Shoppers World 1.

7 MW Solar System

New Marlborough 2.0 MWh Storage System

Investor Presentation
Leading the Clean Energy Transition
January 2022
Disclaimer
DISCLAIMER AND FORWARD LOOKING STATEMENTS

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these data.

2
Market Leading Clean Electrification Company
Altus Power is the only public, pure play commercial and
industrial-focused clean electrification company in the U.S.
Serving Customers Altus Owns Assets Across the U.S.

Founder led, fully aligned End-to-end servicing capabilities

management team with significant satisfy broad corporate and public
experience operating a full sector demand for the transition to the
electrification platform clean energy ecosystem

Long-term customer contracts

Blackstone and CBRE have
and existing assets are expected to
significant ownership stakes and
provide recurring revenues and
board representation
EBITDA

Operating Projects
We believe we outmaneuver
Total addressable market > $400 billion, Altus Power Presence
competitors with flexible and attractive
Including solar, EV charging, and
capital, with innovative approach
battery storage customer demand
to deal structuring for customers

Source: BloombergNEF, WoodMac. 3

Founder-Led Management Team
• Retired Partner at Goldman Sachs
Gregg Felton
• Founder and Chief Investment Officer of Credit Alternatives Platform at Goldman Sachs Asset
Co-Founder, Co-CEO & Director Management; Oversaw $5+ billion in funds

• Former Principal and Managing Director at Cohen & Company

Lars Norell − Served as Head of Capital Markets and subsequently led the Alternative Assets effort
Co-Founder, Co-CEO & Director • Former Managing Director and Co-Head of U.S. Structured Credit Products at Merrill Lynch

Tony Savino • Former Co-Founder of Sound Solar Systems

Co-Founder, Chief Construction • Completed over 500 solar and commercial construction projects
Officer

Dustin Weber • Has led Altus finance and accounting team since 2013

Chief Financial Officer • Former Energy Analyst at Torus Capital

Sophia Lee • Deputy General Counsel, Liquidnet; General Counsel, IEX

Chief Legal Officer • Program Fellow in the Law and Economics of Capital Markets, Columbia Law School

Julia Sears • Former Head of Risk Management and FinQloud Solutions at NASDAQ OMX

Chief Digital Officer • Development Executive of B2B/B2C Development and Client Experience at TIAA

Melissa Boulan • Chief of Staff for Goldman Sachs Special Situations Group and Principal Investment Area

Chief People Officer • Head of Human Resources at Viking Global Investors

• Senior Vice President of Sales & Development at REC Solar; Vice President of Operations at
Dan Alcombright SunEdison
Chief Platform Officer • Most recently the Managing Director, Growth Implementation at Duke Energy
4
What Altus Power Does
✓ Altus Power is a one-stop shop for commercial, industrial, municipal, and community solar customers on their clean energy
transition, generating value at each step
✓ Customer relationships start with hosting on-site distributed generation and extend to the larger energy transition ecosystem
supplied by Altus Power

C&I Solar Community Solar Car Canopy Structure Energy Storage EV Charging

Altus Power aims to convert on this massive market opportunity

5
Altus Power is the Leader in C&I Solar
U.S. Cumulative C&I Solar Installed Capacity by Year
(GW)
✓ Commercial & Industrial solar generation utilizes onsite
solar arrays to provide power to retail, office, logistics, 48
44
and other business-oriented facilities 40
36
33
✓ Altus Power delivers power under long-term, take-or-pay 30
27
power purchase agreements (PPAs) to C&I customers - 25
22
at lower cost than the grid 19
17

✓ Systems can be tailored to the requirements of the site –

in terms of size, storage, and other offerings, such as EV
charging
2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
✓ Technology improvements expected to enable solar to
capture 65% of the total corporate renewable market
through 2030

✓ Currently, only ~5% of the C&I solar market is being Altus Power pursues growth in the C&I solar segment through
addressed both end-to-end project development and operation,
as well as acquisition of existing high-quality assets across the U.S.

