COPYRIGHT © 2010 BALLARD POWER SYSTEMS INC. ALL RIGHTS RESERVED

B A L L A R D P O W E R S Y S T E M S

A CLEAN ENERGY GROWTH COMPANY TSX: BLD NASDAQ: BLDP

SMARTER SOLUTIONS FOR A CLEAN ENERGY FUTURE

MAY 4, 2010

MAY 4, 2010

This presentation contains forward-looking statements, including estimated revenue and cash flow from operations for 2010, and product pricing and economic payback models included in the Appendices. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to the specific assumptions set out with those forward-looking statements, such assumptions relate to our financial forecasts and expectations regarding our product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing and delivering the expected number of units and controlling our costs.

These forward-looking statements are being provided to enable stakeholders to understand Ballard’s expectations as at the date of this presentation with respect to its future performance and may not be appropriate for other purposes.

These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of our products, product development delays, changing environmental regulations, our ability to attract and retain business partners and customers, our access to funding, increased competition, our ability to protect our intellectual property, changes in our customers’ requirements, foreign exchange impacts on our net monetary assets and our ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors and other risk factors that could affect Ballard’s future performance, please refer to our most recent Annual Information Form. Readers should not place undue reliance on Ballard’s forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.

All amounts are in U.S. dollars, unless otherwise noted.

Forward Looking Statements

MAY 4, 2010

1. Fuel Cells and Clean Power

2. Transformation Proof Points

3. Market Development Progress

4. 2010 Guidance and Results

5. Liquidity & Capital Structure

6. Our People

7. Summary

Contents

MAY 4, 2010

Fuel Cells and Clean Power

Clean energy market growth will reflect a mix of energy technologies

Clean Energy Mix

Bio-energy

Solar

Fuel cellPEM, SOFC, PAFC…

Wind

As product costs continue to decline, fuel cells will play key roles in the clean energy space

P A G E 1

MAY 4, 2010

Ballard leverages leadership in PEM across multiple markets… Compact & scalable

Fuel flexibility

Efficient, reliable and safe

P A G E 2

Fast start-up and low temperature

Rapid response to changes in power demand

Durable across wide variety of duty cycles

PEM Fuel Cells

1kW 100kW 1MW 10MW10kW

Tem

pera

ture Hig

h600°C

-1200°C

Low

60°C

-120°C

PEMFC

SOFC

MCFC (Fuel Cell Energy)

PAFC (United Technologies)Applic

atio

ns

Increasin

g h

eat

man

agem

ent

requirem

ents

MAY 4, 2010

Ballard leadership in PEM fuel cells is based on - Portfolio of proven commercial solutions

Fuel cell stacks, power modules and systems

Strong delivery capabilities Access to over 2,000 patents and licenses

High volume manufacturing facility

SI & channel partnerships

100MW+ of fuel cell products shipped

Ballard: Putting PEM Fuel Cells to Work

P A G E 3

Developing a global customer base -

System Integrators /

OEMs

Downstream Customers

Backup Power Supplemental Power

Material Handling

Bus Distributed Generation

MAY 4, 2010

Re-vectored from auto fuel cell R&D to commercial marketsDivested automotive technology programs

Divested Japanese cogeneration systems joint venture

Significant commercial progressProduct performance improvements

>30% product cost reductions in each of the past 2-years

Reset the cost base by >50%

Augmented cash reservesSuperior Plus tax transaction (Net: $33.8M)

Monetized rights under Share Purchase Agreement (Gross: ~$44.5M)

Sale-and-leaseback on head office building (Gross: $20.4M)

Acquired controlling interest in Dantherm Power

P A G E 4

Transformation Proof Points

Complete transformation of Ballard over past 3 years

MAY 4, 2010

Backup & Supplemental Power

Initial focus on telecom

Addressable market: ~$1B+

Compelling value proposition

Channel access primarily through system integrators

P A G E 5

z

Recent Progress - Dantherm Power acquisition to

accelerate backup power market development

IdaTech sale of 100+ systems to Hutchinson Telecom in Indonesia

FuelWorksTM established to advance fuel processing technology

MAY 4, 2010

Distributed Generation

Megawatt-scale power plant applications

Addressable market: ~$3B+ (based on ~1,000 MW of by-product hydrogen…ie. sufficient to power ~800k-1M homes for a year)

