INVESTOR PRESENTATION

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1 Page 1 INVESTOR PRESENTATION AUGUST 11, 2016 NEW YORK CITY

2 Page 2 Frward Lking Statements This presentatin cntains frward lking statements, including: estimated revenue; cash perating csts; grss margins; prduct cst reductins; adjusted EBITDA; liquidity; market size and grwth prjectins; custmer value prpsitins; and expected sales and prduct shipments. These frwardlking statements reflect Ballard s current expectatins as cntemplated under sectin 27A f the Securities Act f 1933, as amended, and Sectin 21E f the Securities Exchange Act f 1934, as amended. Any such frward lking statements are based n Ballard s assumptins relating t ur financial frecasts and expectatins regarding ur prduct develpment effrts, manufacturing capacity, and market demand. These frward lking statements invlve risks and uncertainties that may cause ur actual results t be materially different, including, general ecnmic and regulatry changes, detrimental reliance n third parties, successfully achieving ur business plans and achieving and sustaining prfitability. Fr a detailed discussin f these and ther risk factrs that culd affect Ballard s future perfrmance, please refer t ur mst recent Annual Infrmatin Frm. Readers shuld nt place undue reliance n Ballard s frwardlking statements and Ballard assumes n bligatin t update r release any revisins t these frward lking statements, ther than as required under applicable legislatin. All amunts are cnslidated t include Dantherm Pwer and Prtnex results and are in U.S. dllars, unless therwise nted.

Intrductin t Ballard Page 3 Ballard Pwer Systems making a meaningful difference with ur fuel cell technlgy, that will cntinue lng int the future 37 years f experience 23 years listed n TSX & 21 years

3 Intrductin t Ballard Page 3 Ballard Pwer Systems making a meaningful difference with ur fuel cell technlgy, that will cntinue lng int the future 37 years f experience 23 years listed n TSX & 21 years n Nasdaq 450 emplyees 2,000 patents/applicatins 250MW f fuel cell prducts shipped 2.4 millin MEAs manufactured 3,000 statinary systems delivered Ballard HQ facility Vancuver, B.C., Canada 9 millin kilmeters in revenue service by fuel cell buses

4 Page 4 Investment Highlights Industry leadership Sustainable cmpetitive advantages Diversified business mdel Strng perfrmance against a recrd 2016 rder bk Strng balance sheet Embedded ptinality Ballard is well psitined t capitalize n the large scale ptential f cmmercial fuel cell applicatins

5 Grwth Platfrms Page 5 POWER PRODUCTS TECHNOLOGY SOLUTIONS MANDATE Meet the pwer needs f custmers thrugh delivery f high value, clean energy prducts that reduce custmer csts and risks Help custmers slve difficult technical and business challenges in their PEM fuel cell prgrams MARKETS Heavy Duty Mtive Prtable Pwer Material Handling Backup Pwer Autmtive Nn autmtive Aerspace Military Railway Organic grwth + cmplementary M&A transactins

Page 6 Pwer Prducts Platfrm Missin: Meet

Prtable Pwer Material Handling Backup Pwer

Statinary Systems PRODUCTS MARKETS HD Pwer

Vest Pwer Manager (VPM) Liquid cled FCvelcity

hydrgen systems with FCgen TM 1020ACS stacks

6 Page 6 Pwer Prducts Platfrm Missin: Meet custmers pwer needs thrugh delivery f high value, clean energy prducts that reduce custmer csts and risks Heavy Duty Mtive Prtable Pwer Material Handling Backup Pwer Mtive Mdules Prtable Systems Fuel Cell Stacks Statinary Systems PRODUCTS MARKETS HD Pwer Mdule (up t 200kW) Squad Pwer Manager (SPM) & Vest Pwer Manager (VPM) Liquid cled FCvelcity TM 9SSL & air cled FCgen 1020ACS Direct hydrgen systems with FCgen TM 1020ACS stacks 1H 2016 revenue +245%, t $8.0M Acquired Q H 2016 revenue $5.5M 1H 2016 revenue +26%, t $6.5M 1H 2016 revenue 46%, t $1.9M 1H 2016 revenue +98%, t $22.0M