Source: WoodMac, Generation 180, Environment America, Environmental Leader, IHS Markit, RE100, World Resource Institute.
1. Sourcing methods used by RE100 members, 2020 Annual Report.
6
Altus Power Leases Commercial Roofs to Build Community Solar
Community Customers Count
✓ Large C&I rooftops can be leased by Altus Power long-term,
5,000 +
creating lease revenue for the owner and permitting Altus
Power to construct Community Solar assets
✓ The clean power can be sold to local communities, corporate
employees, and customers
✓ Altus Power allows customers to move across town and take 2,124
their “virtual clean energy system” with them
✓ Community Solar is available in multiple states and scheduled to 457 540
176 261
be introduced in many more

2015 2016 2017 2018 2019 2020

Altus Power can provide

corporate employees and
customers with clean energy
EV Charging
and full energy transition
solutions for their homes

Meadow 4.0 MW Solar System Energy Storage

7
 Storage Capabilities are Transforming Electrification
Capacity Growth
U.S. Battery Storage Capacity Installations
✓ Households and commercial buildings may consume up to
(GWh) 54 54 GWh of storage capacity by 2030
44

34 ✓ FERC order allowing storage resources to participate in the

27 wholesale market is expected to buoy renewable-plus-
2020 – 2030E CAGR: ~49%
21 storage investments
16
12
8
5
2
1 ✓ Batteries value is “stackable”
2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E o Emergency backup power / energy resiliency
Residential Commercial o Reduce demand charges
o Provide system capacity
Projected Storage Cost o Add value to solar standalone projects
4-Hour Battery System Projected Cost Reduction
($/kWh)
400
345 ✓ We intend that most of Altus’ facilities will eventually
350 316
300 290 include storage technologies because of declining costs
264
2020$/kWh

250 238 212

199
200 184 170 157 143
150
100
50
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Year 8
Source: BloombergNEF and https://www.nrel.gov/docs/fy21osti/79236.pdf
 Unrivaled Partnerships: CBRE and Blackstone

Human Capital ~450-person energy + > 30-person Environmental,

Investment sustainability team Social, Governance team
Owned and Managed Largest owner of commercial real
~7 billion square feet globally
Square Footage estate globally
Common Stock in
~14% ~19%
Altus Power1

Altus is leveraging customers and partners through CBRE and Blackstone, which provides an
abundant pipeline of potential customers seeking decarbonization solutions

9
1. Ownership is percentage of class A common stock outstanding as of 1/12/2022
 CBRE Partnership
CBRE’s existing footprint provides significant expansion opportunities throughout the country
Altus Power Assets Across the Nation CBRE National Footprint2

Operating Projects

Altus Power Presence

Shirley Landfill 1.4 MW Solar System

Shirley Landfill 1.4 MW Solar System
1. Includes CBRE properties managed on behalf of third parties. 10
 Blackstone Partnership and Case Study
Largest owner of commercial real estate globally1 with over 7,500 real estate holdings
~1.2+ Billion Square Feet of Commercial Real Estate Globally

New Jersey Community Solar Projects Portfolio of Buildings

✓ Altus entered the NJ Community Solar Pilot Program in ✓ No investment or ongoing cost to client
partnership with Blackstone Real Estate Logistics
✓ Provides long-term hedge against electrical market volatility
✓ Altus was awarded 35 MWs under the program, representing
✓ Clean energy to support decarbonization goals
22% of total program capacity
✓ Easily replicable solution for nearly any other client
✓ Projects will serve ~10,000 customers with a majority of the
discounted clean power allocated to historically underserved ✓ 10 – 15% reduction in energy costs compared to the grid
communities in the state
✓ Projects are designed to include EV charging

