Investor Presentation

Spruce Has a Simple Business Model Designed for Realizing Synergies Between Ownership & Acquisition 1 2 3 Grow customer base by acquiring portfolios of DG Solar assets and customers, primarily residential solar leases and PPAs Enhance per-customer operating margin, as Spruce's in-house servicing platform increases in scale Capitalize on additional revenue opportunities through sale of emerging technologies to DG Solar customers (e.g. battery storage, SREC management, EV charging) spruce 19

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