractual arrangements such as options to acquire, or otherwise hold securities entitled to vote at a Meeting carrying more than 10% of the votes attached to any such class of outstanding securities. The percentages shown are based on 300,111,626 BEP units, 150,879,577 BEPC exchangeable shares and 43,661 BEPC class B shares outstanding as of the Record Date. The BEP units and BEPC exchangeable shares held by the principal securityholders do not entitle such securityholders to different voting rights than those of other holders of the BEP units and BEPC exchangeable shares, respectively. However, the BEPC exchangeable shares and the BEPC class B shares have different voting rights. Holders of BEPC exchangeable shares hold a 25% voting interest in BEPC and holders of the BEPC class B shares hold a 75% voting interest in BEPC.

Notes:

To the knowledge of the directors and officers of Brookfield Renewable and the Service Providers, there are no other persons or corporations that beneficially own, exercise control or direction over, have contractual arrangements such

as options to acquire, or otherwise hold securities entitled to vote at a Meeting carrying more than 10% of the votes attached to any such class of outstanding securities.

THE TRANSACTION

Background to the Transaction

Management and the Boards regularly review operational and strategic opportunities to improve the competitive positioning of BEP and BEPC and to maximize value for their respective investors. In connection with these reviews, management and the Boards evaluate potential transactions and reorganizations that would further BEP and BEPC’s respective strategic objectives.

In the first quarter of 2026, in light of a similar transaction that was announced by Brookfield Business Partners L.P. and Brookfield Business Corporation in September 2025, management of Brookfield Renewable began to explore potential transactions to simplify the organizational structure of BEP and BEPC by reorganizing the two publicly traded entities into one publicly traded Canadian corporation. Management’s view was that the potential benefits of such a transaction would include broadening the investor base of Brookfield Renewable, improving consolidated trading liquidity through a single listed security, potentially increasing demand from current indices and additional index eligibility, and simplifying financial reporting.

In April 2026, at their respective meetings to review and approve BEP and BEPC’s financial statements for the first quarter of 2026, the Boards received an initial briefing from management regarding a potential reorganization. At this time, management explained the proposal and the rationale for the proposed reorganization, as well as the proposed approval process, the timing thereof and next steps. Management indicated that it was working towards presenting a proposed transaction for the Boards’ approval and execution later in 2026. At this time, management recommended that the Nominating and Governance Committees (which are responsible for reviewing and overseeing all significant proposed related party transactions that are not required to be dealt with by an independent special committee) begin an evaluation of the merits of the proposed reorganization. At this time, the Nominating and Governance Committees, which are comprised of independent directors, were charged with the responsibility for, amongst other things, evaluating the proposed reorganization, determining if the reorganization was in the best interests of Brookfield Renewable and, if deemed advisable, making recommendations to their respective Board with respect thereto.

Promptly following such meeting and concurrent with their respective earnings results for the first quarter of 2026, on May 1, 2026, BEP and BEPC announced that they had recently begun exploring whether a single combined corporate structure would be the best path forward for Brookfield Renewable.

On May 11, 2026, the Nominating and Governance Committees retained Goodmans LLP (“Goodmans”) as their independent Canadian legal counsel, after confirming with Goodmans that it had no legal conflict that would prevent it from acting as counsel to the Nominating and Governance Committees in respect of the proposed reorganization, including advice regarding applicable duties and responsibilities of the Nominating and Governance Committees. The Nominating and Governance Committees requested that Goodmans advise as to the application of MI 61-101 to the proposed reorganization. The Nominating and Governance Committees determined that as part of a robust process for the review, consideration and evaluation of the proposed reorganization it would be prudent to retain an independent financial advisor. The Nominating and Governance Committees requested that Scotiabank provide a proposal, including its independence disclosure and expertise, in order to determine whether Scotiabank should act as financial advisor for the proposed reorganization.

On May 11, 2026 the Nominating and Governance Committees received a presentation from Scotiabank in respect of its qualifications and independence and each of the Nominating and Governance Committees determined that Scotiabank was qualified and independent within the meaning of MI 61-101 and Scotiabank was retained (a) to provide financial advice to the BEP Nominating and Governance Committee and to deliver to the BEP Nominating and Governance Committee an opinion as to the fairness, from a financial point of view, of the proposed reorganization to the Public Holders (as defined in the Scotiabank Fairness Opinion) of BEP units and (b) to provide financial advice to the BEPC Nominating and Governance Committee and to deliver to the BEPC Nominating and Governance Committee an opinion as to the fairness, from a financial point of view, of the proposed reorganization to the Public Holders of BEPC exchangeable shares.

On June 15, 2026 and July 6, 2026, the Nominating and Governance Committees met with management to receive an update on the terms of the proposed reorganization and related matters, including investor and analyst reactions to the

Transaction and the status of the Arrangement Agreement and related transaction documents. At these meetings, the Nominating and Governance Committees also received a presentation from representatives of Scotiabank that contained certain financial advice and summarized their methodology and progress in analyzing the financial aspects of the proposed reorganization and discussion with Scotiabank ensued with respect to the financial aspects of the Transaction, its potential capital market implications and Scotiabank’s preparedness for providing an opinion to the Nominating and Governance Committees concerning the fairness, from a financial point of view, of the consideration to be offered to Public Holders (as defined in the Scotiabank Fairness Opinion) pursuant to the Transaction.

 From July 6, 2026 to July 21, 2026, management continued to work with external advisors of BEP, BEPC and the Nominating and Governance Committees to finalize the Transaction, the Arrangement Agreement and the related transaction documents.

On July 21, 2026, the Nominating and Governance Committees met again to consider the Transaction, the Arrangement Agreement and the related transaction documents. At this meeting, Scotiabank delivered to the Nominating and Governance Committees an oral opinion (subsequently confirmed in the written Scotiabank Fairness Opinion) to the effect that, as of July 21, 2026, and subject to the assumptions, limitations and qualifications to be set forth in the Scotiabank Fairness Opinion that the consideration to be received by Public Holders (as defined in the Scotiabank Fairness Opinion) of BEP units and BEPC exchangeable shares pursuant to the Transaction is fair, from a financial point of view, to such Public Holders.

The Nominating and Governance Committees discussed and considered the relevant benefits and risks of the Transaction, including those set out below under “The Transaction—Reasons for the Transaction”. After having considered and taken into account Scotiabank’s financial advice, oral opinion and such other matters considered relevant, including the factors, advice and opinions received from management of BEP and BEPC, Scotiabank and the respective other external advisors of BEP, BEPC and the Nominating and Governance Committees regarding the Transaction, the Nominating and Governance Committees unanimously recommended that the Boards approve the Transaction.

Immediately following the meetings of the Nominating and Governance Committees, on July 21, 2026, the Boards met to receive the recommendation of the Nominating and Governance Committees and the financial advice and oral opinion of Scotiabank described above and to consider the Transaction. Jeffrey Blidner, as Vice Chair of BN, declared his interest in the Transaction and recused himself from the meeting of the Boards and took no part in the deliberations of the Boards in respect of the Transaction. The Boards were then provided with an overview of the Transaction. The Nominating and Governance Committees’ recommendations and the reasons for their recommendations were then presented to the Boards. After careful consideration, the Boards unanimously (with Jeffrey Blidner recusing himself) resolved to approve the Transaction.

On July 21, 2026, BEP and BEPC entered into the Arrangement Agreement and the other definitive transaction documents and jointly announced the Transaction via press release.

Details of the Transaction

Subject to the receipt of all required approvals, including approval of the BEPC Transaction Resolution at the Shareholders’ Meeting, the Transaction will be completed pursuant to the Plan of Arrangement such that (i) each outstanding BEP unit and BEP exchangeable security will be transferred to BEP Inc. in exchange for one BEP Inc. Class A Share, (ii) the outstanding shares of the BEP General Partner held by Brookfield will be transferred to BEP Inc. in exchange for BEP Inc. Class B Shares, and (iii) the outstanding BREPH LP Units and BREPH GP Shares indirectly held by Brookfield Asset Management will be transferred to BEP Inc. in exchange for BEP Inc. Class I Shares. The holder of the BEPC class B shares declined the offer to exchange its shares as part of the Transaction.

Subject to TSX and NYSE approval, the BEP Inc. Class A Shares will be listed on the TSX and NYSE and trade under the symbol “BEP”. The BEP units and BEPC exchangeable shares will be delisted. The BEP Preferred Units will continue to be listed on the TSX and NYSE, as applicable.

Reasons for the Transaction

 The Nominating and Governance Committees and the Boards carefully evaluated the Transaction and believe that the Transaction is in the best interests of our group. The Boards, other than Jeffrey Blidner who as Vice Chair of BN recused himself from voting, have unanimously recommended that Unitholders vote in favor of the BEP Transaction Resolutions and that BEPC Shareholders vote in favor of the BEPC Transaction Resolution. In the course of their evaluations, the Nominating and Governance Committees and the Board considered, among other things, the following factors:

(i) BEP Inc. Class A Shares, representing the Brookfield Holders’ equity interest in our group, which will be received in exchange for the Brookfield Holders’ current holdings of BEP units, REUs and BRHC class A.2 shares; (ii) BEP Inc. Class B Shares, representing Brookfield’s voting interests of our group, which will be received in exchange for the BEP General Partner Shares; and (iii) the BEP Inc. Class I Shares, representing Brookfield Asset Management’s entitlement to receive incentive distributions, which will be received in exchange for BREPH LP Units and BREPH GP Shares.

The foregoing summary of factors considered by the Nominating and Governance Committees and the Boards is not intended to be exhaustive. In reaching the determination to unanimously approve and recommend the Transaction to Securityholders and given the variety and complexity of factors considered, the Nominating and Governance Committees and the Boards (other than Jeffrey Blidner who recused himself from voting) did not assign any relative or specific weight to the factors that were considered. Additionally, individual directors may have given different weights to these factors. Their respective recommendations were made after consideration of all of the above and other factors, the risk factors set out in this Circular, and in light of the directors’ collective knowledge of the business, financial condition and prospects of our group.

Recommendations of the Nominating and Governance Committees

Each of the BEP Nominating and Governance Committee and the BEPC Nominating and Governance Committee has assessed the terms of the Transaction. The Nominating and Governance Committees received legal and financial advice and the Scotiabank Fairness Opinion. After having considered and taken into account such financial advice and opinion and such other matters considered relevant, including the factors, advice and opinions received from management of BEP (pursuant to the Master Services Agreement) and the respective external advisors of BEP and the Nominating and Governance Committees regarding the Transaction, the Nominating and Governance Committees each unanimously determined that the Transaction is in the best interests of each of BEP and BEPC, as applicable, and have recommended that the respective Boards approve the Transaction and recommend that Securityholders vote in favor of the Transaction.

Recommendations of the Boards

The BEP Board, other than Jeffrey Blidner who as Vice Chair of BN recused himself from voting, on the recommendation of the BEP Nominating and Governance Committee, unanimously determined that the Transaction is in the best interests of BEP and resolved to approve the Transaction.

The BEP Board, other than Jeffrey Blidner who as Vice Chair of BN recused himself from voting, unanimously recommends that Unitholders vote FOR the BEP Transaction Resolutions.

At the Unitholders’ Meeting, the Management Representatives designated on the form of proxy to be completed by Unitholders intend to cast the votes represented by such proxy FOR the BEP Arrangement Resolution and FOR the BEP LPA Amendment Resolution, unless the Unitholder has specified on the forms of proxy that the BEP units represented by such proxy are to be voted against either the BEP Arrangement Resolution or the BEP LPA Amendment Resolution.

The BEPC Board, other than Jeffrey Blidner who as Vice Chair of BN recused himself from voting, on the recommendation of the BEPC Nominating and Governance Committee, unanimously determined that the Transaction is in the best interests of BEPC and resolved to approve the Transaction.

The BEPC Board, other than Jeffrey Blidner who as Vice Chair of BN recused himself from voting, unanimously recommends that BEPC Shareholders vote FOR the BEPC Transaction Resolution.

At the Shareholders’ Meeting, the Management Representatives designated on the form of proxy to be completed by BEPC Shareholders intend to cast the votes represented by such proxy FOR the BEPC Transaction Resolution, unless the BEPC Shareholder has specified on the forms of proxy that the BEPC exchangeable shares represented by such proxy are to be voted against the BEPC Transaction Resolution.

Scotiabank Fairness Opinion

 The following outline of the Scotiabank Fairness Opinion is qualified in its entirety by reference to the full text of the Scotiabank Fairness Opinion appended to this Circular as Appendix H.

Engagement

On May 22, 2026, the Nominating and Governance Committees formally engaged Scotiabank to act as financial advisor to the Nominating and Governance Committees and to prepare and deliver to the Boards and the Nominating and Governance Committees an opinion regarding the fairness, from a financial point of view, of the consideration to be received by Public Holders (as defined in the Scotiabank Fairness Opinion) of BEP units and BEPC exchangeable shares pursuant to the Transaction.

Fee Structure

Pursuant to the terms of the Scotiabank engagement letter, Scotiabank will receive a fee from BEP and BEPC for its services as financial advisor, including a fee for rendering the Scotiabank Fairness Opinion. No portion of the fee is conditional upon the completion of the Transaction. Brookfield Renewable has also agreed to reimburse Scotiabank for reasonable out-of-pocket expenses and to indemnify Scotiabank in certain circumstances.

Limitations

The Scotiabank Fairness Opinion was provided solely to the Nominating and Governance Committees and the Boards for their exclusive use in connection with their evaluation of the consideration to be received pursuant to the Transaction, and does not address any other aspects of the Transaction and does not constitute and should not be construed as a recommendation as to how any Unitholder or BEPC Shareholder should vote or act on any matter relating to the Transaction or any other matter. The Scotiabank Fairness Opinion may not be used or relied upon by any other person, nor may it be reproduced, disseminated, quoted from, referred to, disclosed, or summarized (in whole or in part) without the express prior written consent of Scotiabank, which consent has been obtained for the purposes of its inclusion in this Circular. The Scotiabank Fairness Opinion does not address the relative merits of the Transaction as compared to other transactions or business strategies that might be available to BEP and BEPC or the underlying business decision to effect the Transaction. Scotiabank has not been asked to prepare, nor has it prepared, a formal valuation or appraisal of BEP and BEPC or any of their securities or assets, and the Scotiabank Fairness Opinion should not be construed as such.