Meadow 4.0 MW Solar System

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1. Largest owner based on estimated market value per Real Capital Analytics, as of June 30, 2021. Excludes governmental entities and religious organizations.
 Long-Term Contracts Create “Stackable” Revenue Opportunity

“Land and expand” strategy leverages existing, high-quality customer base1 for transformational growth

.... providing the

opportunity to increase
revenue per customer
... combined with
accelerating Incumbent position
Long-term partner with electrification product
remaining ~18-year and services demand...
produces stackable
average contract life... revenue opportunity:

✓ Energy storage
✓ EV charging services

Spartan 10.0 MW Solar System

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1 Altus Power has had zero commercial customer defaults in the company’s entire operating history
Seamless, End-to-End Service for its Customers

Engineering, Procurement,
Sales Contracts Financing Operations & Maintenance
& Construction
 Altus Power uses in-house  Standardization of  Construction  Flexible financing  Proprietary GAIA software
origination and contracts drives high management approach structure supports wide platform provides
development staff as well transaction velocity and focused on system design array of project multiple solutions by
as external partners to faster time to close of while leveraging characteristics and utilizing data analytics
source new customers deals with certainty of subcontractors enables scalability throughout full customer
 Playbook for execution  Dedicated in-house team  Market leader, achieving lifecycle
demonstrating customer  Extensive diligence of provides O&M and one of the first  In-house asset
value proposition and counterparties, utility servicing functions, investment grade rated management through
creating repeat customers programs, construction enabling efficient asset C&I scalable securitization system life
timelines, and tax risk monitoring, billing, and facilities
 CBRE and Blackstone to
provide attractive referral  Trusted partner and recording functions and
opportunities via experienced deal team system performance
strategic partnerships optimization

Commercial Operating
Origination
Operation Date Life

Altus Power’s playbook combines standardized contracts with financial flexibility and data analytics to provide a superior
and seamless customer experience, establishing Altus Power as a trusted partner 13
Well-Defined Origination Channels Driving Growth
1
Existing Channel Partners
In-House development team and
national network of local
development partners

5 2
Digital Origination Blackstone Real
Platform Estate
Strategic partnership
Digital capabilities enhance
with Blackstone provides
growth from both existing
strong development
and prospective customers
pipeline

4
3
Peer Take-Outs
Significant pipeline of operating CBRE
projects from intermediaries
Enhanced origination
who value Altus for expertise
opportunities with
and execution certainty

14
Altus Power’s Pipeline Provides Visibility into its Forecast
Key Figures Current Pipeline Composition

900+MW Pipeline Supports Financial Forecast

✓900+ MW actionable pipeline

✓Diverse group of off-takers

New 24% Community 17%
✓Over 45 distinct development Existing
Commercial &
opportunities Community 23%
pipeline does
Referral 16%
not include
✓Project size ranges from 1 MW – potential
10+ MW development
Existing
relationship Commercial opportunities
✓Pipeline projects located across from the CBRE
& Blackstone 60%
18 states
60% partnership

Deal Source Customer Type

15
Financial Highlights
✓ Long-term contracted revenues
• Existing EBITDA positive business supported by long-term contracted revenues
• 20-year standard contract term with recontracting mechanism
• 80%+ investment grade1 quality counterparties; Zero commercial customer defaults in Altus Power’s operating history

✓ Low customer acquisition cost

• Blackstone and CBRE strategic partnerships offer immediate access to a large, diversified customer base seeking clean energy
• National developer base with local expertise in sourcing new customers
• Repeat customers and strong referral network

✓ Robust growth profile

• Strong, identified 2022 and 2023 pipeline
• Partnerships that yield systematic growth
• Sponsorship through CBRE and Blackstone offer their vast resources (portfolio companies, technologies, relationships, etc.)

