#1A ALTUSPOWER RENEWABLE ENERGY Q2 2022 Earnings Presentation AUGUST 15, 2022 TH 1921- EXTS#2Cautionary Statements And Risk Factors That May Affect Future Results The following presentation for Altus Power, Inc. ("Altus Power" or the "Company") has been prepared by Altus Power's management. You should read the presentation together with our condensed consolidated financial statements and related notes appearing in our 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2022 (the "2021 Annual Report on Form 10-K") and subsequent Quarterly Reports on Form 10-Q. Any references in this section to "we," "our" or "us" shall mean Altus Power. In addition to historical information, this presentation contains statements that are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of our plans, strategies and intentions, or our future performance or goals that are based upon management's current expectations. Our forward- looking statements can often be identified by the use of forward-looking terminology such as "aims," "believes," "expects," "intends," "may," "could," "will," "should," "plans," "projects," "forecasts," "seeks," "anticipates," "goal," "objective," "target," "estimate," "future," "outlook," "strategy," "vision," or variations of such words or similar terminology. Investors and prospective investors are cautioned that such forward- looking statements are only projections based on current estimations. These statements involve risks and uncertainties and are based upon various assumptions. Such risks and uncertainties include, but are not limited to the risks as described in the "Risk Factors" in our 2021 Annual Report on Form 10-K These risks and uncertainties, among others, could cause our actual future results to differ materially from those described in our forward-looking statements or from our prior results. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks to circumstances only as of the date on which it is made. We are not obligated to update these forward-looking statements, even though our situation may change in the future. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions, which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) changes in applicable laws or regulations; (4) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; and (5) the impact of COVID-19, inflationary pressures, and supply chain issues on Altus Power's business. The presentation includes financial information not prepared in accordance with generally accepted accounting principles ("Non-GAAP Financial Measures"). A reconciliation of the Non-GAAP Financial Measures to financial information prepared in accordance with generally accepted accounting principles ("GAAP"), as required by Regulation G, appears in the presentation. The Company is providing disclosure of the reconciliation of reported Non-GAAP Financial Measures used in the presentation, among other places, to its comparable financial measures on a GAAP basis. The Company believes that the Non-GAAP Financial Measures provide investors additional ways to view our operations, when considered with both our GAAP results and the reconciliation to net income and net cash provided by operating activities, which we believe provide a more complete understanding of our business than could be obtained absent this disclosure. We believe the Non-GAAP Financial Measures also provide investors a useful tool to assess shareholder value. The information contained in the presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission ("SEC") filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure. This presentation is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. § 2#3Q2 2022 Financials Ą $24.8 Million 2022 Q2 Operating Revenues $13.9 Million 2022 Q2 Adjusted EBITDA¹ ALTUSPOWER RENEWABLE ENERGY $57-63 Million Reaffirmed full year 2022 Adjusted EBITDA¹ guidance 158,036 Metric Tons Carbon Dioxide (CO2) Equivalent avoided in 2022 ¹ Adjusted EBITDA is a non-GAAP financial measure 2Conversion from megawatt hours according to EPA AVERT Calculator (https://www.epa.gov/energy/greenhouse-gases-equivalencies-calculator-calculations-and- references) Please see the Appendix for a reconciliation to the most directly comparable GAAP measure 3#4Altus Power's Inaugural Sustainability Report § Commitment to Creating "Shared Value"1 ALTUSPOWER RENEWABLE ENERGY Empower Change, Power the Future 2021 SUSTAINABILITY REPORT CHLITHE Link to Report: www.altuspower.com/esg ¹ Kramer, M.R. and Porter, M., 