The Scotiabank Fairness Opinion is conditional upon the completeness, accuracy and fair presentation of all of the financial and other information, data, advice, agreements and opinions obtained by Scotiabank from public sources, or that was provided to Scotiabank by BEP and BEPC and their affiliates and advisors. Subject to the exercise of their professional judgment, Scotiabank has not attempted to verify independently the completeness, accuracy or fair presentation of this information.

Conclusion

Subject to the assumptions, qualifications and limitations set out in the Scotiabank Fairness Opinion, Scotiabank is of the opinion that, as at July 21, 2026, the consideration to be received by the Public Holders of BEP units and BEPC exchangeable shares pursuant to the Transaction is fair, from a financial point of view, to such Public Holders.

Arrangement Agreement

The Transaction will be carried out pursuant to the Arrangement Agreement and the Plan of Arrangement. The following is a summary of the material terms and conditions of the Arrangement Agreement. This summary may not contain all of the information about the Arrangement Agreement that is important to Securityholders and is qualified in its entirety by the full text of the Arrangement Agreement, which is attached to this Circular as Appendix D . Securityholders are urged to read the Arrangement Agreement in its entirety.

BEP, BEPC and BEP Inc. have entered into the Arrangement Agreement to provide for the terms of the Transaction and certain customary covenants.

Covenants Regarding the Transaction

The Arrangement Agreement contains covenants of the parties that they will, subject to the terms of the Arrangement Agreement, (i) use their respective commercially reasonable efforts to implement the Transaction on the Effective Date, (ii) do and perform all acts and things, and execute and deliver all agreements and other documents reasonably required to carry out the intent and purposes of the Arrangement Agreement, (iii) cooperate and assist each other in dealing with transitional and other matters relating to or arising from the Transaction or the Arrangement Agreement, and (iv) not, on or before the Effective Date, perform any act or enter into any transaction that could interfere or could be inconsistent with the completion of the Transaction or any transaction contemplated by the Arrangement Agreement.

Conditions Precedent

Completion of the Transaction is subject to customary conditions precedent, including: (i) approval of the BEP Transaction Resolutions by the Unitholders; (ii) the holding of the Shareholders’ Meeting (iii) obtaining of the Interim Order and the Final Order; (iv) receipt of all regulatory approvals; (v) holders of not greater than 5% of the outstanding BEP units and BEPC exchangeable shares in the aggregate having validly exercised their Dissent Rights; and (vi) conditional approval to list the BEP Inc. Class A Shares on the TSX and NYSE. The conditions precedent in the Arrangement Agreement may be waived, in whole or in part, by any party. The conditions precedent to the completion of the Transaction in the Arrangement Agreement will be deemed to be satisfied, waived or released on the Effective Date.

Amendments

The Arrangement Agreement provides that, subject to the provisions of the Interim Order, the Final Order, the Plan of Arrangement and applicable law, at any time and from time to time before or after the holding of the Meetings but not later than the Effective Time, the Arrangement Agreement and the Plan of Arrangement may be amended, modified or supplemented by written agreement of the parties, without further notice to or authorization on the part of the holders of BEP units, BEPC exchangeable shares or BEPC class B shares.

Termination

The Arrangement Agreement provides that it will automatically terminate as it relates to BEPC only if the BEPC Transaction Resolution is not approved at the Shareholders’ Meeting. From and after the time of such termination, the Arrangement Agreement will continue to apply to BEP Inc. and BEP and will be interpreted to exclude all references to BEPC, BEPC exchangeable shares and BEPC Shareholders.

At any time prior to the Effective Time, (i) if the termination described above has not occurred, the Arrangement Agreement may be terminated by mutual written agreement of BEP and BEPC and (ii) if the termination described above has occurred, the Arrangement Agreement may be terminated by BEP in its sole discretion.

Plan of Arrangement

The following description of the steps of the Transaction is qualified in its entirety by reference to the full text of the Plan of Arrangement attached as Schedule A to the Arrangement Agreement, which is attached as Appendix D to this Circular. Securityholders are urged to read the Plan of Arrangement in its entirety.

The Plan of Arrangement pursuant to which the Transaction will be implemented is appended as Schedule A to the Arrangement Agreement. See Appendix D . The Plan of Arrangement may be amended by BEP, BEPC and BEP Inc. in accordance with the terms of the Plan of Arrangement and the Arrangement Agreement.

If all of the conditions to the implementation of the Transaction have been satisfied or waived in accordance with the Arrangement Agreement, the Transaction will become effective at the Effective Time, and the following steps will occur and be deemed to occur sequentially, in the following order, without any further act or formality, with each step occurring two minutes after the completion of the immediately preceding step (unless specified otherwise or as required by applicable law):

the aggregate principal amount of the BEP Inc. Notes forming part of the applicable Class A Consideration.

Steps 17 to 19 above (inclusive) will only be implemented if the BEPC Transaction Resolution has been approved at the Shareholders’ Meeting. If the BEPC Transaction Resolution is not approved at the Shareholders’ Meeting, BEPC will cease to be a party to the Arrangement Agreement and steps 17 to 19 above (inclusive) will not be implemented. See “The Transaction—Arrangement Agreement—Termination”.

LPA Amendments

BEP LPA Amendment

The following description of the BEP LPA Amendment is qualified in its entirety by reference to the full text of the BEP LPA Amendment attached as Schedule A to the Plan of Arrangement, which is attached as Schedule A to the Arrangement Agreement, which is attached as Appendix D to this Circular. Securityholders are urged to read the BEP LPA Amendment in its entirety.

In order to effect the Transaction, the BEP General Partner is proposing to amend the BEP Limited Partnership Agreement to, among other things, approve, authorize and provide for (i) the exchange of BEP units for BEP Inc. Class A Shares; and (ii) the grant of Dissent Rights to Registered Unitholders, all in accordance with the terms of the Plan of Arrangement. Subject to approval by the requisite Unitholders, the BEP LPA Amendment will be effective at the time it is stated to become effective pursuant to the Plan of Arrangement.

Unitholders are being asked to consider, and if thought advisable, to pass the BEP LPA Amendment Resolution approving the BEP LPA Amendment, which will:

Unitholder Notice

Holders of BEP units who are Eligible Canadian Holders may, at their option, submit a Unitholder Notice to notify BEP Inc. of their intention to jointly elect with BEP Inc. pursuant to section 85 of the Tax Act to effect the exchange of BEP units for BEP Inc. Class A Shares pursuant to the Transaction on a fully or partially tax-deferred basis. See “Certain Canadian Federal Income Tax Considerations—Holders Resident in Canada—Transfer of BEP Units to BEP Inc. (including pursuant to BEP Inc. exercising its overriding call right)—Tax Election”.

Notwithstanding that BEP Inc. has received a Unitholder Notice from an Eligible Canadian Holder of BEP units, further actions must be taken by such holder to make a Tax Election. For more information and instructions on the Tax Election procedure, such holders should consult our tax election website at https://bep.taxelection.ca. See also “Certain Canadian Federal Income Tax Considerations—Holders Resident in Canada—Procedure for Making a Tax Election”.

The Canadian federal income tax consequences of the Transaction, including the tax consequences of making a Tax Election, are complex, and holders of BEP units are urged to consult their tax advisors regarding the tax consequences of the Transaction in light of their particular circumstances, including with respect to deciding whether to submit a Unitholder Notice. The Unitholder Notice is available for download under the tax information on our website at https://bep.brookfield.com under “Corporate Simplification”. Paper copies will be sent free of charge upon request by contacting us at 1-416-649-8172 (toll free in North America at 1-833-236-0278) or enquiries@brookfieldrenewable.com. Eligible Canadian Holders should complete, sign and return the Unitholder Notice in accordance with the instructions set forth therein by no later than 5:00 p.m. (Toronto time) on October 26, 2026.

Note Alternative

Note Agreement

Subject to the limitation on BEP Inc. Notes described below, holders of BEP units and BEP exchangeable securities (“BEP Holders”) may, at their option, exchange their BEP units and/or BEP exchangeable securities for Class A Consideration that includes BEP Inc. Class A Shares and BEP Inc. Notes. Such holders will be required to take additional steps prior to the completion of the Transaction, including entering into a Note Agreement with BEP Inc. that includes a Note Schedule setting forth the number of BEP Inc. Class A Shares and BEP Inc. Notes the BEP Holder intends to receive, the Specified Purchaser to whom such BEP Holder will transfer their BEP Inc. Notes, and the consideration in respect of such transfer. All BEP Inc. Notes will be transferred to BEP Inc. in exchange for BEP Inc. Class A Shares pursuant to the Plan of Arrangement, the result being that no BEP Inc. Notes will remain outstanding and each BEP Holder that is party to a Note Agreement, together with the Specified Purchaser, will receive the same aggregate number of BEP Inc. Class A Shares as the BEP Holder would otherwise have been entitled to receive under the Transaction.

The income tax consequences of the Transaction, including the tax consequences of entering into a Note Agreement are complex, and the BEP Holders are urged to consult their tax advisors regarding the tax consequences of the Transaction in light of their particular circumstances.

BEP Holders wishing to enter into a Note Agreement with BEP Inc. should provide written notice of their intention to do so to BEP Inc. at 225 Liberty Street, 8th Floor, New York, NY 10281 by no later than 5:00 p.m. (Toronto time) on September 23, 2026.

Limitation on BEP Inc. Notes

If the BEP Inc. Board determines prior to the Effective Date that it is necessary or desirable to limit the maximum number of BEP Inc. Notes to be issued pursuant to the Plan of Arrangement in order to achieve the intended tax treatment of the Transaction (such limited number of BEP Inc. Notes, the “Available Notes”), each BEP Holder’s number of elected BEP Inc. Notes will be reduced on a pro rata basis by multiplying such holder’s elected BEP Inc. Notes by a fraction, the numerator of which is the Available Notes and the denominator of which is the Aggregate Elected Notes (rounded to four decimal places), and rounding down the resulting number for such holder to the nearest whole number of BEP Inc. Notes. Any such holder will be deemed to have elected to receive additional BEP Inc. Class A Shares in lieu of each BEP Inc. Note that has been reduced, and the applicable Note Schedule will be deemed to have been amended accordingly.

Exchange Procedures

Upon the Transaction becoming effective, the existing certificates and DRS statements representing the BEP units and BEPC exchangeable shares (other than BEP units and BEP exchangeable securities held by (i) BEP Holders that are party to a Note Agreement and (ii) Dissenting Unitholders or Dissenting Shareholders) will represent BEP Inc. Class A Shares without further action required on the part of holders thereof. If and when certificates representing BEP units or BEP exchangeable securities are presented for transfer, such certificates will be replaced by certificates representing the BEP Inc. Class A Shares so transferred (together with certificates representing any balance of BEP Inc. Class A Shares not transferred, as applicable).

In the event you require an updated DRS advice representing the BEP Inc. Class A Shares, you can request a copy from the Transfer Agent at: www.computershare.com/service or by email to: service@computershare.com or by phone via Direct dial outside North America at 514-982-7555 or within Canada and the United States toll free via 1-800-564-6253.

The BEP Inc. Class A Shares may be uncertificated or represented in the form of one or more fully registered share certificates held by, or on behalf of, CDS or DTC, as applicable, as custodian of such certificates for the participants of CDS or DTC, registered in the name of CDS or DTC or their respective nominee, and registration of ownership

and transfers of the BEP Inc. Class A Shares may be effected through the book-based system administered by CDS or DTC, as applicable.

 After the Effective Time, each certificate or DRS statement which immediately prior to the Effective Time represented BEP units or BEP exchangeable securities will be deemed at all times to represent only the right to receive in exchange therefor the entitlements which the holder of such certificate or DRS statement is entitled to receive under the Plan of Arrangement.

Intention of Directors and Officers

Management of Brookfield Renewable, including the directors and officers of the BEP General Partner and BEPC and their respective associates, who, as a group, beneficially own or exercise control or direction over less than 1% of the outstanding BEP units and less than 1% of the outstanding BEPC exchangeable shares, have advised the Nominating and Governance Committees that they intend to vote FOR the BEP Transaction Resolutions at the Unitholders’ Meeting and FOR the BEPC Transaction Resolution at the Shareholders’ Meeting.

Intention of the Brookfield Holders

The Brookfield Holders have advised the Boards that they intend to vote (i) all BEP units held by the Brookfield Holders FOR the BEP Transaction Resolutions at the Unitholders’ Meeting, and (ii) any BEPC exchangeable shares held by the Brookfield Holders FOR the BEPC Transaction Resolution at the Shareholders’ Meeting. See “The Meetings—Principal Holders of Securities Entitled to Vote”.

Intention of Brookfield Renewable

The subsidiary of BEP that holds the issued and outstanding BEPC class B shares has advised the BEPC Board that it intends to vote the BEPC class B shares FOR the BEPC Transaction Resolution at the Shareholders’ Meeting. See “The Meetings— Principal Holders of Securities Entitled to Vote”.

Expenses of the Transaction

The fees, costs and expenses of the Transaction are expected to be, in the aggregate, approximately $7 million. Each of BEP and BEPC will generally bear their respective expenses in connection with the Transaction and, unless otherwise agreed, any shared expenses will generally be allocated 75% to BEP and the remaining 25% to BEPC.

Material Agreements

Our relationship with Brookfield will remain substantially the same following the completion of the Transaction. A number of our agreements will be amended to give effect to the Transaction and reflect that BEP Inc. will, following the completion of the Transaction, replace BEP and BEPC (assuming BEPC Shareholders approve the Transaction) as a listed issuer and will directly and indirectly hold all of the issued and outstanding securities of BEP and BEPC other than the BEP Preferred Units. For additional information, see Item 7.B “Related Party Transactions—Relationship with Brookfield” in each of the BEP Annual Report and the BEPC Annual Report.

Master Services Agreement

Upon completion of the Transaction, whether or not the Transaction is approved by BEPC Shareholders, the Master Services Agreement will be amended to add BEP Inc. as a Service Recipient thereunder, and to provide that, for purposes of calculating the base management fee thereunder, the total capitalization of our group will be equal to the quarterly volume-weighted average trading price of a BEP Inc. Class A Share on the principal stock exchange for the BEP Inc. Class A Shares (based on trading volumes), multiplied by the number of BEP Inc. Class A Shares outstanding at the end of the quarter (and assuming the full conversion of any securities then outstanding that are convertible, redeemable or exchangeable for, BEP Inc. Class A Shares (including the BEPC exchangeable shares in the case the Share Exchange does not occur)), plus, without duplication, the value of securities of the other Service Recipients, if

any, that are not held by BEP Inc., plus all outstanding third party debt with recourse to a Service Recipient, less all cash held by such entities.