7 Page 7 Recent Key Strategic Initiatives Strategic cllabratin framewrk agreement with Brad Ocean AND significant $28.3M equity investment in Ballard (annunced July 26, 2016) Landmark $168M fuel cell stack prductin line thrugh a jint venture with Synergy (annunced July 18, 2016) Tw imprtant Backup Pwer market transactins (annunced May 17 & July 11, 2016)

8 Strategic Cllabratin Framewrk & Equity Investment Page 8 Strategic Cllabratin Framewrk Agreement Zhngshan Brad Ocean Mtr C., Ltd. is a leading glbal manufacturer f mtrs fr EVs prduces 50M mtrs annually fr King Lng, BAE Systems, Dngfeng, General Mtrs, TATA, Caterpillar, Carrier, Trane,. Brad Ocean perates a cmmercial vehicle leasing business in China has signed a 10,000 fuel cell vehicle deal with Guangdng Natin Synergy ( Synergy ) Areas f cllabratin t include: Market develpment & prduct develpment related t fuel cell vehicles; Licensing & lcal assembly f pwer mdules; Integratin f Ballard fuel cell mdules with Brad Ocean EV drive systems; Leveraging glbal ftprint t drive prduct & integratin cst reductins $28.3M Equity Investment in Ballard Brad Ocean will hld 9.9% f utstanding Ballard shares fllwing the transactin Largest Ballard sharehlder Other strategic investrs are United Technlgies Crp., Angl American Platinum Ltd. & Nisshinb Hldings Inc.

Landmark Fuel Cell Prductin Line Transactin Page 9 Largest ever Ballard fuel cell deal signed with Synergy Value at least $168M ver 5 years Key deal elements: a) $18.

9 Landmark Fuel Cell Prductin Line Transactin Page 9 Largest ever Ballard fuel cell deal signed with Synergy Value at least $168M ver 5 years Key deal elements: a) $18.4M Technlgy Slutins revenue, t equip Synergy fr manufacture f FCvelcity 9SSL fuel cell stacks in Yunfu, China b) Jint venture t be created prir t clse f transactin (late 2016), with Ballard cntributing ~$3.0M fr 10% stake c) 2017 cmmissining f manufacturing peratin, with Ballard as exclusive MEA supplier; cntract minimum take r pay MEA vlumes in each f 5 years equates t 700MWs f pwer, with an estimated value f at least $150M Mr. Frank Ma, Chairman f Guangdng Synergy and Randy MacEwen, Ballard CEO sign landmark agreement in Fshan n July 18 th 2016

Landmark Fuel Cell Prductin Line Transactin (Cnt d) Page 10 Key deal benefits: a) Lcalizatin enables prductin f lwer cst fuel cell stacks, thru lcal cmpnent surcing and use f lcal labr b) Ballard

10 Landmark Fuel Cell Prductin Line Transactin (Cnt d) Page 10 Key deal benefits: a) Lcalizatin enables prductin f lwer cst fuel cell stacks, thru lcal cmpnent surcing and use f lcal labr b) Ballard will have exclusive right t buy stacks frm the JV fr sale utside China c) Ballard s 10% stake in JV prvides ne f three bard seats, vet rights ver certain key JV decisins, input t marketing strategy with n bligatin t prvide future funding t the JV FCvelcity 9SSL fuel cell stack d) Near term and lng term deal ecnmics & cash flws, psitive market receptin, risk mitigatin, scaling f MEA prductin in Vancuver with guaranteed vlumes, capital efficiency e) N cmprmise f cre IP, with MEA prductin in Vancuver

