Limited Partnerships

FAIR MARKET VALUE – As at December 31, 2023

As at December 31, 2023, Solar Flow-Through Funds Ltd (the “Company”) has 10,000,000 Common Shares, 783,000 Class A Tracking Shares, 859,000 Class B Tracking Shares, and 866,000 Class C Tracking Shares issued and outstanding upon completion of the corporate restructuring transaction described in the joint management information circular of the Company dated March 27, 2023. The Company has determined a fair market value of $4.18 per common share as provided by an arm’s length financial advisory company as at December 31, 2023.

The Company has three classes of Tracking Shares issued and outstanding in relation to three lawsuits. Each class of Tracking Shares is entitled to receive, on a pro rata basis, any damages awarded for their respective lawsuit. For clarity, the Tracking Shares do not have any other economic rights or entitlements in the capital of the Company, and therefore, the fair market value referenced above represents fair market value of Common Shares only and does not include any potential value of the Tracking Shares.

For reference purposes only, the Company has provided in the table below the fair value of the limited partnership unit that is equivalent to the fair value of the Common Shares of the Company.

Fair Value for Partnership Units and Common Shares of the Company as at December 31, 2023

Solar Flow-Through
Limited Partnership
Partnership Unit
Par Value
Partnership Unit
Par Value
Conversion Rate of
Units to Common Shares
Common Share Price
Solar Flow-Through 2012-I Limited Partnership $100$194.55$4.18
Solar Flow-Through 2013-I Limited Partnership $100$215.10$4.18
Solar Flow-Through 2014-I Limited Partnership $100$4811.45$4.18
Solar Flow-Through 2015-I Limited Partnership $100$5412.87$4.18
Solar Flow-Through 2016-I Limited Partnership $100$5312.77$4.18
Solar Flow-Through 2017-A Limited Partnership $100$5312.73$4.18
Solar Flow-Through 2017-I Limited Partnership $100$5613.46$4.18
Solar Flow-Through 2018-A Limited Partnership $100$5613.37$4.18
Solar Flow-Through 2018-I Limited Partnership $100$5613.50$4.18

HISTORICAL FAIR MARKET VALUE - For periods ended September 30, 2023 and later

Common Share

Price

2023
Q4 $4.18
Q3 $4.92