Relationship Agreement

Upon completion of the Transaction, whether or not the Transaction is approved by BEPC Shareholders, BEP Inc. will become a party to the Relationship Agreement, replacing BEP as the primary (though not exclusive) public vehicle through which Brookfield, directly or indirectly, acquires renewable power assets on a global basis.

Licensing Agreement

Upon completion of the Transaction, whether or not the Transaction is approved by BEPC Shareholders, BEP Inc. will replace BEP and BRELP as parties to the Licensing Agreement, through which Brookfield grants a non-exclusive, royalty-free license to use the name “Brookfield” and the Brookfield logo.

New Registration Rights Agreement

BEP Inc. and Brookfield will enter into the New Registration Rights Agreement, which will have substantially the same terms as the BEP Registration Rights Agreement in respect of BEP units held by Brookfield and, if the Transaction is approved by BEPC Shareholders and the Share Exchange occurs, the BEPC Registration Rights Agreement in respect of the BEPC exchangeable shares held by Brookfield. Under the New Registration Rights Agreement, BEP Inc. will agree that, upon the request of Brookfield, BEP Inc. will file one or more registration statements or prospectuses to register for sale and qualify for distribution under applicable securities laws any BEP Inc. Class A Shares held by Brookfield. Consistent with the existing arrangements, we will agree to pay expenses in connection with such registration and sales and will indemnify Brookfield for material misstatements or omissions in the registration statement.

If BEPC Shareholders approve the Transaction and the Share Exchange occurs, upon completion of the Transaction, both the BEP Registration Rights Agreement and the BEPC Registration Rights Agreement will be terminated. In the event that BEPC Shareholders do not approve the Transaction, the New Registration Rights Agreement will be entered into in respect of the BEP Inc. Class A Shares received by Brookfield pursuant to the Transaction, the BEP Registration Rights Agreement will be terminated, and the BEPC Registration Rights Agreement will be amended to add BEP Inc. as a party and substitute BEP Inc. Class A Shares, as the successor security, for the BEP units.

Pairing Agreement

In the event that BEPC Shareholders do not approve the Transaction, the Pairing Agreement will be amended to add BEP Inc. as a party in place of BEP. Pursuant to the amended Pairing Agreement, the parties will agree that BEPC will at all times hold such number of BRHC class A.1 shares equal to the number of BEPC exchangeable shares that are outstanding in order to support the duties and obligations of BEPC to holders of BEPC exchangeable shares. In connection therewith, the Pairing Agreement will provide, amongst other things, and unless otherwise agreed at such time, that (i) if and to the extent BEPC raises funds from time to time by way of issuance of BEPC exchangeable shares for cash, BEPC will utilize such funds to subscribe for an equivalent number of BRHC class A.1 shares; (ii) if and to the extent BEPC from time to time repurchases any BEPC exchangeable shares, BRHC will redeem (or otherwise repurchase from BEPC) an equivalent number of BRHC class A.1 shares; (iii) BRHC will not, unless substantially concurrent with the redemption of BEPC exchangeable shares by BEPC, redeem any BRHC class A.1 shares held by BEPC; (iv) if and to the extent any holders of BEPC exchangeable shares from time to time exercise their exchange right in respect of such BEPC exchangeable shares, and in connection therewith BEP Inc. does not exercise its overriding call right to acquire such BEPC exchangeable shares, BEPC will, in connection therewith, exercise the exchange right in respect of an equivalent number of BRHC class A.1 shares held by BEPC; and (v) BEPC will not exercise the exchange right in respect of any BRHC class A.1 shares held by BEPC except as contemplated in (iv) above.

If BEPC Shareholders approve the Transaction and the Share Exchange occurs, upon completion of the Transaction, the Pairing Agreement will be terminated.

Option Agreements

If BEPC Shareholders approve the Transaction and the Share Exchange occurs, upon completion of the Transaction, both the NA Holdco Option Agreement and the Canada Holdco Option Agreement will be terminated by written notice pursuant to its terms.

In the event that the BEPC Shareholders do not approve the Transaction, the NA Holdco Option Agreement and the Canada Holdco Option Agreement will remain unchanged and continue in full force and effect.

Equity Commitment Agreement

In the event that BEPC Shareholders do not approve the Transaction, the Equity Commitment Agreement will be amended to add BEP Inc. as a party in place of BEP. Pursuant to the amended Equity Commitment Agreement, BEP Inc. will agree that it will not declare or pay any dividends on BEP Inc. Class A Shares if on such date BEPC does not have sufficient funds or other assets to enable the declaration and payment of an equivalent dividend on the BEPC exchangeable shares.

If BEPC Shareholders approve the Transaction and the Share Exchange occurs, upon completion of the Transaction, the Equity Commitment Agreement will automatically terminate.

Rights Agreement

The Rights Agreement provides that, upon an exchange of BEPC exchangeable shares, if BEPC has not satisfied its obligation under its articles by delivering the unit amount or its cash equivalent amount (or the partnership has not exercised its call right), BN will satisfy, or cause to be satisfied, the obligations pursuant to BEPC’s articles to exchange BEPC exchangeable shares for the BEP unit amount or its cash equivalent.

If BEPC Shareholders approve the Transaction and the Share Exchange occurs, upon completion of the Transaction, the Rights Agreement will be terminated.

In the event that the BEPC Shareholders do not approve the Transaction, the Rights Agreement will be amended to substitute BEP Inc. Class A Shares in place of BEP units.

Voting Agreement

The Voting Agreement provides that Brookfield will exercise certain voting rights with respect to BRELP, BREPH, and BREPH GP, including the election of directors, in accordance with BEP’s direction. Upon completion of the Transaction, whether or not the Transaction is approved by BEPC Shareholders, BEP Inc. will assume Brookfield’s obligations under the Voting Agreement.

DISSENT RIGHTS

Unitholder Dissent Rights

The BEP LPA Amendment provides Registered Unitholders with Dissent Rights in connection with the Transaction. Although the BEP LPA Amendment will not be effective until approved by the requisite Unitholders and implemented pursuant to the Plan of Arrangement, Registered Unitholders will be able to exercise Dissent Rights in the manner set forth in the BEP LPA Amendment as if it were in force prior to its approval. Registered Unitholders who are considering exercising their Dissent Rights should carefully review the description of such rights set forth in this section as well as Section 7.6 of the BEP LPA Amendment. The excerpt of the BEP LPA Amendment is set forth in Appendix E to this Circular and the full text of the BEP LPA Amendment is set forth in Appendix D of this Circular. Any Dissenting Unitholder should seek independent legal advice, as a Registered Unitholder’s failure to follow exactly the procedures set forth in the terms of the BEP LPA Amendment will result in the loss of such Registered Unitholder’s Dissent Rights.

A Dissenting Unitholder will be entitled, in the event that the BEP Arrangement Resolution is approved and the Transaction is completed, to be paid the fair value of the BEP units registered in the name of such Dissenting Unitholder. Any Registered Unitholder who properly dissents in compliance with the BEP LPA Amendment will, in the event the Transaction is completed, be deemed to have transferred their BEP units to BEP and will only be entitled to be paid the fair value of their BEP units, and will not be entitled to any other payment or consideration, including any other payments that would be payable under the Transaction had such Registered Unitholder not exercised their Dissent Rights. The fair value of the BEP units held by a Dissenting Unitholder will be determined by the Court. This amount may be the same as, more than or less than the value of the Class A Consideration. The valuation will be determined as of the close of business on the day before the BEP Arrangement Resolution is adopted. For a description of certain Canadian and U.S. federal income tax considerations applicable to a Dissenting Unitholder, please see “Certain Canadian Federal Income Tax Considerations—Holders Resident in Canada—Resident Dissenting Unitholders”, “Certain Canadian Federal Income Tax Considerations—Holders Not Resident in Canada—Dissenting Non-Resident Holders”, “Certain United States Federal Income Tax Considerations—Consequences to U.S. Holders—U.S. Holders Exercising Dissent Rights Pursuant to the Transaction” and “Certain United States Federal Income Tax Considerations—Consequences to Non-U.S. Holders— Non-U.S. Holders Exercising Dissent Rights Pursuant to the Transaction”.

A Registered Unitholder may only exercise Dissent Rights in respect of BEP units which are registered in that Unitholder’s name at the Record Date. In many cases, BEP units beneficially owned by a Non-Registered Unitholder are registered either:

Accordingly, a Non-Registered Unitholder will not be entitled to exercise Dissent Rights.

A Registered Unitholder who wishes to exercise Dissent Rights must provide to BEP a written objection to the BEP Arrangement Resolution. Such written objection must be received from such Registered Unitholder BEP at c/o Torys LLP, Attention: Andrew Gray and Colette Koopman, at Suite 3000, 79 Wellington Street West, Toronto, Ontario, Canada M5K 1N2, not later than 5:00 p.m. (Toronto time) on October 9, 2026, or otherwise at least two (2) days immediately preceding the date of the Unitholders’ Meeting (as it may be adjourned or postponed from time to time).

It is important that Registered Unitholders strictly comply with this requirement. In addition, a Registered Unitholder who wishes to exercise his, her or its Dissent Rights must not have voted his, her or its BEP units at the Unitholders’ Meeting, either in person or by proxy, FOR the BEP Arrangement Resolution (and, for greater certainty, a Registered Unitholder who voted FOR the BEP Arrangement Resolution or who has withdrawn its objection will not be considered to be a Dissenting Unitholder). Further, a vote AGAINST the BEP Arrangement Resolution or an abstention from voting will not constitute the required written objection as described in this paragraph.

BEP or the Dissenting Unitholder may apply to the Court after the approval of the BEP Arrangement Resolution, to fix the fair value of the Dissenting Unitholder’s BEP units. BEP will make a written offer to pay the fair value of the BEP units held by the Dissenting Unitholder. Every offer will be made on the same terms to each Dissenting Unitholder.

A Dissenting Unitholder will not be required to give security for costs in respect of an application. On the application, the Court may make an order fixing the fair value of the BEP units of all Dissenting Unitholders who are parties to the application, giving judgment in that amount against BEP and in favor of each of those Dissenting Unitholders, and fixing the time within which BEP must pay the amount payable to each Dissenting Unitholder.

The discussion above is only a summary of the Dissent Rights, which are technical and complex. A Registered Unitholder who intends to exercise Dissent Rights must strictly adhere to the procedures established by the terms of the BEP LPA Amendment, and failure to do so may result in the loss of all Dissent Rights.

It is suggested that any Registered Unitholder wishing to avail himself, herself or itself of Dissent Rights seek their own legal advice as failure to comply strictly with the applicable provisions of the BEP LPA Amendment may prejudice the availability of Dissent Rights. Dissenting Unitholders should note that the exercise of Dissent Rights can be a complex, time-consuming and expensive process. Due exercise of the Dissent Rights requires that certain deadlines be observed and BEP intends to enforce such deadlines strictly.

For a general summary of certain income tax considerations for a Dissenting Unitholder, which considerations may be material to a Dissenting Unitholder, see “Certain Canadian Federal Income Tax Considerations” and “Certain United States Federal Income Tax Considerations”.

Shareholder Dissent Rights

Registered Shareholders have been provided with Dissent Rights in connection with the Transaction. Registered Shareholders who are considering exercising their Dissent Rights should carefully review the description of such rights set forth in this section as well as Sections 237 to 247 of the BCBCA, as modified by the Plan of Arrangement and the Interim Order. The full text of Sections 237 to 247 of the BCBCA is attached to this Circular as Appendix E, as modified by the Plan of Arrangement and the Interim Order, which is attached to this Circular as Appendix G. Any Dissenting Shareholder should seek independent legal advice, as a Registered Shareholder’s failure to follow exactly the procedures set forth in Sections 237 to 247 of the BCBCA, as modified by the Plan of Arrangement and the Interim Order, will result in the loss of such Registered Shareholder’s Dissent Rights.

The Court hearing the application for the Final Order has the discretion to alter the procedural aspects of Dissent Rights described herein (including timing and delivery mechanics) based on the evidence presented at such hearing.

Pursuant to the Interim Order, each Registered Shareholder may exercise Dissent Rights under Section 237 to 247 of the BCBCA as modified by the Plan of Arrangement and the Interim Order. Each Dissenting Shareholder is entitled to be paid the fair value (determined as of the close of business on the last business day before the BEPC Transaction Resolution was adopted at the Shareholders’ Meeting) of all, but not less than all, of the BEPC exchangeable shares of which the holder is both the registered and beneficial owner, as well as the BEPC exchangeable shares of which the holder is the registered holder and in respect of which it has received instructions to dissent from the beneficial holder(s) thereof, provided that the holder duly dissents to the BEPC Transaction Resolution and the Transaction becomes effective.

A Non-Registered Shareholder who wishes to dissent with respect to its BEPC exchangeable shares should be aware that only Registered Shareholders are entitled to exercise Dissent Rights. A Registered Shareholder such as an intermediary who holds BEPC exchangeable shares as nominee for Non-Registered Shareholders, some of whom wish to dissent, will exercise Dissent Rights on behalf of such Non-Registered Shareholders with respect to the BEPC exchangeable shares held for such Non-Registered Shareholders. A Non-Registered Shareholder who wishes to dissent must dissent in respect of all of the BEPC exchangeable shares held by such BEPC Shareholder, whether registered or held beneficially.

With respect to BEPC exchangeable shares, pursuant to the Interim Order, a Registered Shareholder may exercise rights of dissent under Section 237 to Section 247 of the BCBCA, as modified by the Plan of Arrangement, the Interim Order, and Final Order provided that, notwithstanding Section 242(1)(a) of the BCBCA, the written objection to the BEPC Transaction Resolution must be received from such Registered Shareholder who wishes to dissent by BEPC at c/o Torys LLP, Attention: Andrew Gray and Colette Koopman, at Suite 3000, 79 Wellington Street West, Toronto, Ontario, Canada M5K 1N2, not later than 5:00 p.m. (Toronto time) on October 9, 2026, or otherwise at least two (2) days immediately preceding the date of the Shareholders’ Meeting (as it may be adjourned or postponed from time to time).

A BEPC Shareholder exercising its right to dissent must exercise such right in respect of all of the BEPC exchangeable shares that the BEPC Shareholder is both the registered and beneficial owner of, as well as all of the BEPC exchangeable shares it is the beneficial owner of. A Registered Shareholder who wishes to dissent must deliver the Notice of Dissent as set forth above and such Notice of Dissent must strictly comply with the requirements of Section 242 of the BCBCA. Any failure by a BEPC Shareholder to fully comply with the provisions of the BCBCA, as modified by the Plan of Arrangement and the Interim Order, may result in the loss of that holder’s Dissent Rights. Beneficial Shareholders who wish to exercise Dissent Rights must cause the Registered Shareholder holding their BEPC exchangeable shares to deliver the Notice of Dissent.

