#1Q1 2022 Earnings Presentation MAY 16, 2022 xxx ALTUSPOWER RENEWABLE ENERGY#2Cautionary Statements And Risk Factors That May Affect Future Results The following presentation for Altus Power, Inc. (as used in this section, "Altus" or the "Company") has been prepared by Altus's management. You should read the following discussion and analysis together with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q, and our 2021 Annual Report on Form 10-K. Any references in this section to "we," "our" or "us" shall mean Altus. The following discussion and analysis of financial condition and operating results for Altus Power, Inc. (as used in this section, "Altus" or the "Company") has been prepared by Altus's management. You should read the following discussion and analysis together with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q, and our 2021 Annual Report on Form 10-K. Any references in this section to "we," "our" or "us" shall mean Altus. In addition to historical information, this Quarterly Report on Form 10-Q for the period ended March 31, 2022 (this "Report"), including this management's discussion and analysis ("MD&A"), 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 "believes," "expects," "intends," "may," "could," "will," "should," "plans," "projects," "forecasts," "seeks," "anticipates,” “goal," "objective," "target," "estimate," "future," "outlook," "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 filed with the Securities and Exchange Commission on March 24, 2022 (the "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 Report 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 on Altus Power's business. 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. § Q1 2022 Earnings 2#3Q1 2022 Financials A $19.2 Million 2022 Q1 Operating Revenues $8.8 Million 2022 Q1 Adjusted EBITDA¹ ALTUSPOWER RENEWABLE ENERGY $318.2 Million Unrestricted cash balance as of March 31, 2022 ¹ Adjusted EBITDA is a non-GAAP financial measure Please see the Appendix for a reconciliation to the most directly comparable GAAP measure $57-63 Million Reaffirmed full year 2022 adjusted EBITDA¹ guidance Q1 2022 Earnings 3#42021 Quarterly Distribution § ($ in millions) $12.5 1Q21 Seasonality expected throughout the year Revenue $17.6 2Q21 $20.1 3Q21 $21.6 4Q21 ($ in millions) 14 12 10 ∞ 4 2 $6.3 1Q21 Adjusted EBITDA ¹ $10.1 2Q21 $11.7 3Q21 $12.9 4Q21 1 Adjusted EBITDA is a non-GAAP financial measure Please see the Appendix for a reconciliation to the most directly comparable GAAP measure Q1 2022 Earnings 4#5Utility Rate Pressure Building Rapidly Variable Rate Contract Exposure Provides Inflation Hedge § Existing Portfolio Approximately 60% of Altus customer agreements are variable rate contracts, which means revenues increase with utility prices. New Additions ■ Continued utility rate pressure expected to outstrip solar cost inflation ▪ We believe utility price inflation drives increasing economic advantage of installing solar Breakdown of Current Portfolio (362 megawatts)¹ Variable Rate Contracts 60% ¹ Percentages shown are approximations as of March 31, 2022 40% Fixed Rate Contracts Q1 2022 Earnings 5#6Community Solar - An Altus Power Solution for the Residential Segment Community solar enables residential customers to sign up as off takers for our commercial-scale projects under a "virtual" net metering rate, currently offered in IL, MD, MA, MN, NJ, HI¹ and NY § Subscribers Bill Credits $ Subscription Community Solar Project ↑↑ Electrical Grid Over 5,000 community customers served by almost 40 megawatts of our projects including apartment residents and lower/middle income (LMI) customers 55 megawatts² of additional community projects agreed including 35 megawatts Blackstone Link Logistics NJ and 20 megawatts of CBRE IM Maryland programs Bulk discount to customers drives demand for our projects since Altus bills customer for power at a fixed discount to the prevailing local utility rate ¹ In Construction 2 These additions are approximate and are subject to completion and there is no guarantee as to when or if these additions will be realized and contribute to revenues Q1 2022 Earnings 6#7Our Pipeline of Projects¹ tox Larger Operating Portfolios Over 1 Gigawatt of