#1A ALTUSPOWER RENEWABLE ENERGY Third Quarter Earnings Presentation November 13, 2023 11 LEE#2Cautionary Statements And Risk Factors That May Affect Future Results ALTUSPOWER RENEWABLE ENERGY 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 consolidated financial statements and related notes appearing in our 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 30, 2023 (the "2022 Annual Report on Form 10-K"). 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 2022 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) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (2) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors. 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. All rights to the trademarks, copyrights, logos and other intellectual property in this presentation belong to their respective owners and Altus Power's use thereof does not imply an affiliation with, or endorsement by the owners or such trademarks, copyrights, logos or other intellectual property. Altus Power's earnings call for the third quarter ended September 30, 2023, which was held on November 13, 2023, is intended to assist in understanding information Altus Power's management discussed in that call. This presentation should be viewed in conjunction with the November 13th, 2023, earnings call, a reply of which is available on Altus Power's website at www.altuspower.com, under Investor. The information contained in the presentation is summary information that is intended to be considered in the context of the Company's 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. N#3Recent Accomplishments ➤ First-of-its-kind, non-bank syndicated construction facility with Blackstone insurance capital Multiple sources of origination CBRE-sourced relationships now include Transwestern Investment Group Channel partner-sourced relationships include Morgan Stanley and Brennan Investment Group New 121 MW portfolio further enhances our leading market position Reaffirming 2023 guidance for adjusted EBITDA and adjusted EBITDA margin ▬▬ TI IL SABOREDOMECENACE ▬▬▬▬▬▬ T T A TIT TIT 35 TIL TIT TIT T ALTUSPOWER RENEWABLE ENERGY#4Robust Cash Flow Available to Reinvest for Growth Adjusted EBITDA¹ ($MM) Net Cash Provided by Operating Activities ($MM) $41 Altus Power Generates Significant and Growing Cash Flow $24 2021 $59 $35 2022 1 Adjusted EBITDA is a Non-GAAP financial measure. Please see Financial Statements in the Appendix for a reconciliation to the most directly comparable GAAP measures. 4Q In Process $76 4Q In Process $49 9M 2023 ALTUSPOWER RENEWABLE ENERGY#5Altus Power Portfolio Comprises 721 Megawatts Across 25 States¹ Recent Highlights Hawaii's first large-scale community solar array ● ● ● Addition of multiple solar and storage assets across Massachusetts Over 180 megawatts of assets serving over 20,000 Community Solar customers State New York Massachusetts New Jersey California Minnesota Hawaii Nevada Maryland Rhode Island All other Total ¹As of September 30, 2023 MWs % 142 20% 135 19% 120 17% 117 16% 57 8% 34 5% 21 3% 14 2% 13 2% 68 8% 721 100% ALTUSPOWER RENEWABLE ENERGY LO 5#6Ramping Construction Activity Maryland Rhode Island Maine New Jersey New York Hawaii TOTAL 1 As of November 13, 2023 2023 Construction Pipeline Progress Report¹ Completed 4 MW 4 MW 1 MW 30 MW 9 MW 5 MW ~53 MW Final Stages of Construction 3 MW 9 MW 10 MW ~22 MW Total Expected for 2023 7 MW 4 MW 1 MW 39 MW 19 MW 5 MW ~75 MW ALTUSPOWER RENEWABLE ENERGY#7Well Positioned In An Opportunity-Rich Environment New Acquisition Highlights • 121 MW of arrays across 35 sites Over 100 MW in North and South Carolina • Contracted with Investment-Grade Counterparties Accretive to EBITDA and Cash Flow ● ● ● ● Financing Highlights¹ Closing expected in Q4 2023 Purchase price of $120 million Expected Funding: Blackstone Long-Term Funding Facility ■ Allocated Interest Rate Hedges Cash on Hand ■ Development expertise, strong balance sheet, and track record of execution positions Altus Power as attractive buyer of portfolios ¹Acquisition is subject to receiving certain required consents. ALTUSPOWER RENEWABLE ENERGY#8Rapidly Growing Asset Base Supported by Substantial Pipeline CBRE 378 MW Over 1 Gigawatt of Pipeline of Customer Engagements¹ Blackstone 470 MW Q4 '22 Existing Customers 175 MWs 140 MWs 679 MW Q1 '23 Channel Partners Cumulative Operating Assets Q3 22 ¹ All data is as of September 30, 2023 2. Annualized EBITDA is based on company forecasts. Please refer to our "forward looking statement" disclosure for more information. 