To exercise Dissent Rights, a Registered Shareholder must prepare a separate Notice of Dissent for him, her or itself, if dissenting on his, her or its own behalf, and for each other beneficial BEPC Shareholder who beneficially owns BEPC exchangeable shares registered in the BEPC Shareholder’s name and on whose behalf the BEPC Shareholder is dissenting; and, if dissenting on its own behalf, must dissent with respect to all of the BEPC exchangeable shares registered in his, her or its name or if dissenting on behalf of a beneficial BEPC Shareholder, with respect to all of the BEPC exchangeable shares registered in his, her or its name and beneficially owned by the beneficial BEPC Shareholder on whose behalf the BEPC Shareholder is dissenting. The Notice of Dissent must set out the number of BEPC exchangeable shares in respect of which the Dissent Rights are being exercised (the “Notice Shares”) and: (a) if such BEPC exchangeable shares constitute all of the BEPC exchangeable shares of which the BEPC Shareholder is the registered and beneficial owner and the BEPC Shareholder owns no other BEPC exchangeable shares beneficially , a statement to that effect; (b) if such BEPC exchangeable shares constitute all of the BEPC exchangeable shares of which the BEPC Shareholder is both the registered and beneficial owner, but the BEPC Shareholder owns additional BEPC exchangeable shares beneficially, a statement to that effect and the names of the Registered BEPC Shareholder of those other BEPC exchangeable shares, the number of BEPC exchangeable shares held by each such Registered BEPC Shareholder and a statement that written notices of dissent are being or have been sent with respect to such other BEPC exchangeable shares; or (c) if the Dissent Rights are being exercised by a Registered Shareholder who is not the beneficial owner of such BEPC exchangeable shares, a statement to that effect and the name and address of the beneficial BEPC Shareholder and a statement that the Registered Shareholder is dissenting with respect to all BEPC exchangeable shares of the beneficial BEPC Shareholder registered in such registered holder’s name.

If the BEPC Transaction Resolution is approved, and BEPC notifies a registered holder of Notice Shares of BEPC’s intention to act upon the BEPC Transaction Resolution pursuant to Section 243 of the BCBCA, in order to exercise Dissent Rights, such BEPC Shareholder must, within one month after BEPC gives such notice, send to BEPC a written notice that such holder requires the purchase of all of the Notice Shares in respect of which such holder has given Notice of Dissent. Such written notice must be accompanied by the certificate(s) or DRS advice(s) representing those Notice Shares (including a written statement prepared in accordance with Section 244(1)(c) of the BCBCA if the dissent is being exercised by the BEPC Shareholder on behalf of a beneficial BEPC Shareholder), whereupon, subject to the provisions of the BCBCA relating to the termination of Dissent Rights, the BEPC Shareholder becomes a Dissenting Shareholder, and is bound to sell and BEPC is bound to purchase and cancel those BEPC exchangeable shares. Such Dissenting Shareholder may not vote, or exercise or assert any rights of a BEPC Shareholder in respect of such Notice Shares, other than the rights set forth in Division 2 of Part 8 of the BCBCA, as modified by the Plan of Arrangement and the Interim Order.

Dissenting Shareholders who are:

If a Dissenting Shareholder is ultimately entitled to be paid by BEPC for their Notice Shares, such Dissenting Shareholder may enter an agreement with BEPC for the fair value of such Notice Shares. If such Dissenting Shareholder does not reach an agreement with BEPC, such Dissenting Shareholder, or BEPC, may apply to the Court, and the Court may:

There is no obligation on BEPC to make an application to the Court. The Dissenting Shareholder will be entitled to receive the fair value that the Notice Shares had as of the close of business on the last business day before the BEPC Transaction Resolution was adopted at the Shareholders’ Meeting, excluding any appreciation or depreciation in anticipation of the vote (unless such exclusion would be inequitable). After a determination of the fair value of the Notice Shares, BEPC must then promptly pay that amount to the Dissenting Shareholder.

In no case will BEPC or BEP Inc. or any other person be required to recognize Dissenting Shareholders as holders of BEP Inc. Class A Shares after the Effective Time.

For greater certainty, in addition to any other restrictions in the Interim Order, no person will be entitled to exercise Dissent Rights with respect to BEPC exchangeable shares in respect of which a person has voted or has instructed a proxy holder to vote FOR the BEPC Transaction Resolution.

Dissent Rights with respect to Notice Shares will terminate and cease to apply to the Dissenting Shareholder if, before full payment is made for the Notice Shares, the Transaction in respect of which the Notice of Dissent was sent is abandoned or by its terms will not proceed, a court permanently enjoins or sets aside the corporate action approved by the BEPC Transaction Resolution, or the Dissenting Shareholder withdraws the Notice of Dissent with BEPC’s written consent. If any of these events occur, BEPC must return the share certificates or DRS advices(s) representing the BEPC exchangeable shares to the Dissenting Shareholder and the Dissenting Shareholder regains the ability to vote and exercise its rights as a BEPC Shareholder.

The discussion above is only a summary of the Dissent Rights, which are technical and complex. A BEPC Shareholder who intends to exercise Dissent Rights must strictly adhere to the procedures established in Sections 237 to 247 of the BCBCA, as modified by the Plan of Arrangement and the Interim Order, and failure to do so may result in the loss of all Dissent Rights. Persons who are beneficial BEPC Shareholders registered in the name of an Intermediary, or in some other name, who wish to exercise Dissent Rights, should be aware that only the registered owner of such BEPC exchangeable shares is entitled to dissent.

It is suggested that any BEPC Shareholder wishing to avail himself or herself of Dissent Rights seek his or her own legal advice as failure to comply strictly with the applicable provisions of the BCBCA and the Interim Order may prejudice the availability of Dissent Rights. Dissenting Shareholders should note that the exercise of Dissent Rights

can be a complex, time-consuming and expensive process. Due exercise of the Dissent Rights requires that certain deadlines be observed and BEPC intends to enforce such deadlines strictly.

For a general summary of certain income tax considerations for a Dissenting Shareholder, which considerations may be material to a Dissenting Shareholder, see “Certain Canadian Federal Income Tax Considerations” and “Certain United States Federal Income Tax Considerations”.

CERTAIN LEGAL AND REGULATORY MATTERS

Completion of the Transaction

Completion of the Transaction is subject to the conditions precedent in the Arrangement Agreement having been satisfied or, where legally permissible, waived, as applicable, including receipt of the following:

If the Transaction is approved by the Unitholders but not by the BEPC Shareholders, the Transaction will still be completed except that the Share Exchange will not occur.

The Arrangement Agreement provides that, following receipt of the foregoing approvals, the Shareholders’ Meeting having been held, the Final Order and the satisfaction (or waiver, if applicable) of the other conditions precedent contained in the Arrangement Agreement, the Parties will, on a date and at a time to be determined exclusively by BEP, file with the registrar any and all documents (including any documents required pursuant to Section 292 of the BCBCA and such other documents as may be required to give effect to the Transaction pursuant to Division 5 of Part 9 of the BCBCA) and to exchange such other documents as may be necessary or desirable to give effect to the Transaction and implement the Plan of Arrangement on such date. Upon the closing of the Transaction at the Effective Time on the Effective Date, the transactions comprising the Transaction will be deemed to occur in the order and at the times set out in the Plan of Arrangement. See “The Transaction—Arrangement Agreement—Conditions Precedent”.

Timing

We expect to complete the Transaction following the receipt of the required securityholder approvals, the issue of the Final Order and the receipt of all other approvals. It is anticipated that the Transaction will be completed in the fourth quarter of 2026. However, completion of the Transaction is dependent on many factors, and it is not possible at this time to determine precisely when the Transaction will become effective.

Unitholder Approval

At the Unitholders’ Meeting, Unitholders will be asked to approve the BEP Transaction Resolutions. In accordance with the Interim Order and the BEP Limited Partnership Agreement, the approval of each BEP Transaction Resolution will require the affirmative vote of Unitholders present or represented by proxy at the Unitholders’ Meeting, holding BEP units that in the aggregate represent at least two-thirds (66⅔%) of all the outstanding BEP units as of the close of business on the Record Date.

Notwithstanding the approval by the Unitholders in accordance with the foregoing, (a) the BEP Arrangement Resolution authorizes the BEP Board to, without notice to or approval of the Unitholders, (i) amend, modify or supplement the Arrangement Agreement or the Plan of Arrangement to the extent permitted thereby, as described under “The Transaction—Arrangement Agreement—Amendments”, and (ii) subject to the terms of the Arrangement Agreement, not to proceed with the Transaction or any related transactions; and (b) the BEP LPA Amendment Resolution authorizes the BEP Board not to proceed with the BEP LPA Amendment if the Transaction has not been approved.

BEPC Shareholder Approval

At the Shareholders’ Meeting, holders of BEPC exchangeable shares and BEPC class B shares will be asked to approve the BEPC Transaction Resolution. In accordance with the Interim Order, the approval of the BEPC Transaction Resolution will require the affirmative vote of:

Notwithstanding the approval by the holders of BEPC exchangeable shares and the holders of BEPC class B shares of the BEPC Transaction Resolution in accordance with the foregoing, the BEPC Transaction Resolution authorizes the BEPC Board to, without notice to or approval of any shareholders of BEPC, (i) amend, modify or supplement the Arrangement Agreement or the Plan of Arrangement to the extent permitted thereby, as described under “The Transaction—Arrangement Agreement—Amendments”, and (ii) subject to the terms of the Arrangement Agreement, not to proceed with the Transaction or any related transactions.

Court Approval

It is a condition of the Arrangement Agreement that the Interim Order and the Final Order must be obtained from the Court. Prior to the mailing of this Circular, we obtained the Interim Order, which provides for, among other things:

A copy of the Interim Order is attached as Appendix G to this Circular. The Interim Order sets out how Securityholders and other interested parties may participate in the hearing for the Final Order, which has been set for October 19, 2026.

It is expected that shortly after the Meetings, subject to the approval of the BEP Transaction Resolutions by the Unitholders, an application will be made for the Court’s final approval of the Transaction. At the hearing for the Final Order, the Court will determine whether to approve the Transaction. Participation in the hearing for the Final Order, including who may participate and present evidence or argument and the procedure for doing so, is subject to the terms of the Interim Order and any subsequent direction of the Court. Subject to the approval of the BEP Transaction Resolutions by the Unitholders, Brookfield Renewable will announce by news release the time and place of the hearing for the Final Order. The copy of the Interim Order is appended hereto as Appendix G.

Any Securityholder or any other interested party who wishes to appear or be represented and to present evidence or arguments at the hearing of the application for the Final Order must file and serve a response to petition no later than 4:00 p.m. (Vancouver time) on October 14, 2026, in the form prescribed by the Supreme Court Civil Rules, with the Court, and deliver a copy of the filed response together with a copy of all materials on which such Securityholder or other interested party intends to rely at the hearing of the petition, including an outline of such person’s proposed

submission, to Brookfield Renewable c/o Torys LLP, Suite 3000, 79 Wellington Street West, Toronto, Ontario, M5K 1N2 Attention: Andrew Gray and Colette Koopman (agray@torys.com and ckoopman@torys.com).

At the hearing for the Final Order, the Court will consider, among other things, the fairness and reasonableness of the Transaction and the rights of every person affected. The Court may approve the Transaction in any manner the Court may direct, subject to compliance with such terms and conditions, if any, as the Court deems fit. In connection with the hearing for the Interim Order, the Court was informed that the Final Order will also constitute the basis for an exemption from registration under the U.S. Securities Act for the securities to be issued pursuant to the Transaction to BEPC Shareholders pursuant to Section 3(a)(10) of the U.S. Securities Act.

Stock Exchange Listing

It is expected that the BEP Inc. Class A Shares will commence trading shortly after the completion of the Transaction under the symbol “BEP”.

There is currently no public trading market for the BEP Inc. Class A Shares. However, we have applied to have the BEP Inc. Class A Shares listed on the NYSE and the TSX under the symbol “BEP”. The TSX has conditionally approved the listing of the BEP Inc. Class A Shares. Listing on the NYSE is subject to BEP Inc. fulfilling all of the requirements of the NYSE, and listing on the TSX is subject to BEP Inc. fulfilling all of the requirements of the TSX on or before the first trading day of the BEP Inc. Class A Shares.

Following the completion of the Transaction, the BEP Preferred Units will continue to be listed on the TSX and NYSE, as applicable, as follows:

Canadian Securities Law Matters

MI 61-101

As reporting issuers or the equivalent in all of the provinces and territories of Canada, BEP and BEPC are, among other things, subject to the securities laws of the provinces and territories of Canada, including MI 61-101. MI 61-101 regulates certain types of related party and other transactions to ensure equality of treatment among securityholders and may require enhanced disclosure, approval by a majority of securityholders (excluding interested or related parties), independent valuations and, in certain instances, approval and oversight of certain transactions by a special committee of independent directors. The protections of MI 61-101 apply to, among other transactions, “business combinations” (as defined in MI 61-101). MI 61-101 provides that, in certain circumstances, where a “related party” of an issuer (as defined in MI 61-101) is a party to a “connected transaction” (as defined in MI 61-101), or is entitled to receive a “collateral benefit” (as defined in MI 61-101), in connection with an arrangement that terminates the interests of equity securityholders without their consent, such transaction may be considered a “business combination” for the purposes of MI 61-101 and as a result such related party will be an “interested party” (as defined in MI 61-101). A “related party” includes a director, senior officer and any person holding over 10% of the issued and outstanding voting securities of an issuer.

The Boards and the Nominating and Governance Committees concluded that no related party of BEP or BEPC is party to a connected transaction or is entitled to receive a collateral benefit in connection with the Transaction. Moreover, each equity securityholder of Brookfield Renewable, including Brookfield and its related parties, is entitled to receive either: (i) consideration per equity security that is identical in amount and form (being BEP Inc. Class A Shares) to the entitlement of the general body of holders of equity securities of Brookfield Renewable, or (ii) consideration for securities of a class of equity securities of Brookfield Renewable that is not greater than the entitlement of the general body of holders of every other class of equity securities of Brookfield Renewable in relation to the voting and financial participating interests represented by the respective securities (being the exchange of (A) the BEP General Partner Shares by Brookfield for the BEP Inc. Class B Shares and (B) the BREPH LP Units and the BREPH GP Shares by Brookfield Asset Management for BEP Inc. Class I Shares). As a result, the Transaction does not constitute a “business combination” for the purposes of MI 61-101 and therefore BEP and BEPC are not required to obtain “minority approval” or a “formal valuation” under MI 61-101 in connection with the Transaction.