Actionable Pipeline Over 500 MW Potential Operating Acquisitions² 75% 25% Ordinary Course Acquisitions ¹ Percentages shown are approximations as of March 31, 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 Customer Engagement 60% 20% 20% Q1 2022 Earnings In Contract / Negotiation 7#8Origination - Project Timeline to Completion ¹ § Extended Project Timelines Create Challenges Altus Power Self-Developed/Construction Historical Timeline 12-15 months Current Timeline Extension 3-6 months Channel Partner Fully Developed/Construction Current Timeline Extension 3-6 months Historical Timeline 6-9 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 Q1 2022 Earnings 8#9Altus' 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 the one-stop solution for delivering savings and decarbonization benefits to customers Q1 2022 Earnings 9#10A Appendix ALTUSPOWER RENEWABLE ENERGY#11Non-GAAP Reconciliation tox Adjusted EBITDA¹ Reconciliation of Net income to Adjusted EBITDA Net income Income tax benefit Interest expense, net Depreciation, amortization and accretion expense Non-cash compensation expense Acquisition and entity formation costs Loss (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 expense (income), net Adjusted EBITDA Adjusted EBITDA Margin¹ Reconciliation of Adjusted EBITDA Margin: Adjusted EBITDA Operating revenues, net Adjusted EBITDA Margin 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures $ Three Months Ended March 31, 2022 (in thousands) 60,135 $ -123 4,938 6,822 1,305 294 169 -18,458 -46,346 2021 15 8,751 2022 Three Months Ended March 31, 2021 (in thousands) 8,751 19,199 46% 263 -1,037 3,913 4,388 37 147 -1,275 -111 6,325 6,325 12,471 51% 11#12Balance Sheet tox Assets Current assets: Cash Condensed Consolidated Balance Sheets (In thousands, except share and per share data) 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 Goodwill 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 March 31, 2022, and December 31, 2021; 153,648,830 shares issued and outstanding as of March 31, 2022, and December 31, 2021 Preferred stock $0.0001 par value; 10,000,000 shares authorized, zero shares issued and outs nding as of March 31, 2022, and December 31, 2021 Additional paid-in capital Accumulated deficit Total stockholders' equity Noncontrolling interests Total equity Total liabilities, redeemable noncontrolling interests, and stockholders' equity As of March 31, 2022 318,177 2,558 8,494 6,619 335,848 1,794 745,991 16,377 601 3,738 $ 1,104,349 $ $ $ $ 15,407 As of December 31, 2021 15 $ 2,394 $ 4,362 21,218 3,500 31,474 31,475 81,114 521,869 12,847 7,688 9.473 6,698 702,638 $ 3,591 4,494 21,143 3,663 32,891 49,933 127,474 524,837 13,758 7,628 9,603 5,587 $ 771,711 325,983 2,544 9,218 6,659 344,404 1,794 745,711 16,702 601 4,037 1,113,249 406,866 (40,937) 365,944 20,360 386,304 $ 1,104,349 $ 15,527 406,259 (101,356) 304,918 21,093 326,011 $ 1,113,249 15 12#13Statement of Operations tox Condensed Consolidated Balance Sheets (In thousands, except share and per share data) Operating revenues, net Operating expenses Cost of operations (exclusive of depreciation and amortization shown separately below) General and administrative Depreciation, amortization and accretion expense Acquisition and entity for atic costs Loss (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 expense (income), net Interest expense, net Total other (income) expense Income (loss) before income tax benefit Income tax benefit Net income Net loss attributable to noncontrolling interests and redeemable noncontrolling interests Net income attributable to Altus Power, Inc. Net income per share attributable to common stockholders Basic Diluted Weighted average shares used to compute net income per share attributable to common stockholders Basic Diluted $ $ $ $ $ $ $ $ Three Months Ended March 31, 2022 19,199 $ 4,064 6,384 6,822 294 169 1,305 19,038 $ 161 (18,458) (46,346) 15 4,938 (59,851) $ 60,012 $ 123 60,135 (284) 60,419 $ 152,662,512 153,586,538 $ $ 0.39 0.39 $ 2021 12,471 2,920 3,226 4,388 147 (1,275) 37 9,443 3,028 (111) 3,913 3,802 (774) 1,037 263 (699) 962 0.01 0.01 88,741,089 89,991,570 13#14Non-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. § Q1 2022 Earnings 14