Focus on chemical plants (where there is by-product hydrogen available and a feed-in tariff program in-place)

P A G E 6

Recent Progress – Supply agreement with FirstEnergy Non-binding MOU with K2 Pure Solutions

MAY 4, 2010

Exclusive stack supplier to Plug Power….clear market leader

Addressable market –

Plug Power indicates ~380,000 trucks of an installed base of 1.7M trucks in N/America (market potential >$1.5B)

Focus –

• Battery replacement in N/American high-volume distribution centers & manufacturing facilities

P A G E 7

Material Handling

Recent Progress – Plug Power sales Walmart, Sysco, Whole Foods, Coca-Cola Orders to date represent >50% of Ballard’s 2010 guidance Plug Power distribution agreement with Raymond Corporation

MAY 4, 2010

Zero-emission public transit

Government supported programs

Canada, UK, Brazil, Germany, USA, The Netherlands

Channel access through bus OEM’s and system integrators

P A G E 8

Bus

Recent Progress – World’s largest fuel cell bus fleet deployed in Whistler, BC;

>300k km's (>180k miles) accumulated Sales to APTS in The Netherlands and SunLine Transit Agency

MAY 4, 2010

2010 Guidance

Revenue growth in excess of 35%; underpinned by growth milestones -

Begin shipments for supplemental power systems in India

Deploy Dantherm Power’s backup power systems in 1 major new network

Commission 1 MW DG system for FirstEnergy

Book first DG sale utilizing by-product H2

Material handling shipment growth in line with Plug’s 1,100 system target

Book new contracts to support deployment of >25 fuel cell buses

Improve cash flow from operations by 30% from 2009, pre-consolidation (excluding Dantherm Power)

With this trajectory in 2010, Ballard expects positive EBITDA performance during 2011

P A G E 9

MAY 4, 2010 P A G E 10

2010 Results

USD Millions

Q1 2010 Pre-Consolidation

(Excludes Dantherm Power)

% Chg Vs. Q1 2009

Q1 2010 Consolidated

GROWTH

Revenue $11.2 +38% $11.9

Fuel Cell Product Shipments (Units)

328 +73% 328

12-Month Order Book

$29.0 +29%1 $29.0

PROFITABILITY

Operating Expense $9.7 -25% $12.1

Cash Flow from Operations

($11.5) -33% ($14.2)

EBITDA Loss $7.6 -56% $8.6

Net Loss $9.0 -53% $10.0

1 Growth relative to December 31, 2009

MAY 4, 2010

Well-financed runway – no need to raise cash in public markets to execute on growth strategy

• Cash reserves of $86.9M (as of March 31, 2010)

• Debt free, excluding capital leases

~84M shares outstanding

Top 15 shareholders own ~20% of shares

P A G E 11

Liquidity & Capital Structure

MAY 4, 2010

Strong senior leadership teamJohn Sheridan, President & CEO

President & COO Bell Canada; extensive experience in telecom and technology; Joined Ballard 2006

Paul Cass, Vice President - Operations

Extensive engineering, project management and manufacturing experience; Joined 1997

Bruce Cousins, Chief Financial Officer

CFO at Xantrex, Aspreva and senior positions at Johnson & Johnson; Joined 2009

Michael Goldstein, Chief Customer Officer

President & CEO Actuality Medical; President iFire; 6 years at GE; Joined 2009

Christopher Guzy, Chief Technology Officer

17 years at GE; PhD in Chemical Engineering; Joined 2005

Supported by solid organization~30 employees are inventors (Ballard patents and patent applications)

PhDs: 11; Masters: ~50; Engineers: ~90

P A G E 12

Our People

MAY 4, 2010

Product leadership in fuel cell power solutions, based on proven proprietary technology

Compelling value propositions

Strong order book supporting 35%+ revenue growth

Positioned for positive EBITDA performance during 2011

Ballard – Putting Fuel Cells to Work

P A G E 13

Summary

COPYRIGHT © 2010 BALLARD POWER SYSTEMS INC. ALL RIGHTS RESERVED

B A L L A R D P O W E R S Y S T E M S

A CLEAN ENERGY GROWTH COMPANY TSX: BLD NASDAQ: BLDP

SMARTER SOLUTIONS FOR A CLEAN ENERGY FUTURE

MAY 4, 2010