Restricted Securities

As a reporting issuer in all of the provinces and territories of Canada, BEP Inc. will be, among other things, subject to the securities laws of the provinces and territories of Canada, including OSC Rule 56-501 and NI 41-101.

OSC Rule 56-501 regulates the creation and distribution of “restricted shares” by reporting issuers governed by Ontario securities law. The definition of “restricted shares” includes equity shares to which are attached voting rights exercisable in all circumstances, irrespective of the number or percentage of shares owned, that are less, on a per share basis, than the voting rights attached to any other shares of an outstanding class of shares of the issuer.

OSC Rule 56-501 provides, among other things, that the prospectus exemptions under Ontario securities law are not available in respect of a “stock distribution” (as defined in OSC Rule 56-501), unless either: (i) the “stock distribution” or (ii) the “reorganization” (as defined in OSC Rule 56-501) that resulted in the creation of the “restricted shares”, received “minority approval” in addition to any other required securityholder approval. OSC Rule 56-501 provides an exemption from the foregoing requirements to obtain minority approval if the stock distribution is of securities of an issuer that was a private company immediately before the completion of the stock distribution or it is a subsequent distribution by such an issuer of securities of the same class.

In connection with the Transaction, the BEP Inc. Class A Shares, which will be “restricted shares” within the meaning of OSC Rule 56-501, are being created and distributed. The distribution of the BEP Inc. Class A Shares will be exempt from the minority approval requirements of OSC Rule 56-501 because BEP Inc. will be a private company immediately prior to the Transaction.

NI 41-101 provides that an issuer must not file a prospectus under which “restricted securities” (as defined in NI 41-101) or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, restricted securities, are distributed unless either: (i) the distribution has received majority approval of the securityholders excluding any votes attached to securities held by affiliates or control persons of the issuer, or (ii) the “restricted security reorganization” (as defined in NI 41-101) related to the securities to be distributed received prior majority approval of the securityholders excluding any votes attached to securities held by affiliates or control persons of the issuer.

Following the completion of the Transaction, the BEP Inc. Class A Shares will be “restricted securities” within the meaning of NI 41-101. BEP has applied for and obtained exemptive relief in order to not require further approval by holders of BEP Inc. Class A Shares for any future prospectus distributions of BEP Inc. Class A Shares or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares, pursuant to NI 41-101, to the extent applicable in the future. The exemptive relief order will allow BEP Inc. to file a prospectus in respect of the BEP Inc. Class A Shares or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for BEP Inc. Class A Shares without requiring further approval by BEP Inc. shareholders. The exemptive relief is conditional on, among other things, the BEP Transaction Resolutions and BEPC Transaction Resolution having been approved by (i) on a combined basis, a majority of the votes cast by Securityholders (other than affiliates and control persons of BEP and BEPC) with, for the purposes of the calculation of this combined approval, the lower number of votes cast in favor of the BEP Arrangement Resolution or the BEP LPA Amendment Resolution being combined with the number of votes cast in favor of the BEPC Transaction Resolution; or (ii) in the

event that the BEPC Transaction Resolution is not approved by BEPC Shareholders, a majority of the votes cast by Unitholders (other than affiliates and control persons of BEP) with, for the purposes of the calculation of this approval, using the lower number of votes cast in favor of the BEP Arrangement Resolution or the BEP LPA Amendment Resolution.

Accordingly, (i) in respect of BEP, voting in favor of the BEP Transaction Resolutions (either the BEP Arrangement Resolution or the BEP LPA Amendment Resolution) will constitute voting in favor of BEP Inc.’s ability to conduct future issuances of BEP Inc. Class A Shares or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares pursuant to a prospectus, and (ii) in respect of BEPC, voting in favor of the BEPC Transaction Resolution will, in the event that the BEPC Transaction Resolution is approved by BEPC Shareholders, constitute voting in favor of BEP Inc.’s ability to conduct future issuances of BEP Inc. Class A Shares or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares pursuant to a prospectus, in each case, without requiring further approval by BEP Inc. shareholders in accordance with NI 41-101.

As of the Record Date, a total of 81,306,719 BEP units and 10,094,152 BEPC exchangeable shares will be excluded for purposes of calculating the securityholder approval threshold described above. See “The Meetings—Principal Holders of Securities Entitled to Vote”.

Completion of the Transaction is not conditional on satisfaction of the conditions set forth in the exemptive relief order, but without reliance on such relief, future approval of BEP Inc. shareholders might be required in order for BEP Inc. to be permitted to undertake future issuances of BEP Inc. Class A Shares.

Qualification and Resale of Securities

The BEP Inc. Class A Shares, BEP Inc. Class B Shares and BEP Inc. Class I Shares to be issued in connection with the Transaction will be issued in reliance on an exemption from the prospectus requirements of securities legislation in each province and territory of Canada. Subject to disclosure and regulatory requirements and to customary restrictions applicable to distributions of shares that constitute “control distributions”, the shares issued pursuant to the Transaction may be resold in each province and territory in Canada, subject in certain circumstances to the usual conditions that no unusual effort, or no effort, has been made to prepare the market or create demand.

United States Securities Laws Matters

The following discussion is only a general overview of certain requirements of U.S. Securities Laws that may be applicable to holders of BEP Inc. Class A Shares to be issued in connection with the Transaction. Further information applicable to U.S. Securityholders is disclosed under the heading “Notice to Securityholders in the United States”. All holders of such securities are urged to obtain legal advice to ensure that the resale of such securities complies with applicable U.S. Securities Laws.

The following discussion does not address the Canadian securities legislation that will apply to the issuance of BEP Inc. Class A Shares or the resale of these securities by U.S. Securityholders within Canada. U.S. Securityholders reselling their BEP Inc. Class A Shares in Canada must comply with Canadian securities laws. See “—Canadian Securities Law Matters” above.

Exemption from the Registration Requirements of the U.S. Securities Act

The issuance of the BEP Inc. Class A Shares pursuant to the Transaction has not been and will not be registered under the U.S. Securities Act and will be issued in reliance on the exemption afforded by Section 3(a)(10) of the U.S. Securities Act and in compliance with the U.S. Securities Laws of each state of the United States in which the holders reside. Section 3(a)(10) of the U.S. Securities Act exempts from the registration requirements under the U.S. Securities Act the issuance of securities which have been approved by a court of competent jurisdiction, after a hearing upon the substantive and procedural fairness of the terms and conditions of the relevant transaction and at which all persons to whom it is proposed the securities will be issued will have the right to appear. The Court issued the Interim Order on August 21, 2026 and, subject to the approval of the BEP Transaction Resolutions by the Unitholders and the holding

of the Shareholders’ Meeting, a hearing for a final order approving the Transaction is expected to take place on or about October 19, 2026 at the Court at 800 Smithe Street, Vancouver, British Columbia V6Z 2E1 or as soon thereafter as is reasonably practicable. All persons whom it is proposed to issue securities pursuant to the Transaction will have the right to appear at this hearing and will receive timely and adequate notice thereof, provided that they satisfy the applicable conditions set forth in the Interim Order. See “—Court Approval” above.

Resales of BEP Inc. Class A Shares After the Effective Time

The BEP Inc. Class A Shares to be issued pursuant to the Transaction will be freely transferable under U.S. Securities Laws, except by persons who are “affiliates” of BEP Inc. after the Effective Time, or were “affiliates” of BEP or BEPC, as applicable, within 90 days prior to the Effective Time. As defined in Rule 144 under the U.S. Securities Act, an “affiliate” of an issuer is a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer. Typically, persons who are executive officers, directors or 10% or greater shareholders of an issuer are considered to be its “affiliates”. Holders should consult with their own legal counsel regarding status as an “affiliate”.

Securityholders who are “affiliates” of BEP Inc. after the Effective Time or who were affiliates of BEP or BEPC, as applicable, within 90 days prior to the Effective Time may not resell their BEP Inc. Class A Shares that they receive in connection with the Transaction in the absence of registration under the U.S. Securities Act, unless an exemption from registration is available, such as the exemptions contained in Rule 144 or Regulation S. For “affiliates”, Rule 144 imposes additional resale requirements, including volume limitations and manner of sale and notice requirements. Under Regulation S, resales by “affiliates” of BEP Inc., otherwise than solely by virtue of their position as a director or officer, also may be subject to additional resale restrictions.

Following closing of the Transaction, BEP Inc. will be deemed to be a “successor issuer” under the U.S. Exchange Act to BEP, and to BEPC if the Share Exchange occurs, and consequently, BEP Inc. Class A Shares will be deemed to be registered pursuant to Section 12(b) of the U.S. Exchange Act and BEP Inc. will become subject to the reporting requirements of the U.S. Exchange Act. As a “foreign private issuer” under the U.S. Exchange Act, BEP Inc. will, upon consummation of the Transaction, be required to file and/or furnish to the SEC current and annual reports with the SEC. Such documents will be available electronically on EDGAR at www.sec.gov/edgar.

The solicitation of proxies hereby is not subject to the requirements of Section 14(a) of the U.S. Exchange Act, by virtue of an exemption applicable to proxy solicitations by a “foreign private issuer” under the U.S. Exchange Act. Accordingly, the solicitation of proxies is being made by or on behalf of BEP and BEPC in accordance with applicable corporate and securities laws, and this Circular has been prepared in accordance with disclosure requirements applicable in Canada. Securityholders should be aware that requirements under such Canadian laws and such disclosure requirements may differ from requirements under United States corporate and securities laws relating to United States corporations.

Information concerning BEP, BEPC and BEP Inc. contained in this Circular has been prepared in accordance with Canadian disclosure standards, which are not comparable in all respects to United States disclosure standards. Unless otherwise indicated, the financial statements and other financial information set forth herein have been prepared in accordance with IFRS Accounting Standards. IFRS Accounting Standards differ from United States generally accepted accounting principles, and the financial statements and financial information presented may not be comparable with financial statements and financial information of similar United States entities that file reports with the SEC.

Prospective investors should be aware that the Transaction described in this Circular may have tax consequences both in Canada and in the United States which are not described fully herein. Securityholders are urged to consult their tax advisors regarding the U.S. federal and Canadian income tax consequences of the Transaction. See “Certain United States Federal Income Tax Considerations” and “Certain Canadian Federal Income Tax Considerations”.

INFORMATION CONCERNING BEP INC.

Corporate Structure

BEP Inc. was incorporated under the Business Corporations Act (British Columbia) on June 30, 2026. BEP Inc.’s head office is located at 225 Liberty Street, 8th Floor, New York, NY 10281. BEP Inc. has not carried on any active business and its sole issued and outstanding share capital is 20 common shares issued to Brookfield Renewable Power Inc., a subsidiary of Brookfield. The chart below provides an illustration of the simplified corporate structure of BEP Inc. immediately following completion of the Transaction (assuming BEPC Shareholders approve the Transaction and the Share Exchange occurs). Please note that on this chart all interests are 100% unless otherwise indicated and “GP Interest” denotes a general partnership interest. This chart should be read in conjunction with the explanation of our ownership and organizational structure below and the information elsewhere included in this Circular.

Notes:

Description of the Business

There will be no substantive change to the business of our group in connection with the Transaction. BEP Inc. will continue to serve as one of the world’s largest publicly traded platforms for renewable power and sustainable solutions.

BEP Inc.’s renewable power portfolio will consist of hydroelectric, wind, utility-scale solar, distributed solar and storage facilities and its sustainable solutions assets will include investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others. BEP Inc.’s mission will be to own and operate a globally diversified portfolio of high-quality renewable assets that will generate sustainable and growing distributions over the long-term for our securityholders. To accomplish this objective, BEP Inc. will invest in renewable power and sustainable solutions assets directly, as well as with institutional partners, joint venture partners and through other arrangements. Across the business, we leverage our extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis and cultivate positive relations with local stakeholders. BEP Inc. will seek to target a total return of 12% to 15%+ per annum on the assets that it owns, measured over the long-term. Like BEP and BEPC, BEP Inc.’s dividends will be underpinned by stable, highly regulated and contracted cash flows generated from operations, and its objective will be to pay a dividend that is sustainable on a long-term basis.

For more information on our business, see “Item 4.B Business Overview” in each of the BEP Annual Report and the BEPC Annual Report, each of which is incorporated by reference in this Circular.

Financial Information

The following financial statements have been prepared in connection with the Transaction:

Following the completion of the Transaction, BEP will be the predecessor of BEP Inc. for accounting purposes and therefore the historical financial statements of BEP will become the historical financial statements of BEP Inc. See Appendix I “BEP Inc. Audited Financial Statements” and Appendix J “BEP Inc. Unaudited Pro Forma Financial Statements”.

Relationship with Brookfield

After the completion of the Transaction, BEP Inc.’s relationship with Brookfield will be the same as our existing relationship with Brookfield. See “Item 7.B Related Party Transactions—Relationship with Brookfield” in the BEP Annual Report.

The Service Providers, which are all subsidiaries of Brookfield Asset Management, will provide services to BEP Inc., and BEP Inc. will accordingly be added as a Service Recipient under the Master Services Agreement.

BEP Inc. and Brookfield will enter into the New Registration Rights Agreement, which will have substantially the same terms as the BEP Registration Rights Agreement in respect of BEP units held by Brookfield and the BEPC Registration Rights Agreement in respect of any BEPC exchangeable shares held by Brookfield. Under the New Registration Rights Agreement, BEP Inc. will agree that, upon the request of Brookfield, BEP Inc. will file one or more registration statements or prospectuses to register for sale and qualify for distribution under applicable securities laws any BEP Inc. Class A Shares held by Brookfield. Consistent with the existing arrangements, we will agree to pay expenses in connection with such registration and sales and will indemnify Brookfield for material misstatements or omissions in the registration statement.

Additionally, several other important agreements between Brookfield Renewable and Brookfield will be updated or amended to give effect to the Transaction. See “The Transaction—Material Agreements” for more information.