✓ Scalable financing structure

• Flexible, competitive, and scalable credit facilities through Blackstone Insurance and Fifth Third
• Tax equity relationships and partnerships, ready for additional deployment

✓ New products complementing core solar offerings

• Energy storage augments the traditional solar offering, improving the customer value proposition and creating a larger addressable market
• Electric vehicle charging is expected to grow significantly over the next 10 years, and the industry is focusing on clean charging

✓ Ongoing Reporting
• Altus Power reaffirms its prior guidance as to 2021E adjusted EBITDA
• Altus Power intends to report financial results in March 2022, including 2021 actuals and updated annual guidance at that time
16
1. Investment grade includes 680+ prime FICO borrower. Representative of 347 MWs. Where Moody’s rating is not available, S&P equivalent rating is taken. May include related party, affiliate or Moody's risk shadow rating, at the time of underwriting.
Appendix
Board of Directors
• Retired Partner at Goldman Sachs
Gregg Felton
• Founder and Chief Investment Officer of Credit Alternatives Platform at Goldman Sachs Asset
Co-CEO & Director Management; Oversaw $5+ billion in funds

• Former Principal and Managing Director at Cohen & Company

Lars Norell − Served as Head of Capital Markets and subsequently led the Alternative Assets effort
Co-CEO & Director • Former Managing Director and Co-Head of U.S. Structured Credit Products at Merrill Lynch

Christine Detrick • Over 35 years of experience leading and advising Financial Services companies and investors
with prior experience on multiple public company boards
Non-Executive Board Chair • Former Director, Head of the Americas Financial Services Practice, and Senior Advisor at Bain
(Independent) & Company

Richard Peretz • Over 35 years of experience leading global accounting, finance, and operations teams with
prior experience on company boards
Audit Chair • Former CFO of United Parcel Service (UPS), currently serving on the Board of Electric Last
(Independent) Mile, an EV company, Tribe Capital Growth Corp.

Sharon Daley • Assists Blackstone portfolio companies with C-suite leadership assessment, coaching and
development
Director
• 34-year career in a variety of senior human resources roles at General Electric
(Independent)
Sarah Coyne • Current Vice President at ValueAct Capital
Director • Formerly worked in finance and investment banking roles at KKR & Co, Inc. & Goldman Sachs
& Co. LLC
(Independent)
• CBRE’s Global President, Clients and Business Partners and CEO of CBRE Acquisition Holdings
Bill Concannon • As CEO of CBRE’s Global Workplace Solutions, he oversaw a global business that grew to
achieve 2020 revenue of $15.3 billion
Director
• Lead Independent Director, Board of Directors of Charles River Associates (NASDAQ: CRAI)

Rob Horn • Leads investment activities in renewable energy and sustainable resources
Director • Member of Blackstone’s ESG committee 18
(Independent) • Member of investment committee for all Blackstone Credit Private Funds
Elite Sponsor Support from
Blackstone Advantage Key Highlights

 Long-standing partnership with Altus Power

since initial capital investment of $125mm3 in
2014
✓ One of the Real Private
Estate Equity − Completed an $850mm recapitalization of the
world’s largest company in November 2019, positioning Altus
alternative $230Bn $153Bn Power for future growth
investment  Largest owner of commercial real estate
managers $81Bn globally4 with $230 billion AUM across 5 sectors
Blackstone $34Bn and over 7,500 real estate holdings
✓ 30+ year Alternative Tactical Opps
Assets Mgmt  Targeting 15% emissions reduction across
investment controlled portfolio covering multiple industries
track record and geographies
$188Bn $45Bn
✓ $731 billion in Credit &  Led one of the first investment grade rated
Strategic
Insurance2 credit facilities for distributed solar with Altus
AUM1 Partners
Power
 Largest institutional shareholder of Altus Power
pro forma with board representation