2011, Creating Shared Value (Vol.17), Boston, MA, USA: FSG 4#5Our Pipeline of Projects¹ A Initial Engagement Over 500 MW Potential Operating Acquisitions² Over 1 Gigawatt of Actionable Pipeline 19% 61% 20% In Negotiation In Closing Customer Engagement ¹ Percentages shown are approximations as of June 30, 2022 2 A portion of these acquisitions are subject to due diligence and the execution of definitive agreements and there is no guarantee as to when or if the prospective acquisitions in our pipeline will be realized or make a positive contribution to our operating results Over 500 MW Projects Under Development In Construction / Pre-Construction 41% (vs 60% Q1) 23% (vs 20% Q1) 36% (vs 20% Q1) In Contract / Negotiation 5#6Our Installed Portfolio as of June 30, 2022 (369 MWs) A State Massachusetts New Jersey Minnesota California Hawaii Altus Power's Assets Across the U.S. MWs 95 92 56 34 23 26% 25% 15% 9% 6% State New York Maryland Vermont Conneticut All other Total MWs 13 10 8 7 31 369 4% 3% 2% 2% 8% 100% 6#7Focused Resource Allocation to Increase Construction Capacity A Origination I Adding Talent To Our In-House Team Development Engineering & Design Altus Power's Development Team Primary interface with CBRE Project Management Coordinate all pre-construction permitting, interconnection, and utility relationships through local PJM offices Carry projects into construction, with hand off to Altus Power Construction Management team Construction Management Energy Optimization & Customer Experience Dan Alcombright Chief Platform Officer 7#8Altus Power's Project Delivery Leveraging CBRE Project Management A Creating a Nationwide Development & Construction Platform Rapid Deployment Renewable energy projects developed and constructed at an accelerated rate through regional alignment, industry- leading tools and technology, and efficient and aligned project management teams Scalable Delivery Altus Power can deliver solar, battery, and electric vehicle infrastructure projects by leveraging CBRE's domestic project management network across 200 local offices staffed with 3,600 full-time professionals who handle over 35,000 separate projects each year Strategic Sourcing Broader scale of project development give Altus Power increased purchasing power and ability to inventory essential equipment in advance of construction 8#9Utility Rate Pressure Building Rapidly A Existing Portfolio Approximately 60% of Altus Power's customer agreements are variable. rate contracts, which means revenues increase with utility prices ■ Benefitting From Rising Contract Prices An additional approximately 15% of our contracts escalate at a set rate for the life of the contract New Additions Continued utility rate pressure expected to outstrip solar cost inflation We believe utility price inflation drives increasing economic advantage of installing solar Census Division and State Breakdown of Current Portfolio (369 Megawatts)¹ Fixed Rate w/Flat Fee Massachusetts New Jersey Minnesota California J.S. Total Variable Rate Contracts 60% 25% 15% Fixed Rate w/Escalator Change in Average Commercial Electric Rates Year over Year² January 2022 20.3% 7.8% 13.8% 12.5% 10.2% February 2022 17.0% 7.6% 13.6% 10.0% 2.3% March 2022 12.7% 8.8% 14.6% 12.3% 5.4% ¹ Percentages shown are approximations as of June 30, 2022 2U.S. Environmental Protection Agency, "Electric Power Monthly" data April 2022 9.9% 7.7% 8.1% 12.3% 9.1% May 2022 5.9% 8.6% 8.6% 11.4% 11.4% 9#10Financials Year-to-Date Ą $44.0 Million 1H 2022 Operating Revenues $22.7 Million 1H 2022 Adjusted EBITDA¹ ALTUSPOWER RENEWABLE ENERGY 52% Adjusted EBITDA Margin On track for mid-fifty percent Adjusted EBITDA¹ margin guidance for 2022 1 Adjusted EBITDA is a non-GAAP financial measure Please see the Appendix for a reconciliation to the most directly comparable GAAP measure $243 Million Net Debt 2Q 2022 Ending Cash Balance of $295 Million 10#11Altus Power's DNA cox ALTUSPOWER RENEWABLE ENERGY Largest and only public pure play company in our lucrative and fast-growing sector Focused on growing profitably and equipped with the capital necessary to carry out our plan Valuable strategic partnerships that streamline our customer engagement Vertically integrated making Altus Power the one-stop solution for delivering savings and decarbonization benefits to customers 11#12☆ Appendix ALTUSPOWER RENEWABLE ENERGY#13How Altus Power Turns Clean Electricity Into Revenue § Power Purchase Agreement (PPA) Net Metering Credit Agreement (NMCA) Renewable Energy