Directors and Executive Officers

Following completion of the Transaction, the BEP Inc. Board is expected to consist of Connor Teskey (Chair), Nancy Dorn, Lou Maroun, Stephen Westwell, Patricia Zuccotti, and Eleazar de Carvalho Filho. Other than Mr. Teskey, the Chief Executive Officer of Brookfield Renewable, each of the expected initial directors of BEP Inc. are currently independent directors of BEPC and will be considered independent of BEP Inc.

BEP Inc. will not have any employees. Similar to BEP and BEPC, members of Brookfield’s senior management and other individuals from Brookfield’s global affiliates will be drawn upon to fulfill the Service Providers obligations under the Master Services Agreement. We expect that the individuals who will be responsible for BEP Inc. will be the same as those fulfilling these roles at BEP.

Please see “Item 6.A Directors and Senior Management” in the BEPC Annual Report, which is incorporated by reference in this Circular, as well as “Director Nominees” in the BEPC 2026 Annual Management Information Circular, for more information in respect of the directors and executive officers of BEP Inc. following the completion of the Transaction.

For a discussion related to our corporate governance practices and director compensation and equity ownership, see “Statement of Corporate Governance Practices” and “Director Compensation and Equity Ownership” in the BEPC 2026 Annual Management Information Circular, which is incorporated by reference in this Circular.

Dividend Policy

Upon completion of the Transaction, BEP Inc. will adopt a dividend policy that is substantially similar to BEP’s existing distribution policy. BEP Inc.’s dividends will be underpinned by stable, highly regulated and contracted cash flows generated from operations. BEP Inc.’s objective will be to pay a dividend that is sustainable on a long-term basis and will set its target payout ratio at approximately 70% of FFO. In line with BEP’s existing targets, BEP Inc. will target 5% to 9% annual dividend increases in light of growth it foresees in its operations. The BEP Inc. Board may declare dividends at its discretion. Consistent with the current distribution to existing Unitholders and the current dividend to existing BEPC Shareholders, BEP Inc. intends to pay a quarterly cash dividend on the BEP Inc. Class A Shares and the BEP Inc. Class B Shares of $0.392 per share (or $1.568 per share on an annualized basis). Dividends on the BEP Inc. Class A Shares and BEP Inc. Class B Shares will be subject to the prior rights of the holders of the BEP Inc. Class A Preferred Shares (if any) and any other shares ranking senior to the BEP Inc. Class A Shares and BEP Inc. Class B Shares with respect to priority in payment of dividends. BEP Inc. is not required to make such dividends and no assurance can be given that BEP Inc. will make such dividends as intended. See “Information Concerning BEP—Distribution Policy” and “Information Concerning BEPC—Dividend Policy”.

Following completion of the Transaction, the existing BEP Preferred Units will remain outstanding. As BEP Inc. will hold its interest in the Brookfield Renewable business through ownership of BEP units and BEP exchangeable securities that are the economic equivalent of BEP units, BEP Inc.’s ability to pay a dividend on its shares will be dependent on the distributions it receives on its BEP units and economically equivalent securities. As a result, the dividend entitlements of holders of BEP Inc. shares will be structurally subordinated to the prior rights of the holders of BEP Preferred Units.

Except as set forth herein, after completion of the Transaction, BEP Inc. does not expect there to be any material restrictions (contractual or otherwise) on its ability or the ability of its subsidiaries to declare and pay dividends.

Share Capital

BEP Inc. was initially formed with a single class of common shares, all of which were held by Brookfield Renewable Power Inc., a subsidiary of Brookfield. Prior to the Effective Date, the notice of articles and articles of BEP Inc. will be amended to create the authorized share capital described below and as set forth in the draft articles of BEP Inc. attached as Appendix K to this Circular. BEP Inc. will be authorized to issue four classes of shares: (i) an unlimited number of BEP Inc. Class A Shares; (ii) an unlimited number of BEP Inc. Class B Shares; (iii) an unlimited number

of BEP Inc. Class I Shares; and (iv) an unlimited number of BEP Inc. Class A Preferred Shares, issuable in series. No series of BEP Inc. Class A Preferred Shares will be issued initially.

Upon completion of the Transaction (assuming that BEPC Shareholders approve the Transaction), and based on the BEP units, BEP exchangeable securities, BEP General Partner Shares, BREPH LP Units and BREPH GP Shares issued and outstanding as of the date of this Circular, we anticipate that approximately 680,198,825 BEP Inc. Class A Shares, 30,034 BEP Inc. Class B Shares and 3,977,260 BEP Inc. Class I Shares will be issued and outstanding. The Brookfield Holders, through their ownership of BEP Inc. Class A Shares and BEP Inc. Class B Shares, will collectively hold approximately 73.6% of the votes attached to all classes of voting shares of BEP Inc. (approximately 79.3% if the Share Exchange does not occur).

See “The Transaction—Background to the Transaction” and “—Corporate Structure” above.

Description of BEP Inc. Class A Shares

The following description of the BEP Inc. Class A Shares sets forth certain general terms and provisions of the BEP Inc. Class A Shares. This description is in all respects subject to and qualified in its entirety by applicable law and the provisions of BEP Inc.’s articles. For a comparison of rights of holders of the BEP Inc. Class A Shares, BEP units and BEPC exchangeable shares, please see “Comparison of Rights of Securityholders”.

The full text of the terms of the BEP Inc. Class A Shares is set forth in the draft articles of BEP Inc. which are attached as Appendix K to this Circular.

Voting

Except as otherwise expressly provided in the articles or as required by law, each holder of BEP Inc. Class A Shares will be entitled to receive notice of, and to attend and vote at, all meetings of shareholders of BEP Inc., except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Each holder of BEP Inc. Class A Shares will be entitled to cast one vote for each BEP Inc. Class A Share held on the record date for determination of shareholders entitled to vote at the applicable meeting. Except as otherwise expressly provided in the articles or as required by law, the holders of BEP Inc. Class A Shares and BEP Inc. Class B Shares will vote together and not as separate classes.

The quorum for any meeting of shareholders of BEP Inc. will be at least two shareholders, who, whether present in person or represented by proxy, in the aggregate hold at least 51% of the total number of votes attached to the BEP Inc. Class A Shares and BEP Inc. Class B Shares.

Dividends

Subject to applicable law, the holders of BEP Inc. Class A Shares will be entitled to receive dividends as and when declared by the BEP Inc. Board subject to the prior rights of the BEP Inc. Class A Preferred Shares and any other shares ranking senior to the BEP Inc. Class A Shares with respect to priority in payment of dividends. Each BEP Inc. Class A Share will receive dividends of the same type and in an amount per share equal to any dividend declared and paid on each BEP Inc. Class B Share. The record date and payment date of the dividends on the BEP Inc. Class A Shares will be the same record date and payment date for the corresponding dividend on the BEP Inc. Class B Shares and the BEP Inc. Class I Shares, each as approved by the BEP Inc. Board. The BEP Inc. Class A Shares will rank on a parity with the BEP Inc. Class B Shares and the BEP Inc. Class I Shares with respect to dividends.

Subdivision, Consolidation, etc.

Any subdivision or consolidation of the BEP Inc. Class A Shares will be concurrent with an identical subdivision or consolidation of the BEP Inc. Class B Shares and BEP Inc. Class I Shares.

Liquidation Rights

Subject to applicable law and the prior rights of the holders of the BEP Inc. Class A Preferred Shares, BEP Inc. Class I Shares and any other shares ranking senior to the BEP Inc. Class A Shares with respect to priority on the liquidation, dissolution or winding up of BEP Inc., whether voluntary or involuntary, or any other distribution of the assets of BEP Inc. among its shareholders for purposes of winding up its affairs (a “BEP Inc. Liquidation Event”), the BEP Inc. Class A Shares will rank equally with the BEP Inc. Class B Shares upon the occurrence of a BEP Inc. Liquidation Event, and will each share rateably in the remaining property and assets of BEP Inc.

Description of BEP Inc. Class B Shares

The following description of the BEP Inc. Class B Shares sets forth certain general terms and provisions of the BEP Inc. Class B Shares. This description is in all respects subject to and qualified in its entirety by reference to applicable law and the provisions of the articles of BEP Inc.

Voting

Except as otherwise expressly provided in the articles or as required by law, each holder of BEP Inc. Class B Shares will be entitled to receive notice of, and to attend and vote at, all meetings of shareholders of BEP Inc., except for meetings at which only holders of another specified class or series of shares of BEP Inc. are entitled to vote separately as a class or series. Except as otherwise expressly provided in the articles or as required by law, the holders of BEP Inc. Class A Shares and BEP Inc. Class B Shares will vote together and not as separate classes. The holders of BEP Inc. Class B Shares as a class will be entitled to cast, in the aggregate, a number of votes equal to the number of outstanding BEP Inc. Class A Shares held on the record date for determination of the shareholders entitled to vote at the applicable meeting minus 100, as adjusted from time to time to reflect any subdivision or consolidation of the BEP Inc. Class A Shares and BEP Inc. Class B Shares. The aggregate number of votes attached to the BEP Inc. Class B Shares will be allocated to the outstanding BEP Inc. Class B Shares on a pro rata basis.

Dividends

The holders of BEP Inc. Class B Shares will be entitled to receive dividends as and when declared by the BEP Inc. Board subject to the prior rights of the BEP Inc. Class A Preferred Shares and any other shares ranking senior to the BEP Inc. Class B Shares with respect to priority in payment of dividends. Each BEP Inc. Class B Share will receive dividends of the same type and in an amount per share equal to any dividend declared and paid on each BEP Inc. Class A Share. The record date and payment date of the dividends on the BEP Inc. Class B Shares will be the same record date and payment date for the corresponding dividend on the BEP Inc. Class A Shares and the BEP Inc. Class I Shares, each as approved by the BEP Inc. Board. The BEP Inc. Class B Shares will rank on a parity with the BEP Inc. Class A Shares and the BEP Inc. Class I Shares with respect to dividends.

Subdivision, Consolidation, etc.

Any subdivision or consolidation of the BEP Inc. Class B Shares will be concurrent with an identical subdivision or consolidation of the BEP Inc. Class A Shares and BEP Inc. Class I Shares.

Liquidation Rights

Subject to applicable law and the prior rights of the holders of the BEP Inc. Class A Preferred Shares, BEP Inc. Class I Shares and any other shares ranking senior to the BEP Inc. Class B Shares with respect to priority on a BEP Inc. Liquidation Event, the BEP Inc. Class B Shares will rank equally with the BEP Inc. Class A Shares upon the occurrence of a BEP Inc. Liquidation Event, and will each share rateably in the remaining property and assets of BEP Inc.

Restrictions on Transfer

The BEP Inc. Class B Shares will not be transferable except to BN, Brookfield Asset Management or, following the completion of the arrangement involving BN and Brookfield Corporation Ltd. pursuant to a transaction agreement among BN, BWS, and Brookfield Corporation Ltd. dated May 26, 2026, Brookfield Corporation Ltd., any of their successors or assigns, or any person controlled by any of them.

Description of BEP Inc. Class I Shares

The following description of the BEP Inc. Class I Shares sets forth certain general terms and provisions of the BEP Inc. Class I Shares. This description is in all respects subject to and qualified in its entirety by reference to applicable law and the provisions of the articles of BEP Inc.

Voting

Except as required by law, the holders of BEP Inc. Class I Shares will be entitled to receive notice of and to attend but will not be entitled to vote at any meeting of the shareholders of BEP Inc. If the holders of BEP Inc. Class I Shares are entitled to vote pursuant to applicable law, each holder will be entitled to cast one vote for each BEP Inc. Class I Share held on the record date for the determination of shareholders entitled to vote at the applicable meeting.

Dividends

The holders of BEP Inc. Class I Shares will be entitled to receive the following dividends as and when declared by the BEP Inc. Board subject to the prior rights of the holders of the BEP Inc. Class A Preferred Shares and any other shares ranking senior as to dividends:

The payment of Incentive Dividends is designed to replicate the incentive distributions currently paid by BRELP. For greater certainty, concurrent with the declaration of any dividend on the BEP Inc. Class A Shares or BEP Inc. Class B Shares, the BEP Inc. Board will be required to declare a dividend on the BEP Inc. Class I Shares of an amount per share equal to the amount per share of any such dividend and any Incentive Dividend on the BEP Inc. Class I Shares due at such time.

BEP Inc. will maintain a notional account (the “Incentive Dividend Account”) that will track the aggregate amount of any performance-based dividends, distributions or other profit entitlements (referred to as “Underlying Incentive Dividends”) that have already been paid or are payable to Brookfield by the Holding Entities or underlying operating entities in which BEP Inc. has invested. The Incentive Dividend in any quarter will be (i) reduced prior to its declaration (but will not be reduced to less than zero) by any amount in the Incentive Dividend Account at the time the Incentive Dividend is calculated and (ii) increased by the additional amount per BEP Inc. Class I Share that would have been payable to the holders of BEP Inc. Class I Shares as an Incentive Dividend had any security that the BEP Inc. Board determines to be economically equivalent to BEP Inc. Class A Shares been converted into BEP Inc. Class A Shares before the end of the applicable quarter, less any equivalent Incentive Dividends paid by any member of the Company Group to any member of the Brookfield Group (as defined in the Master Services Agreement) in respect of such equivalent security for the applicable quarter (“Equivalent Security Amount”). The amount by which an Incentive Dividend is reduced will be adjusted by the independent directors of the BEP Inc. Board on an equitable basis as necessary to take into account the benefit BEP Inc. would have received had Underlying Incentive Dividends not been paid or payable. The Incentive Dividend Account will be adjusted by the independent directors of the BEP

Inc. Board from time to time to deduct amounts that have already been applied to reduce Incentive Dividends or any clawback or similar amount paid or contributed by an operating entity or Holding Entity of BEP Inc. in respect of an Underlying Incentive Dividend.

Holders of BEP Inc. Class I Shares may also elect, in their sole discretion, to receive any Incentive Dividend in the form of BEP Inc. Class A Shares rather than cash, with the number of BEP Inc. Class A Shares determined by dividing the cash amount otherwise payable by the market value of a BEP Inc. Class A Share (based on the five-day volume-weighted average trading price) at the time the Incentive Dividend is declared.

The BEP Inc. Class I Shares will rank on a parity with the BEP Inc. Class A Shares and the BEP Inc. Class B Shares with respect to dividends.

Subdivision, Consolidation, etc.

Any subdivision or consolidation of the BEP Inc. Class I Shares will be concurrent with an identical subdivision or consolidation of the BEP Inc. Class A Shares and BEP Inc. Class B Shares.