698 MW Q2 '23 Acquisitions 3 MWs 121 MWs 721 MW Q3 '23 ALTUSPOWER RENEWABLE ENERGY In Contract / In Negotiation In Construction / In Closing 00#9Introducing Altus IQ Altus Power Generates & Delivers Clean Electric Power Stamford Office Eh Property Type: Office Property Performance. Last Updated: Oct 1, 2023 Generation and Usage 20k 10k 0 2 Dec 22 (22 Jan 23 Feb 23 Building Size: 33,006 sq ft Mar 23 Grid Electricity Usage. May 23 2 un Aug 23 Dashboard & Properties Centralized Control, Streamlined efficiency : Ut AS From: Oct 30, 2022 to Oct 30, 2023 Savings $ 155,702.54 Net Savings Cost with solar production: $ 622,810.39 Cost without solar production: 778,512.93 Solar Savings Over Time 150k 100k SON Oct 22 Actual Cost Nov 22 Dec 22 Jan 23 Feb 23 ●Expected Cost Mar 23 Apr 23 Solar Savings Harness the power of the Sun, Boost your Bottom Line U W 300k ergy and its equivalent ving The Planet. arbon equivalent to 227M Smartphones charged 76K Propane cylinders for home barbeques yders 234 Homes' electricity use per year man Carbon Footprint Over Time 2025 - Eletty Carbon Data Track your behaviors associated with the Solar Production Gross Carbon Consumption Carbon Benefits Make a mark by leaving none 1,90 3,75 25k 20k 15k 10k Sk .ance 0 25 Sep Grid Electricity Usage From: Sep 29, 2023 to Oct 31, 2023 Properties 2 Dat ALTUSPOWER RENEWABLE ENERGY Sensor Datal v 9 Oct 16 Oct Altus IQ Sensor Revolutionizing Real-Time Energy Monitoring#10Third Quarter Results Support Full-Year Guidance Range Revenue ($M) $45.1 $30.4 3Q 2022 3Q 2023 3Q 2022 ($96.6) Third Quarter Results Net Income ($M)* 3Q 2023 $6.8 Adjusted EBITDA¹ ($M) $19.4 3Q 2022 $29.1 3Q 2023 Adjusted EBITDA Margin¹ 3Q 2022 64% 3Q 2023 64% $58.6 Affirming 2023 Guidance Range¹ Adjusted EBITDA ($M) 2022A ALTUSPOWER RENEWABLE ENERGY *GAAP Net Income figures include non-cash (loss) and gain from remeasurement of alignment shares of ($72.4M) and $3.5M for 3Q 2022 and 3Q 2023, respectively. 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see Financial Statements in the Appendix for a reconciliation to the most directly comparable GAAP measures. $97-$103 2023 Guidance Adjusted EBITDA margins in the mid-to-high fifty percent range 10#11Altus Power's Increased Access to Capital Capital Spent to Complete 1 Weighted Average as of September 2023 for APAF I-III facilities During Construction New Construction Facility Asset Completed Available to Finance Construction Costs Including: Equipment Labor Interconnection Development Costs Asset Timeline During Operation Long-Term Funding Facility Continued Access to Long-Term, Fixed-Rate Financing Weighted Average Interest Rate of 4.35% on Existing LT debt¹ ALTUSPOWER RENEWABLE ENERGY 11#12A ALTUSPOWER RENEWABLE ENERGY Appendix 12#13Portfolio Statistics as of September 30, 2023 86 362 1Q 137 369 1Q22 2Q22 Gigawatt-Hours 137 377 2Q 3Q22 262 1 Percentages shown are approximations 2022 2023 Cumulative MWs 139 470 4Q22 678 3Q 1Q23 239 698 2Q23 94 721 4Q 3Q23 4Q23 Breakdown of Contract Type (MWS)¹ Variable 57% Fixed 23% Fixed with Escalator 20% ALTUSPOWER RENEWABLE ENERGY 13#14Nine-Month Financials ALTUSPOWER 9M 2023 Operating Revenues $121 Million 9M 2023 Net Income $14 Million 9M 2023 Adjusted EBITDA¹ $75.7 Million 9M 2023 Adjusted EBITDA Margin¹ 63 Percent 9M 2023 Cash Flow from Operating Activities $49.1 Million ¹ Adjusted EBITDA is a non-GAAP financial measure Please see the Appendix for a reconciliation to the most directly comparable GAAP measure 14#15Non-GAAP Reconciliation ALTUSPOWER Adjusted EBITDA¹ Reconciliation of Net income (loss) to Adjusted EBITDA: Net income (loss) Income tax (benefit) expense Interest expense, net Depreciation, amortization and accretion expense Stock-based compensation expense Acquisition and entity formation costs Gain (loss) on fair value of contingent consideration (Gain) loss on disposal of property, plant and equipment 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 % $ $ 2023 $ Three Months Ended September 30, 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures (in thousands) 6,776 (1,940) 9,180 13,719 4,176 268 50 (3,508) 339 29,060 2023 Three Months Ended September 30, (in thousands) 29,060 45,079 64% $ $ 2022 es es $ (96,628) 1,964 5,657 7,134 2,708 237 825 (2,222) 29,564 72,418 (2,267) $ 19,390 2022 19,390 30,438 64% $ $ Nine Months Ended September 30, 2023 (in thousands) 13,991 77 30,150 38,054 11,304 3,128 150 649 (23,331) 1,569 $ 75,741 2023 Nine Months Ended September 30, (in thousands) 75,741 120,970 63% 2022 $ $ $ (14,919) 2,548 15,768 20,819 6,670 583 (146) (2,222) 6,447 9,367 (2,860) $ 42,055 2022 42,055 74,399 57 % 15#16Balance Sheet ALTUSPOWER Condensed Consolidated Balance Sheet (In thousands, except share and per share data) Assets Current assets: 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 Operating lease asset Derivative assets Other assets Total assets Liabilities, redeemable noncontrolling interests, and stockholders' equity Current liabilities: Accounts payable Construction payable Interest payable Purchase price payable, current Due to related parties Current portion of long-term debt, net Operating lease liability, current Contract liability, current Other current liabilities. Total current liabilities Alignment shares liability Long-term debt, net of unamortized debt issuance costs and current portion Intangible liabilities, net Purchase price payable, noncurrent Asset retirement obligations Operating lease liability, noncurrent Contract liability, noncurrent Deferred tax liabilities, net Other long-term liabilities Total liabilities Commitments and contingent liabilities (Note 11) Redeemable noncontrolling interests Stockholders' equity Common stock $0.0001 par value; 988,591,250 shares authorized as of September 30, 2023, and December 31, 2022; 158,989,953 and 158,904,401 shares issued and outstanding as of September 30, 2023, and December 31, 2022 Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Total stockholders' equity Noncontrolling interests Total equity Total liabilities, redeemable noncontrolling interests, and equity As of September 30, 2023 $ $ $ $ 68,184 3,802 23,385 2,686 98,057 12,002 1,447,711 47,103 152,865 19,071 7,630 1,784,439 4,985 10,791 8,495 22,495 53 34,111 3,670 3,377 8,623 96,600 42,803 908,034 14,043 14,427 158,430 6,075 14,426 2,928 1,257,766 23,601 16 482,634 (28,147) 11,430 $ 465,933 37,139 $ 503,072 $ 1,784,439 As of December 31, 2022 193,016 2,404 13,443 6,206 215,069 3,978 1,005,147 47,627 94,463 3,953 6,651 $ 1,376,888 $ $ 2,740 9,038 4,436 12,077 112 29,959 3,339 2,590 3,937 68,228 66,145 634,603 12,411 6,940 9,575 94,819 5,397 11,011 4,700 $ 913,829 18,133 16 470,004 (45,919) 424,101 20,825 $ 444,926 $ 1,376,888 16#17Statement of Operations ALTUSPOWER Condensed Consolidated Income Statement (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 formation costs Loss (gain) on fair value remeasurement of contingent consideration (Gain) loss on disposal of property, plant and equipment 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 expense (income) Income (loss) before income tax expense Income tax benefit (expense) Net income (loss) Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling 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 September 30, 2023 45,079 7,825 8,194 13,719 268 50 4,176 34,232 10,847 (3,508) 339 9,180 6,011 4,836 1,940 6,776 1,446 5,330 0.03 0.03 158,719,684 160,198,154 $ $ $ 2022 30,438 4,488 6,560 7,134 237 825 (2,222) 2,708 19,730 10,708 29,564 72,418 (2,267) 5,657 105,372 $ (94,664) (1,964) $ (96,628) 352 $ (96,980) $ (0.63) $ (0.63) 154,455,228 154,455,228 $ $ $ $ $ $ es $ $ Nine Months Ended. September 30, 2023 120,970 21,382 23,847 38,054 3,128 150 649 11,304 98,514 22,456 (23,331) 1,569 30,150 8,388 14,068 (77) 13,991 (3,781) 17,772 0.11 0.11 158,687,373 160,965,682 $ $ $ 2022 74,399 12,842 19,502 20,819 583 (146) (2,222) 6,670 58,048 16,351 6,447 9,367 (2,860) 15,768 28,722 $ (12,371) (2,548) $ (14,919) (2,473) $ (12,446) $ (0.08) $ (0.08) 153,482,503 153,482,503 17#18Non-GAAP Definitions ALTUSPOWER RENEWABLE ENERGY 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, stock-based 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. 18#19Adjusted EBITDA Definitions ALTUSPOWER RENEWABLE ENERGY Adjusted EBITDA and Adjusted EBITDA Margin We define adjusted EBITDA as net income plus net interest expense, depreciation, amortization and accretion expense, income tax expense, acquisition and entity formation costs, stock-based 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 or loss on fair value remeasurement of contingent consideration, change in fair value of redeemable warrant liability, change in fair value of Alignment Shares liability, loss on extinguishment of debt, and other miscellaneous items of other income and expenses. See "Components of Results of Operations" below for a description of each of these items. Interest Expense, Net. Interest expense, net represents interest on our borrowings under our various debt facilities, amortization of debt discounts and deferred financing costs, and unrealized gains and losses on interest rate swaps. Depreciation, Amortization