Non-IFRS Measures

This Sustainability Report has been prepared in accordance with IFRS. However, some measures referred to in this report are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Production proportionate, Revenues Proportionate and Adjusted EBITDA Proportionate are not measures recognized by IFRS and have no standardized meaning prescribed by IFRS. For more information, please refer to Innergex’s 2020 Annual Report available on www.sedar.com.

Production, Revenues, Adjusted EBITDA, and corresponding Proportionate measures

References in this document to “Innergex’s share of Production of the joint ventures and associates” are to Innergex’s equity interest in the joint ventures and associates’ Production. References in this document to “Innergex’s share of Revenues of joint ventures and associates” are to Innergex’s equity interest in the joint ventures and associates’ Revenues. References in this document to “Revenues Proportionate” are to Revenues, plus Innergex’s share of Revenues of the joint ventures and associates, other income related to Production Tax Credits (“PTCs”), and Innergex’s share of the operating joint ventures’ and associates’ other income related to PTCs.

References in this document to “Adjusted EBITDA” are to net earnings (loss) from continuing operations, to which are added (deducted) provision (recovery) for income tax expense, finance costs, depreciation and amortization, other net income, share of (earnings) loss of joint ventures and associates and unrealized net (gain) loss on financial instruments. References in this document to “Innergex’s share of Adjusted EBITDA of joint ventures and associates” are to Innergex’s equity interest in the joint ventures and associates’ Adjusted EBITDA. References in this document to “Adjusted EBITDA Proportionate” are to Adjusted EBITDA, plus Innergex’s share of Adjusted EBITDA of the joint ventures and associates, other income related to PTCs, and Innergex’s share of other income related to PTCs of the joint ventures and associates.