Liquidation Rights

Subject to applicable law and the prior rights of the BEP Inc. Class A Preferred Shares and any other shares ranking senior to the BEP Inc. Class I Shares with respect to priority on a BEP Inc. Liquidation Event, upon a BEP Inc. Liquidation Event, holders of BEP Inc. Class I Shares are entitled to receive the “Class I Liquidation Amount”, as approved by the independent directors of the BEP Inc. Board.

Although the BEP Inc. Class I Shares rank senior to the BEP Inc. Class A Shares and BEP Inc. Class B Shares on a BEP Inc. Liquidation Event, the calculation of the Class I Liquidation Amount replicates the liquidation entitlement of the BRELP GP Units set out in the BRELP Limited Partnership Agreement, with the result being that the relative entitlements of the BEP Inc. Class A Shares, BEP Inc. Class B Shares and BEP Inc. Class I Shares on a BEP Inc. Liquidation Event are the same as those of the BEP units, REUs, BEP GP units and BRELP GP Units, as applicable, under the terms of the existing BEP Limited Partnership Agreement and BRELP Limited Partnership Agreement.

The formula used to calculate the Class I Liquidation Amount depends on the value of the property and assets of BEP Inc. available for distribution after satisfying the prior entitlements of the BEP Inc. Class A Preferred Shares and any other shares ranking senior to the BEP Inc. Class I Shares with respect to priority on a BEP Inc. Liquidation Event (the “Available Property”). Those formulae are described below in order of increasing amount of Available Property:

The full formulae are set out in the share terms.

The Class I Liquidation Amount is subject to adjustment by the independent directors of the BEP Inc. Board to take into account any balance in the Incentive Dividend Account and any Equivalent Security Amount.

Description of BEP Inc. Class A Preferred Shares

The following description of BEP Inc. Class A Preferred Shares sets forth certain general terms and provisions of BEP Inc. Class A Preferred Shares. This description is in all respects subject to and qualified in its entirety by reference to applicable law and the provisions of the articles of BEP Inc.

Directors’ Right to Issue in One or More Series

The BEP Inc. Class A Preferred Shares may be issued at any time or from time to time in one or more series. Before any series are issued, the BEP Inc. Board will fix the number of shares that will form such series, if any, will identify the name of such series, and will, subject to any limitations set out in the articles of BEP Inc. or in applicable law, determine the designation, rights, privileges, restrictions and conditions to be attached to the BEP Inc. Class A Preferred Shares, as the case may be, of such series. No series have initially been authorized for issuance.

Voting

Except as hereinafter referred to or as required by law or as specified in the rights, privileges, restrictions and conditions attached from time to time to any series of BEP Inc. Class A Preferred Shares, the holders of such BEP Inc. Class A Preferred Shares will not be entitled as such to receive notice of, to attend or to vote at any meeting of the shareholders of BEP Inc.

Ranking

Each series of BEP Inc. Class A Preferred Shares will rank pari passu with every other series of BEP Inc. Class A Preferred Shares with respect to dividends and upon a BEP Inc. Liquidation Event. The BEP Inc. Class A Preferred Shares are entitled to a preference over the BEP Inc. Class I Shares, the BEP Inc. Class A Shares, the BEP Inc. Class B Shares and any other shares ranking junior to the BEP Inc. Class A Preferred Shares with respect to dividends and upon a BEP Inc. Liquidation Event.

Choice of Forum for U.S. Securities Act Claims

The articles of BEP Inc. will provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America will, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. Securities Act. In the absence of this provision, under the U.S. Securities Act, U.S. federal and state courts have been found to have concurrent jurisdiction over suits brought to enforce duties or liabilities created by the U.S. Securities Act. This choice of forum provision will not apply to suits brought to enforce duties or liabilities created by the U.S. Exchange Act and could be found to be inapplicable or unenforceable if it is challenged in a legal proceeding or otherwise.

Prior Sales

Upon formation of BEP Inc., Brookfield Renewable Power Inc. subscribed for 20 common shares in the capital of BEP Inc. for an aggregate subscription price of $1,000. Prior to the Effective Date, such shares will be redesignated as 20 BEP Inc. Class B Shares. BEP Inc. is not expected to issue any other securities prior to the Effective Date.

Listing and Trading of BEP Inc. Class A Shares

The BEP Inc. Class A Shares will be listed and posted for trading on the NYSE and TSX in connection with the completion of the Transaction.

There is currently no public trading market for the BEP Inc. Class A Shares. Listing on the NYSE is subject to BEP Inc. fulfilling all of the requirements of the NYSE, and listing on the TSX is subject to BEP Inc. fulfilling all of the requirements of the TSX on or before the first trading day of the BEP Inc. Class A Shares.

Dividend Reinvestment Plan

BEP Inc. is expected to adopt a dividend reinvestment plan (the “DRIP”) that is substantially similar to the distribution reinvestment plan currently available to Unitholders. Through the plan, registered holders of BEP Inc. Class A Shares who are resident in Canada or the United States will have the opportunity to acquire additional BEP Inc. Class A Shares by reinvesting all or a portion of their cash dividends without paying commissions. Non-registered holders of BEP Inc. Class A Shares whose BEP Inc. Class A Shares are registered in the name of CDS or a name other than the participant’s own name may participate in the DRIP by making appropriate arrangements with their broker, investment dealer, financial institution or other nominee who holds the participant’s BEP Inc. Class A Shares to enroll in the DRIP on the participant’s behalf.

In connection with the completion of the Transaction, BEP’s existing distribution reinvestment plan will be terminated. If the transaction is completed as anticipated in the fourth quarter of 2026, the final distribution of BEP units pursuant to BEP’s distribution reinvestment plan will be in respect of BEP’s distribution payable September 29, 2026 to Unitholders of record as of August 31, 2026. Further information about the DRIP will be made available on our website at https://bep.brookfield.com under “Corporate Simplification”.

Principal Securityholders

Upon completion of the Transaction, Brookfield will hold all of the BEP Inc. Class B Shares and Class I Shares. Specifically, a subsidiary of BN will hold all of the issued and outstanding BEP Inc. Class B Shares and subsidiaries of Brookfield Asset Management will hold all of the issued and outstanding BEP Inc. Class I Shares.

The following table presents information regarding the number and percentage of the outstanding BEP Inc. Class A Shares that the Brookfield Holders are expected to beneficially own or exercise control or direction over following the completion of the Transaction (assuming BEPC Shareholders approve the Transaction and the Share Exchange occurs):

Notes:

The BEP Inc. Class A Shares held by the Brookfield Holders will not entitle such shareholders to different voting rights than those of other holders of the BEP Inc. Class A Shares. However, the BEP Inc. Class A Shares and the BEP Inc. Class B Shares have different voting rights. The holders of BEP Inc. Class A Shares will be entitled to one vote per share and the holders of BEP Inc. Class B Shares as a class will be entitled to cast, in the aggregate, a number of votes equal to the number of outstanding BEP Inc. Class A Shares held on the record date for determination of the shareholders entitled to vote at the applicable meeting minus 100, as adjusted from time to time to reflect any subdivision or consolidation of the BEP Inc. Class A Shares and BEP Inc. Class B Shares. As a result, the holders of the BEP Inc. Class A Shares will control more than 50% of the aggregate voting rights of BEP Inc. As a result of the foregoing, it is expected that, following completion of the Transaction, the Brookfield Holders will hold an approximate 73.6% aggregate voting interest in BEP Inc. (approximately 79.3% if the Share Exchange does not occur).

The BEP Inc. Class B Shares will not be transferable except to BN, Brookfield Asset Management or, following the completion of the arrangement involving BN and Brookfield Corporation Ltd. pursuant to a transaction agreement among BN, BWS, and Brookfield Corporation Ltd. dated May 26, 2026, Brookfield Corporation Ltd., any of their successors or assigns, or any person controlled by any of them.

Executive Compensation

BEP Inc. has not yet paid any compensation to any of its executive officers or any person expected to become an executive officer of BEP Inc. The form and amount of the compensation to be paid to each of BEP Inc.’s executive officers in any future period will be determined in a manner consistent with that of BEPC. Similar to how BEP and BEPC are currently managed, BEP Inc. will be externally managed by the Service Providers pursuant to the Master Services Agreement. BEP Inc. will not have a compensation committee as compensation will continue to be determined by Brookfield. See “The Transaction—Material Agreements” for more information on the Master Services Agreement.

For a discussion of executive compensation matters as they will relate to BEP Inc. upon completion of the Transaction, see “Report on Executive Compensation” in the BEPC 2026 Annual Management Information Circular, which is incorporated by reference in this Circular.

Board Committees

Following completion of the Transaction, BEP Inc. will have the following two standing committees of the board, which will assist in the effective functioning of the BEP Inc. Board and help ensure that the views of independent directors are effectively represented:

The foregoing committees will initially be comprised of the same members who currently sit on the equivalent committees of the BEPC Board.

The responsibilities of these committees will be set out in written charters, which will be reviewed and approved annually by the BEP Inc. Board. Special committees may be formed from time to time as required to review particular matters or transactions.

While the BEP Inc. Board will retain overall responsibility for corporate governance matters, each standing committee will have specific responsibilities for certain aspects of corporate governance in addition to its other responsibilities, as described below.

Audit Committee

Following completion of the Transaction, the BEP Inc. Board will be required to establish and maintain at all times an audit committee that operates pursuant to a written charter. The audit committee will be required to consist solely of independent directors and each member must be financially literate and there will be at least one member designated as an audit committee financial expert. The audit committee will be responsible for assisting and advising the BEP Inc. Board with matters relating to:

The audit committee will also be responsible for engaging BEP Inc.’s independent auditors, reviewing the plans and results of each audit engagement with such independent auditors, approving professional services provided by BEP Inc.’s independent auditors, considering the range of audit and non-audit fees charged by BEP Inc.’s independent auditors and reviewing the adequacy of BEP Inc.’s internal accounting controls.

The BEP Inc. Board will adopt a written policy on auditor independence (the “pre-approval policy”). Under the pre-approval policy, except in very limited circumstances, all audit and permitted non-audit services will be required to be pre-approved by the audit committee. The pre-approval policy will prohibit the auditors from providing the following types of non-audit services:

The pre-approval policy will permit the auditors to provide other types of non-audit services, but only if approved in advance by the audit committee, subject to limited exceptions. The pre-approval policy will also address issues relating to the disclosure of fees paid to the auditors.

BEP Inc.’s audit committee will consist solely of independent directors, each of whom are persons determined by BEP Inc. to be financially literate within the meaning of National Instrument 52-110 – Audit Committees. Each of the audit committee members will have the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by BEP Inc.’s financial statements.

Nominating and Governance Committee

Following completion of the Transaction, the BEP Inc. Board will be required to establish and maintain at all times a nominating and governance committee that operates pursuant to a written charter. The nominating and governance committee will be required to consist of entirely independent directors.

The nominating and governance committee will approve a conflicts management policy which addresses the approval and other requirements for transactions in which there is a greater potential for a conflict of interest to arise. The nominating and governance committee may be required to approve any such transactions.

The nominating and governance committee will be responsible for recommending the appointment by the sitting directors of a person to the office of director and for recommending a slate of nominees for election as directors by BEP Inc.’s shareholders. The nominating and governance committee will also be responsible for assisting and advising the BEP Inc. Board with respect to matters relating to the general operation of the board, the governance of BEP Inc. and the performance of its board, individual directors and the Service Provider. The nominating and governance committee will also assess the size and composition of the BEP Inc. Board and its committees and review the effectiveness of BEP Inc.’s Board’s relations with the Service Provider. The nominating and governance committee will also be responsible for reviewing the performance and compensation of the BEP Inc. board and its committees and approving changes in compensation for non-employee directors.

As it is expected that, upon completion of the Transaction, the Brookfield Holders will hold approximately 73.6% of the votes to elect the directors of BEP Inc. (approximately 79.3% if the Share Exchange does not occur), the directors will consult with Brookfield to identify and assess the credentials of appropriate individuals with the skills, knowledge, experience and talents needed to act as an independent member of the BEP Inc. Board, including the need for the BEP Inc. Board as a whole to have diverse perspectives. Brookfield maintains an “evergreen” list of potential independent board members to ensure that outstanding candidates with the needed skills can be quickly identified to fill planned or unplanned vacancies. Candidates from that list and any other candidates familiar to Brookfield or BEP Inc. will be assessed to ensure the BEP Inc. Board has the appropriate mix of talent, quality, skills and other requirements necessary to promote sound governance and board effectiveness. Individuals who meet those requirements will be recommended by Brookfield to the nominating and governance committee for its review as potential candidates for nomination to the BEP Inc. Board. The nominating and governance committee will also recommend to the BEP Inc. Board the appointment of an independent director as the lead independent director where the Chair of the BEP Inc. Board is not independent.

Auditors, Transfer Agent and Registrar

Ernst & Young LLP is the auditor of BEP Inc.

The transfer agent and registrar for the BEP Inc. Class A Shares will be Computershare Investor Services Inc., at its principal office in Toronto, Ontario, Canada. References in this Circular to the “Transfer Agent”, when used in respect of BEP Inc., the BEP Inc. Class A Shares, BEP, the BEP units, BEPC or the BEPC exchangeable shares, will refer to Computershare Investor Services Inc., as its principal office in Toronto, Ontario, Canada.

INFORMATION CONCERNING BEP

Overview

BEP is a Bermuda exempted limited partnership that was formed and registered on June 27, 2011 under the provisions of the Bermuda Exempted Partnership Act of 1992 and the Bermuda Limited Partnership Act. BEP’s registered office is 91 Front Street, 1st Floor, Hamilton HM 12, Bermuda, and its telephone number at this address is +1-441-294-3309. BEP was established to serve as the primary vehicle through which Brookfield acquires renewable power assets on a global basis, subject to certain exceptions. The BEP units are listed on the NYSE under the symbol “BEP” and on the TSX under the symbol “BEP.UN”.

BEP operates one of the world’s largest publicly traded, renewable power and transition platforms. Brookfield Renewable’s portfolio consists of hydroelectric, wind, solar, distributed generation and storage facilities in North America, South America, Europe and Asia-Pacific. Brookfield Renewable has also made investments in its sustainable solutions assets including our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

BEP is focused on leveraging its extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis and cultivate positive relations with local stakeholders. An integral part of BEP’s strategy is to participate along with institutional investors in Brookfield-sponsored funds that target acquisitions that suit its profile, particularly in renewable power and other energy transition assets. BEP focuses on investments in which Brookfield has sufficient influence or control to deploy an operations-oriented approach.