and Accretion Expense. Depreciation expense represents depreciation on solar energy systems that have been placed in service. Depreciation expense is computed using the straight-line composite method over the estimated useful lives of assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives or the remaining term of the lease. Amortization includes third party costs necessary to enter into site lease agreements, third party costs necessary to acquire PPA and NMCA customers and favorable and unfavorable rate revenues contracts. Third party costs necessary to enter into site lease agreements are amortized using the straight-line method ratably over 15-30 years based upon the term of the individual site leases. Third party costs necessary to acquire PPAS and NMCA customers are amortized using the straight-line method ratably over 15-25 years based upon the term of the customer contract. Estimated fair value allocated to the favorable and unfavorable rate PPAS and REC agreements are amortized using the straight-line method over the remaining non-cancelable terms of the respective agreements. Accretion expense includes over time increase of asset retirement obligations associated with solar energy facilities. Income Tax (Expense) Benefit. We account for income taxes under ASC 740, Income Taxes. As such, we determine deferred tax assets and liabilities based on temporary differences resulting from the different treatment of items for tax and financial reporting purposes. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Additionally, we must assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. We have a partial valuation allowance on our deferred state tax assets because we believe it is more likely than not that a portion of our deferred state tax assets will not be realized. We evaluate the recoverability of our deferred tax assets on a quarterly basis. Acquisition and Entity Formation Costs. Acquisition and entity formation costs represent costs incurred to acquire businesses and form new legal entities. Such costs primarily consist of professional fees for banking, legal, accounting and appraisal services. Stock-Based Compensation Expense. Stock-based compensation expense is recognized for awards granted under the Legacy Incentive Plans and Omnibus Incentive Plan, as defined in 2022 Annual Report on Form 10-K, Note 20, "Stock-Based Compensation," to our consolidated financial statements included elsewhere in this Report. Fair Value Remeasurement of Contingent Consideration. In connection with the Solar Acquisition (as defined in 2022 Annual Report on Form 10-K, Note 11, "Fair Value Measurements," to our consolidated financial statements included elsewhere in this Report), contingent consideration of up to an aggregate of $3.1 million may be payable upon achieving certain market power rates by the acquired solar energy facilities. The Company estimated the fair value of the contingent consideration for future earnout payments using a Monte Carlo simulation model. Significant assumptions used in the measurement include market power rates during the 36-month period, and the risk-adjusted discount rate associated with the business. Change in Fair Value of Redeemable Warrant Liability. In connection with the Merger, the Company assumed a redeemable warrant liability composed of publicly listed warrants (the "Redeemable Warrants") and warrants issued to CBRE Acquisition Sponsor, LLC in the private placement (the "Private Placement Warrants"). Redeemable Warrant Liability was remeasured through the Redemption Date, and the resulting loss was included in the consolidated statements of operations. Change in Fair Value of Alignment Shares. Alignment Shares represent Class B common stock of the Company which were issued in connection with the Merger. Class B common stock, par value $0.0001 per share ("Alignment Shares") are accounted for as liability-classified derivatives, which were remeasured as of December 31, 2022, and the resulting gain was included in the consolidated statements of operations. The Company estimates the fair value of outstanding Alignment Shares using a Monte Carlo simulation valuation model utilizing a distribution of potential outcomes based on a set of underlying assumptions such as stock price, volatility, and risk-free interest rates. Other (Income) Expense, Net. Other income and expenses primarily represent interest income, state grants, and other miscellaneous items. 19#20A W: P: ALTUSPOWER RENEWABLE ENERGY contact info altuspower.com (203) 698-0090