11 Page 11 Interrelated Deals Signed On July 18 th these interrelated cntracts were signed at the same time in China Ballard and Synergy cntract fr prductin f fuel cell stacks thrugh a jint venture Synergy, Brad Ocean and Chinese autmtive OEMs (Dngfeng Special Vehicles & FAW) cntract t deply 10,000 fuel cell vehicles Synergy t prvide pwer mdules under assembly license agreement with Ballard New JV t prvide fuel cell stacks fr the pwer mdules Ballard t prvide MEAs fr all fuel cells Synergy cntract with China Cnstructin Bank fr 3B RMB (~US450M) credit facility These cntracts ensure demand, prductin capacity & capital t underpin fuel cell pwered transprtatin mmentum in China

Strategic Transactins in Backup Pwer Market Page 12 Methanl Telecm Backup Pwer Clsed sale f Telecm Backup Pwer

1M based n sales bjectives during 18 mnth earnut perid CHEM t purchase at least $2M in fuel cell stacks frm Ballard

t Q2, licensed designs f 1.7kW and 5kW systems (FCgen H2PM) t Synergy fr sale in China Ballard received $2.

12 Strategic Transactins in Backup Pwer Market Page 12 Methanl Telecm Backup Pwer Clsed sale f Telecm Backup Pwer business assets t CHEM, majr Taiwanese pwer equipment cmpany, fr up t $6.1M $3M received n clsing in Q2, plus up t $3.1M based n sales bjectives during 18 mnth earnut perid CHEM t purchase at least $2M in fuel cell stacks frm Ballard during earnut perid ElectraGen methanl system FCgen H2PM direct hydrgen system Direct Hydrgen Backup Pwer Subsequent t Q2, licensed designs f 1.7kW and 5kW systems (FCgen H2PM) t Synergy fr sale in China Ballard received $2.5M prepayment in Q2 and will receive ryalties n systems sld, subject t annual minimums Ballard t be exclusive fuel cell stack supplier

Page 13 Prtable Pwer (Prtnex) 4,500 SPM s in the field with U.S. military $5.

8M rder received late 2015 Currently at Milestne C with Vest and Squad Pwer Manager,

Military expected in 2017 Squad Pwer Manager SPM 622 Fuel cell prpulsin system delivered

13 Page 13 Prtable Pwer (Prtnex) 4,500 SPM s in the field with U.S. military $5.8M SPM purchase rder received fr U.S. Army in Q incremental t $2.8M rder received late 2015 Currently at Milestne C with Vest and Squad Pwer Manager, mving tward Prgram f Recrd with U.S. Military expected in 2017 Squad Pwer Manager SPM 622 Fuel cell prpulsin system delivered t Insitu, a Being subsidiary, in Q T replace cmbustin engine in ScanEagle UAV platfrm Insitu ScanEagle UAV n Mark4 Launcher (abve); Prtnex PEM fuel cell prpulsin mdule (left)

14 Page 14 Material Handling >10,000 fuel cell frklift trucks in N/America tday, >107M runtime hurs Ballard fcusing n tw streams: Sample f Fuel Cell Frklift Truck Custmers 1) Supply f stacks t after market integratrs, including Plug Pwer 2) Supply f Technlgy Slutins and packaged slutins t frklift OEMs

Page 15 Technlgy Slutins Platfrm Missin: help custmers slve difficult technical and business challenges in their PEM fuel cell prgrams thrugh custmized technlgy slutins YTD Technlgy Slutins revenue

15 Page 15 Technlgy Slutins Platfrm Missin: help custmers slve difficult technical and business challenges in their PEM fuel cell prgrams thrugh custmized technlgy slutins YTD Technlgy Slutins revenue +28%, t $11.9M Vlkswagen Grup cntract cmmitment t 2019; prgram currently n track Custmer has cnfirmed future perspective includes electric pwertrains fr bth battery electric and fuel cell vehicles Respnsibility fr fuel cells transferred t Audi Q3 annuncement f fllw n cntract with unnamed glbal autmtive OEM Audi's H trn Quattr cncept vehicle uses technlgy & cmpnents develped with Ballard engineering supprt Test statin in Ballard technlgy center at Vancuver, Canada HQ