BEP targets a total return of 12% to 15%+ per annum on the renewable assets that it owns, measured over the long-term. BEP intends to generate this return from the in-place cash flows of its operations as well as growth through investments in upgrades and expansions of its asset base, as well as acquisitions. BEP determines its distributions to Unitholders based primarily on an assessment of its operating performance.

The partnership interests of BEP consist of BEP GP units, BEP units, BEP Preferred Units and any additional partnership interests that BEP may issue in the future. The BEP units are non-voting limited partnership interests in BEP. Holders of BEP units or BEP Preferred Units are not entitled to the withdrawal or return of capital contributions in respect of the BEP units or BEP Preferred Units, except to the extent, if any, that distributions are made to such holders pursuant to the BEP Limited Partnership Agreement or upon the liquidation of BEP as described in the BEP Annual Report or as otherwise required by applicable law. Except to the extent expressly provided in the BEP Limited Partnership Agreement, a holder of BEP units or BEP Preferred Units does not have priority over any other holder of BEP units or BEP Preferred Units, respectively, either as to the return of capital contributions or as to profits, losses or distributions. Unless otherwise determined by the BEP General Partner, holders of BEP units and BEP Preferred Units are not granted any pre-emptive or other similar right to acquire additional interests in BEP. In addition, holders of BEP units and BEP Preferred Units do not have any right to have their BEP units or BEP Preferred Units redeemed by BEP.

For a more detailed description of the BEP units, BEP GP units and the BEP Preferred Units, please refer to the BEP Annual Report, as updated by BEP’s subsequent filings with securities regulatory authorities in Canada that are incorporated by reference in this Circular.

Price Range and Trading Volume

The following table sets forth the price range, calculated using intraday high and low prices, and trading volume of the BEP units as reported by the TSX, being the market on which the BEP units are principally traded, for the calendar periods indicated:

The following table sets forth the price range, calculated using intraday high and low prices, and trading volume of the BEP units as reported by NYSE for the calendar periods indicated:

On July 21, 2026 the last trading day preceding the announcement of the Arrangement Agreement, the closing price of the BEP units was C$45.37 per BEP unit on the TSX and $32.18 per BEP unit on the NYSE. On April 30, 2026, the last trading day preceding the first announcement by BEP of its intention to pursue to the Transaction, the closing price of the BEP units was C$44.83 per BEP unit on the TSX and $33.11 per BEP unit on the NYSE. Unitholders are urged to obtain current market quotations for the BEP units.

Distribution Policy

BEP’s distributions are underpinned by stable, highly regulated and contracted cash flows generated from operations. BEP’s objective is to pay a distribution that is sustainable on a long-term basis and has set its target payout ratio at 70% of BEP’s FFO.

The BEP General Partner approved a 5% year-over-year increase in BEP’s quarterly distribution to $0.392 per BEP unit (or $1.568 per BEP unit annualized), starting with the distribution paid in March 2026. This increase is expected to be fully funded by organic growth initiatives and the operating levers embedded in the current portfolio, including the potential commercialization of BEP’s development pipeline at premium returns, margin expansion driven by revenue growth and cost-reduction initiatives, and inflation escalations embedded in BEP’s contracts.

BEP targets 5% to 9% annual distribution increase in light of growth it foresees in its operations. The BEP General Partner may declare dividends at its discretion. BEP is not required to make such distributions and no assurance can be given that BEP will make such distributions as intended.

During the past two years, BEP has paid the following distribution amounts for the quarter indicated. BEP currently plans to continue paying distributions on a quarterly basis.

Information Concerning BEP Post-Transaction

Pursuant to the Transaction, BEP Inc. will acquire all of the issued and outstanding BEP units and the BEP General Partner Shares and BEP will become a controlled subsidiary of BEP Inc. The BEP units will be delisted from the TSX and the NYSE. The BEP Preferred Units will continue to be listed on the TSX and NYSE, as applicable, and remain entitled to the same distributions and other preferences and privileges they currently have.

Documents Incorporated by Reference

The following documents of BEP, which have been filed with the securities regulatory authorities in Canada and, as applicable, filed with, or furnished to, the SEC, are incorporated by reference in, and form an integral part of, this Circular:

Any documents of BEP of the type described in Section 11.1 of Form 44-101F1 – Short Form Prospectus (each as defined in NI 41-101) filed by BEP with the securities regulatory authorities in Canada after the date of this Circular will be deemed to be incorporated by reference in this Circular. Copies of the documents incorporated herein by reference may be obtained on request without charge from the office of BEP’s Corporate Secretary at 91 Front Street, 1st Floor, Hamilton, HM 12, Bermuda, 1-416-649-8172 (toll-free in North America at 1-833-236-0278), and are also available electronically on BEP’s SEDAR+ profile at www.sedarplus.ca and BEP’s EDGAR profile at www.sec.gov. Any statement contained in this Circular or in a document incorporated or deemed to be incorporated by reference in this Circular will be deemed to be modified or superseded for the purposes of this Circular to the extent that a statement contained in this Circular or in any other subsequently filed document that also is or is deemed to be incorporated by reference in this Circular modifies or supersedes that statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or includes any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement will not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this Circular.

INFORMATION CONCERNING BEPC

Overview

BEPC was incorporated under the Business Corporations Act (British Columbia) on October 3, 2024. BEPC’s head office is located at 225 Liberty Street, 8th Floor, New York, NY 10281 and the registered office is located at 1055 West Georgia Street, Suite 1500, P.O. Box 11117, Vancouver, British Columbia V6E 4N7. The BEPC exchangeable shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “BEPC”.

BEPC serves as an alternative investment vehicle for investors who prefer owning securities through a corporate structure. BEPC owns and operates long-life clean energy assets that provide stable, long-term contracted cash flows, or where uncontracted, are located in high-value power markets where BEPC can leverage its commercial capabilities to contract those assets. BEPC’s operations primarily include hydroelectric, onshore wind, utility-scale solar and distributed generation power generation in North and South America, Europe and Asia-Pacific. Upon Brookfield’s recommendation and allocation of opportunities to BEPC, BEPC intends to seek acquisition opportunities in other sectors with similar attributes and in which BEPC can deploy its operations-oriented approach to create value. BEPC’s current operations are primarily located in the United States, Brazil, Colombia and Europe. BEPC Shareholders have exposure to all regions BEP operates in as a result of the exchange feature attached to the BEPC exchangeable shares.

BEPC’s authorized share capital consists of (i) an unlimited number of BEPC exchangeable shares; and (ii) an unlimited number of BEPC class B shares. The BEPC exchangeable shares are structured with the intention of being economically equivalent to the BEP units. BEPC believes economic equivalence is achieved through identical dividends and distributions on the BEPC exchangeable shares and the BEP units and each BEPC exchangeable share being exchangeable at the option of the holder for one BEP unit at any time. Given the economic equivalence, BEPC expects that the market price of the BEPC exchangeable shares will be significantly impacted by the market price of the BEP units and the combined business performance of Brookfield Renewable as a whole.

Holders of BEPC exchangeable shares are entitled to receive dividends as and when declared by the BEPC Board subject to the special rights of the holders of any shares ranking senior to the BEPC exchangeable shares with respect to priority in payment of dividends. Dividends on each BEPC exchangeable share are expected to be declared and paid at the same time and in the same amount per share as distributions on each BEP unit.

Holders of BEPC exchangeable shares have the right to exchange all or a portion of their BEPC exchangeable shares for one BEP unit per BEPC exchangeable share held (subject to adjustment in the event of certain dilutive or other capital events by BEPC or BEP) or its cash equivalent plus all unpaid accrued dividends, if any (the form of payment to be determined at the sole election of our group). BEP may elect to satisfy BEPC’s exchange obligation by acquiring all of the tendered BEPC exchangeable shares in exchange for one BEP unit per BEPC exchangeable share held (subject to adjustment in the event of certain dilutive or other capital events by BEPC or BEP) or its cash equivalent plus all unpaid accrued dividends (the form of payment to be determined at the sole election of our group). In the event that a tendering holder of BEPC exchangeable shares has not received BEP units or its cash equivalent in satisfaction of tendered BEPC exchangeable shares, then such tendering holder will be entitled to receive the equivalent amount from BN pursuant to the Rights Agreement.

For a more detailed description of the BEPC exchangeable shares and BEPC class B shares, please refer to the BEPC Annual Report, as updated by BEPC’s subsequent filings with securities regulatory authorities in Canada that are incorporated by reference in this Circular.

Price Range and Trading Volume

The following table sets forth the price range, calculated using intraday high and low prices, and trading volume of the BEPC exchangeable shares as reported by the TSX, being the market on which the BEPC exchangeable shares are principally traded, for the calendar periods indicated:

The following table sets forth the price range, calculated using intraday high and low prices, and trading volume of the BEPC exchangeable shares as reported by NYSE for the calendar periods indicated:

On July 21, 2026 the last trading day preceding the announcement of the Arrangement Agreement, the closing price of the BEPC exchangeable shares was C$48.19 per BEPC exchangeable share on the TSX and $34.17 per BEPC exchangeable share on the NYSE. On April 30, 2026, the last trading day preceding the first announcement by BEPC of its intention to pursue to the Transaction, the closing price of the BEPC exchangeable shares was C$49.30 per BEPC exchangeable share on the TSX and $36.26 per BEPC exchangeable share on the NYSE. BEPC Shareholders are urged to obtain current market quotations for the BEPC exchangeable shares.

Dividend Policy

To provide BEPC Shareholders with an economic return equivalent to that of Unitholders, BEPC targets to pay dividends per BEPC exchangeable share that are identical to the distributions on each BEP unit.

The declaration and payment of cash dividends on the BEPC exchangeable shares is at the discretion of the BEPC Board. BEPC is not required to make such dividends and no assurance can be given that BEPC will pay such dividends as intended.

During the past two years, BEPC has paid the following dividend amounts on the BEPC exchangeable shares for the quarter indicated. BEPC currently plans to continue paying dividends on a quarterly basis.

Information Concerning BEPC Post-Transaction

If the BEPC Transaction Resolution is approved by the BEPC Shareholders (and all other conditions precedent to the Transaction are satisfied or waived), BEP Inc. will acquire control of Brookfield Renewable, and therefore BEPC will become a controlled subsidiary of BEP Inc. Pursuant to the Share Exchange, BEP Inc. will also acquire all of the issued and outstanding BEPC exchangeable shares. The BEPC exchangeable shares will be delisted from the TSX and the NYSE and BEPC will cease to be a reporting issuer and will be deregistered under the U.S. Exchange Act.

If the BEP Transaction Resolutions are approved by the Unitholders (and all other conditions precedent to the Transaction are satisfied or waived) but the BEPC Transaction Resolution is not approved by BEPC Shareholders, the Transaction will be completed except that the Share Exchange will not occur. In this scenario, BEP and BEPC will still become subsidiaries of BEP Inc., except that all holders of BEPC exchangeable shares will retain their existing securities and the BEPC exchangeable shares will remain listed on the TSX and NYSE and continue to trade under the symbol “BEPC”. Following the completion of the Transaction, BEP Inc. will be the successor to BEP and the BEP Inc. Class A Shares will represent the equity interests of BEP (or the successor to BEP) for which the BEP units have been exchanged for purposes of the articles of BEPC and related agreements. As a result, each BEPC exchangeable share will be entitled to receive identical dividends to the dividends paid on each BEP Inc. Class A Share and will be

exchangeable at the option of the holder for one BEP Inc. Class A Share (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of our group). Further, BEP Inc. will retain the right BEP has today under the BEPC articles to require BEPC Shareholders to exchange their BEPC exchangeable shares under certain circumstances, including if BEPC provides written notice to BEPC Shareholders to redeem all of the then outstanding BEPC exchangeable shares or upon any liquidation, dissolution or winding up of BEPC or BEP Inc.

Documents Incorporated by Reference

The following documents of BEPC, which have been filed with the securities regulatory authorities in Canada and filed with, or furnished to, the SEC, are incorporated by reference in, and form an integral part of, this Circular:

Any documents of BEPC of the type described in Section 11.1 of Form 44-101F1 - Short Form Prospectus and any template version of marketing materials (each as defined in NI 41-101) filed by BEPC with the securities regulatory authorities in Canada after the date of this Circular will be deemed to be incorporated by reference in this Circular. Copies of the documents incorporated herein by reference may be obtained on request without charge from the office of BEP’s Corporate Secretary at 91 Front Street, 1st Floor, Hamilton, HM 12, Bermuda, 1-416-649-8172 (toll-free in North America at 1-833-236-0278), and are also available electronically on BEPC’s SEDAR+ profile at www.sedarplus.ca and BEPC’s EDGAR profile at www.sec.gov. Any statement contained in this Circular or in a document incorporated or deemed to be incorporated by reference in this Circular will be deemed to be modified or superseded for the purposes of this Circular to the extent that a statement contained in this Circular or in any other subsequently filed document that also is or is deemed to be incorporated by reference in this Circular modifies or supersedes that statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or includes any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement will not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this Circular.

COMPARISON OF RIGHTS OF SECURITYHOLDERS

BEP Inc. is a corporation existing under British Columbia law. BEP is an exempted limited partnership existing under Bermuda law. BEPC is a corporation existing under British Columbia law. The rights of holders of BEP Inc. Class A Shares will be governed by the BCBCA and BEP Inc.’s articles. The rights of Unitholders are governed by the BEP Limited Partnership Agreement and certain provisions of Bermuda law. The rights of BEPC Shareholders are governed by the BCBCA and BEPC’s articles.

The following comparison is a summary of certain material differences between the rights of holders of BEP Inc. Class A Shares, Unitholders and BEPC Shareholders under the governing documents of BEP Inc., BEP and BEPC and the applicable laws noted above. The following summary is qualified in its entirety by reference to the relevant provisions of (i) the BCBCA, (ii) the Bermuda Limited Partnership Act 1883, the Bermuda Exempted Partnerships Act 1992 and the Bermuda Partnership Act 1902, (iii) the BEP Limited Partnership Agreement as amended from time to time, (iv) the bye-laws of BEP General Partner and (v) BEPC’s articles.

This section does not include a complete description of all the differences between the rights of holders of BEP Inc. Class A Shares, Unitholders and BEPC Shareholders, nor does it include a complete description of the rights of such holders. Furthermore, the identification of some of the differences in the rights of such holders is not intended to indicate that other differences that may be equally important do not exist. See “Information Concerning BEP Inc.”, “Information Concerning BEP” and “Information Concerning BEPC”.