1.
2.
As of 2Q 2021.
Credit AUM is a combined figure that includes Blackstone Credit (BXC), Harvest Fund Advisors (Harvest) and Blackstone Insurance Solutions (BIS) businesses.
19
3. Investment made by Franklin Square Funds, which were funds previously sub-advised by Blackstone affiliates. The sub-advisory relationship with Franklin Square concluded effective April 9, 2018.
4. Largest owner based on estimated market value per Real Capital Analytics, as of June 30, 2021. Excludes governmental entities and religious organizations.
CBRE has Differentiated Scale and a Truly Global Platform
CBRE is the world’s largest commercial real estate services firm
~500 offices #122
Serving clients in 100+ countries 2021 Fortune 500
Global Workplace Real Estate
Advisory Services
Solutions Investments

~100,000 Dow Jones Sustainability

employees World Index (2019, 2020) Leading global capital
Global leader in real estate Experienced principal
facilities management, a investor with $124.5Bn2
markets and leasing
market forecast to grow to AUM & largest commercial
advisor
$1.9 trillion by 20241 developer in United States

~7 billion 90%
square feet of real estate managed of Fortune 100 are CBRE clients

First-rate market intelligence & data

analytics to propel Altus Power
~$24 billion Largest Manager of Data
2020 Revenue Centers
CBRE employs 100+
Artificial intelligence
Utilization of trusted
~100 Acquisitions & & machine
proprietary global energy optimization
Investments ($4.2 billion)
$8 billion data of real estate
learning to identify
managers for
utility spend managed annually optimal
since December 2012 properties key corporate
properties
decision-makers

1.
2.
Per McKinsey & Company: Six Emerging Trends in Facilities Management Sourcing dated Nov 15, 2019.
As of 1Q 2021.
20
Altus Power has Developed a Diversified Asset Base
Regional Footprint PPA Breakdown

 Blue-chip customer base and high-quality  By focusing on a diversified customer base,  Altus Power built its business on
counterparties with a weighted average Altus Power has achieved significant growth standardization of contracts and PPAs
offtaker rating of A1 while remaining cash flow positive
 Conveys the value of standardization to the
 ~65% of assets have a 1 – 4% PPA escalator  C&I customer growth CAGR of ~60% and customer, without losing flexibility
residential customer growth CAGR of ~95%,
 Average remaining contract life of ~18 years1 from 2015 – 2020  New contracts benefit from potential rising
retail electricity rates
 Operates across 18 states and entered 3 new
markets since 2019, expanding geographic  Downside risk mitigated through contract floor
presence pricing

21
Altus Power’s Attractive Portfolio Profile
C&I Solar Value Proposition Install Type Asset by Offtaker
✓ Direct relationships with customers and
strong return on invested capital
✓ Longer term contracts (~20 years) with high
probability of re-contracting
✓ Scalable business with real operating
leverage
✓ Attractive cash flow profile given diversity
of projects and off-takers
✓ Systems, brand equity, and structure are
sources of competitive advantage Offtaker Credit Rating1 (MW)

✓ Scale required to access attractive debt and

tax equity financing
✓ Fragmented industry with path to accretive
consolidation
Altus Power has had zero commercial customer
defaults in the company’s 10-year operating
history

22
1. Where Moody’s rating is not available, S&P equivalent rating is taken. May include related party, affiliate or Moody's risk shadow rating, at the time of underwriting.
Capital Structure Overview
Proven Financing Relationships Illustrative New Build Funding Mix
Equity
8%

$503mm1 Scalable
Term Securitization Facilities led by Blackstone
Tax Equity
27% Financing Facility
65%

$200mm1 Committed
Construction-to-Term Facility Led by Fifth Third
Available Capital at Attractive Rates

✓ Term securitization facilities with fixed, 3.51% interest rate

✓ One of the 1st Rated C&I Solar Securitization – Investment Grade Rating
Tax Equity Partnerships with Banks, Corporates, and ✓ Altus Power efficiently monetizes solar investment tax credits through
Syndicates committed tax equity partners

Altus Power has a proven asset financing strategy leading to a sustainable competitive advantage
1. As of January 7, 2022
23