Certificates (RECS) How We Deliver Energy to Our Customers #0 費 #40x ↑ Project sited behind-the-meter, usually on tenant rooftop or on carport Altus Power measures kWh delivered • Altus Power bills at contract rate (fixed or variable). ● ● ● ● ● ● Project sited anywhere within local utility territory Utility measures kWh delivered, credits Altus Power's customer bill Altus Power bills customer at contract rate (generally variable) Project sited either on rooftop or remotely within utility territory Altus Power's rate to customer subsidized by state- sponsored REC value Altus Power bills customer at contract rate, and also monetizes REC with local utility or other counterparty 13#14Comparison of Megawatt-Hours Produced ('22 Actuals vs. 21') A 63 1Q21 Megawatt-Hours 109 A Growing Asset Base 2Q21 115 3Q21 73 4Q21 Adjusted EBITDA is a non-GAAP financial measure Please see the Appendix for a reconciliation to the most directly comparable GAAP measure 86 Megawatt-Hours 1Q22 137 2Q22 3Q22 4Q22 14#15Origination - Project Timeline to Completion ¹ A Extended Project Timelines Create Challenges Altus Power's Self-Developed/Construction Historical Timeline 12-15 months Current Timeline Extension 3-6 months Channel Partner Fully Developed/Construction Historical Timeline 6-9 months Current Timeline Extension 3-6 months 1 All references to timelines refer to time between terms agreed until commercial operations and is based on our historical business operations. There is no guarantee that projects developed in the future will follow the same timeline as our historical operations 15#16Non-GAAP Reconciliation box Adjusted EBITDA¹ Reconciliation of Net income (loss) to Adjusted EBITDA: Net income (loss) Income tax expense Interest expense, net Depreciation, amortization and accretion expense Stock-based compensation Acquisition and entity formation costs Gain on fair value remeasurement of contingent consideration Change in fair value of redeemable warrant liability Change in fair value of alignment shares liability Other income, net Adjusted EBITDA Adjusted EBITDA Margin¹ Reconciliation of Adjusted EBITDA margin: Adjusted EBITDA Operating revenues, net Adjusted EBITDA margin $ $ Three Months Ended June 30, 2022 ¹ Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures (in thousands) 21,574 707 5,173 6,863 2,657 52 (1,140) (4,659) (16,705) (608) 13,914 2022 Three Months Ended June 30, $ (in thousands) 13,914 24,762 56% 2021 $ (440) 2,092 4,826 4,470 37 85 (775) (138) 10,157 2021 10,157 17,613 58% $ $ Six Months Ended June 30, 2022 (in thousands) 81,709 584 10,111 13,685 3,962 346 (971) (23,117) (63,051) (593) 22,665 2022 $ Six Months Ended June 30, (in thousands) 22,665 43,961 52% 2021 $ (177) 1,055 8,739 8,858 77 232 (2,050) 2021 (249) 16,485 16,485 30,084 55% 16#17Balance Sheet box Assets Current assets: Condensed Consolidated Balance Sheet (In thousands, except share and per share data) Cash and cash equivalents Current portion of restricted cash Accounts receivable, net Other current assets Total current assets Restricted cash, noncurrent portion Property, plant and equipment, net Intangible assets, net Other assets Total assets Liabilities, redeemable noncontrolling interests, and stockholders' equity Current liabilities: Accounts payable Interest payable Current portion of long-term debt Other current liabilities Total current liabilities Redeemable warrant liability Alignment shares liability Long-term debt, net of unamortized debt issuance costs and current portion Intangible liabilities, net Asset retirement obligations Deferred tax liabilities, net Other long-term liabilities Total liabilities Commitments and contingent liabilities Redeemable noncontrolling interests Stockholders' equity Common stock $0.0001 par value; 988,591,250 shares authorized as of June 30, 2022, and December 31, 2021; 154,718,268 and 153,648,830 shares issued and outstanding as of June 30, 2022, and December 31, 2021, respectively Preferred stock $0.0001 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2022, and December 31, 2021 Additional paid-in capital Accumulated deficit Total stockholders' equity Noncontrolling interests Total equity Total liabilities, redeemable non controlling interests, and stockholders' equity As of June 30, 2022 $ 295,079 2,459 13,158 5,748 316,444 1,794 764,884 19,383 3,547 $ 1,106,052 $ $ $ $ $ 2,869 4,383 15,726 4,597 27,575 19,476 64,408 522,604 12,844 7,689 10,153 6,480 671,229 16,103 15 416,832 (16,822) 400,025 18,695 418,720 1,106,052 