16 Page 16 Q2 & YTD 2016 Overview Recrd full year 2016 rder bk & sales pipeline psitined Ballard fr grwth and imprved perfrmance this year $58M rder bk fr 2016 deliveries; exceeding 2015 revenue Cntinued mmentum reflected in strng tp line Q results Revenue Grwth: Q1 +76%; Q2 +58%; 1H +66% Grss Margin: Q1 20%; Q2 29%; 1H 25% Strng Q2 and YTD results, as we execute against early-2016 recrd rder bk

Q2 & YTD 2016 Revenue and Grss Margin Page 17 Revenue (millins) Grss Margin (%) Q2 2016 Revenue $17.

7M Additin f Prtable Pwer, $2.9M 6% Material Handling, t $2.5M 46% Backup Pwer, t $1.

17 Q2 & YTD 2016 Revenue and Grss Margin Page 17 Revenue (millins) Grss Margin (%) Q Revenue $17.6M Q2 +58% grwth, cmprised f: +87% Pwer Prducts, t $11.8M +643% Heavy Duty Mtive, t $4.7M Additin f Prtable Pwer, $2.9M 6% Material Handling, t $2.5M 46% Backup Pwer, t $1.6M +20% Technlgy Slutins, t $5.9M Q Grss Margin 29% Q2 +19 pints due t shift in prduct mix tward higher margin Heavy Duty Mtive, Prtable Pwer & Technlgy Slutins prducts

Q2 & YTD 2016 Cash Operating Cst Base and Adjusted EBITDA Page 18 Cash Operating Cst Base* (millins) Adjusted EBITDA # (millins) Q2 2016 Cash Operating Csts $8.

04), 34% imprvement * Measures perating expenses excluding stck-based cmpensatin expense, depreciatin and amrtizatin, impairment lsses r recveries n trade receivables,

18 Q2 & YTD 2016 Cash Operating Cst Base and Adjusted EBITDA Page 18 Cash Operating Cst Base* (millins) Adjusted EBITDA # (millins) Q Cash Operating Csts $8.4M Q2 +25% primarily t inclusin f Prtnex perating csts Q Adjusted EBITDA ($2.9)M, 40% imprvement Q Nrmalized Net Lss Per Share ($0.04), 34% imprvement * Measures perating expenses excluding stck-based cmpensatin expense, depreciatin and amrtizatin, impairment lsses r recveries n trade receivables, restructuring charges, acquisitin csts and financing charges # Measures EBITDA adjusted fr stck-based cmpensatin expense, transactinal gains and lsses, asset impairment charges, finance and ther incme and acquisitin csts

19 Page 19 Liquidity End Q cash reserves f $41.3M, including: $3.0M received n clse f methanl Telecm Backup Pwer asset sale t Chung Hsin Electric & Machinery Manufacturing Crpratin ( CHEM ); and $2.5M received fr license t assemble and sell direct hydrgen H2PM systems in China frm Guangdng Natin Synergy Hydrgen Pwer Technlgy C. Ltd. ( Synergy ) Subsequent t Q2 annunced $28.3M equity investment frm Zhngshan Brad Ocean Mtr Cmpany Thrugh subscriptin and purchase f 17.25M Ballard cmmn shares frm treasury priced at market based n 20 day VWAP calculatin Expected t clse in Q3 2016, subject t custmary clsing cnditins including regulatry apprvals

20 Page 20 INVESTOR PRESENTATION AUGUST 11, 2016 NEW YORK CITY

Page 1 The Fuel Cell Clean Energy Alternative

Page 1 The Fuel Cell Clean Energy Alternative Octber 15, 2015 Page 2 Presentatin Tpics Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry Page 3 The Need fr Clean Energy MACRO