As of December 31, 2021 $ $ $ $ $ 325,983 2,544 9,218 6,659 344,404 1,794 745,711 16,702 4,638 1,113,249 3,591 4,494 21,143 3,663 32,891 49,933 127,474 524,837 13,758 7,628 9,603 5,587 771,711 15,527 15 406,259 (101,356) 304,918 21,093 326,011 1,113,249 17#18Statement of Operations box Operating revenues, net Operating expenses Condensed Consolidated Income Statement (In thousands, except share and per share data) Cost of operations (exclusive of depreciation and amortization shown separately below) General and administrative Depreciation, amortization and accretion expense Acquisition and entity formation costs Gain on fair value remeasurement of contingent consideration Stock-based compensation Total operating expenses Operating income Other (income) expense Change in fair value of redeemable warrant liability Change in fair value of alignment shares liability Other income, net Interest expense, net Total other (income) expense Income before income tax benefit Income tax benefit Net income (loss) Net (loss) income attributable to noncontrolling interests and redeemable non controlling interests Net income (loss) attributable to Altus Power, Inc. Net income (loss) per share attributable to common stockholders Basic Diluted Weighted average shares used to compute net income (loss) per share attributable to common stockholders Basic Diluted $ $ $ $ $ $ $ Three Months Ended June 30, $ 2022 24,762 4,290 6,558 6,863 52 (1,140) 2,657 19,280 5,482 (4,659) (16,705) (608) 5,173 (16,799) 22,281 (707) 21,574 (2,541) 24,115 $ 153,310,068 153,954,843 $ $ $ $ 0.16 $ 0.16 $ 2021 17,613 3,236 4,220 4,470 85 (775) 37 11,273 6,340 $ $ (138) 4,826 4,688 $ 1,652 $ (2,092) (440) 749 (1,189) 88,741,089 88,741,089 $ $ (0.01) $ (0.01) $ LA CA Six Months Ended June 30, 2022 43,961 8,354 12,942 13,685 346 (971) 3,962 38,318 5,643 (23,117) (63,051) (593) 10,111 (76,650) 82,293 (584) 81,709 (2,825) 84,534 0.55 0.55 152,988,078 153,771,992 $ $ $ $ $ $ 66 2021 30,084 6,156 7,443 8,858 232 (2,050) 77 20,716 9,368 (249) 8,739 8,490 878 (1,055) (177) 50 (227) 88,741,089 88,741,089 18#19Non-GAAP Definitions Adjusted EBITDA is a non-GAAP financial measure and is defined as net income (loss) plus net interest expense, depreciation, amortization and accretion expense, income tax expense, acquisition and entity formation costs, non-cash compensation expense, and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, gain on fair value remeasurement of contingent consideration, gain on disposal of property, plant and equipment, change in fair value of redeemable warrant liability, change in fair value of alignment shares, loss on extinguishment of debt, and other miscellaneous items of other income and expenses. Adjusted EBITDA margin is a non-GAAP financial measure and is defined as Adjusted EBITDA divided by operating revenues. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures that we use to measure out performance. We believe that investors and analysts also use adjusted EBITDA in evaluating our operating performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The GAAP measure most directly comparable to adjusted EBITDA is net income and to adjusted EBITDA margin is net income over operating revenues. The presentation of adjusted EBITDA and adjusted EBITDA margin should not be construed to suggest that our future results will be unaffected by non-cash or non-recurring items. In addition, our calculation of adjusted EBITDA and adjusted EBITDA margin are not necessarily comparable to adjusted EBITDA as calculated by other companies and investors and analysts should read carefully the components of our calculations of these non-GAAP financial measures. We believe adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets. Adjusted EBITDA should not be considered an alternative to but viewed in conjunction with GAAP results, as we believe it provides a more complete understanding of ongoing business performance and trends than GAAP measures alone. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Altus Power does not provide GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty and without unreasonable effort, items such as acquisition and entity formation costs, gain on fair value remeasurement of contingent consideration, change in fair value of redeemable warrant liability, change in fair value of alignment shares. These items are uncertain, depend on various factors, and could be material to Altus Power's results computed in accordance with GAAP. A 19