Hannon Armstrong Sustainable Infrastructure Capital : Corporate Profile May 2024

Corporate Profile

May 2024

Forward Looking Statements

Some of the information contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used herein, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward- looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption "Risk Factors" included in our Form 10-K filed for the year ended December 31, 2023 (the "Form 10-K") with the U.S. Securities and Exchange Commission ("SEC"), as well as in other reports that we file with the SEC.

Other important factors that we think could cause our actual results to differ materially from expected results are summarized below, including the impact of the Inflation Reduction Act ("IRA") and on the U.S., regional and global economies, the U.S. climate solutions market and the broader financial markets. Other factors besides those listed could also adversely affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Forward-looking statements are based on beliefs, assumptions and expectations as of March 31, 2024. The guidance discussed herein reflects our estimates of

1. yield on our existing portfolio; (ii) yield on incremental portfolio investments, inclusive of our existing pipeline; (iii) the volume and profitability of transactions;

1. amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of our forecasted operations; (vi) disruptions to the renewable energy supply chain that may result from changes in the regulatory environment and other factors; (vii) the general interest rate and market environment; (viii) the impact of the Inflation Reduction Act on our industry and our business; (ix) the impact of our revocation of our REIT election; (x) and our ability to expand into new climate solutions markets. All guidance is based on current expectations regarding economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of our management team, among other factors. In addition, actual dividend distributions are subject to approval by our Board of Directors on a quarterly basis. We have not provided GAAP guidance as discussed in the Supplemental Financial Data slides of this presentation. We disclaim any obligation to update, or publicly release the results of any update or revisions to, these forward-looking statements, including to reflect new estimates, events or circumstances after the date of this presentation.

This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Additional information concerning these non-GAAP financial measures as well as reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Estimated carbon emission savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of carbon dioxide equivalent emissions based upon the project's location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis. The carbon and water savings information included in this presentation is based on data from a third-party source that we believe to be reliable. We have not independently verified such data, which involves risks and uncertainties and is subject to change based on various factors. Past performance is not indicative nor a guarantee of future returns.

2

Investing in Climate Solutions

We actively partner with clients to deploy real assets that facilitate the energy transition

Key Stats

	>$12 Billion	10% CAGR	15%			>7m
	Managed Assets1	Adjusted EPS2	Annual Total Return3	MT CO2 Avoided Annually4
				Markets & Asset Classes
	Behind-the-Meter			Grid-Connected		Fuels, Transport & Nature
	Energy Efficiency				Wind			RNG
	Residential Solar				Solar			Fleet Decarbonization
	Community Solar				Storage			Ecological Restoration

1. As of 3/31/24
2. Adjusted EPS CAGR uses the first full year of results, which is 2014, as starting point, to full year 2023. See Appendix for an explanation of Adjusted Earnings, including reconciliations to the relevant GAAP measures
3. Total shareholder return since IPO based on the closing price 4/18/13 to 5/13/24
4. Cumulative metric tons of carbon dioxide equivalent (CO2e) emissions avoided through our investments since 2013

3

Key Pillars of our Business

Climate

Preeminent Climate

Pure Play

Capital to Facilitate the Energy Transition

Measure and Report

CarbonCount of

Each Investment

Clients

Programmatic

Partnerships Are a

Differentiated Approach

Solve Client Problems

Never Compete

With Clients

Assets

Invest in Income Generating Real Assets

Proven Technologies

Non-Cyclical, Lower Risk, Predictable

4

Climate Solutions are a Multi-Decade Growth Opportunity

U.S. Clean Energy Capacity1

U.S. Annual Investment in Energy Transition2

~$1t

896 GW

300 GW				>$140b
2022	2030			2022	2023-2050

HASI is well-positioned to maintain or grow market share

1. Cumulative installed capacity for Solar PV, Wind and Storage Technology. Source: BNEF New Energy Outlook 2022
2. Average annual need through 2050 to achieve net zero emissions. Source BNEF

5

Client Ambition Expands our Opportunity Set

Pipelines expanding with increased focus on energy transition and IRA tailwinds

Expansion into adjacent decarbonization markets

>$25b in 2024 estimated US project capex by top 10 clients2

BTM	GC
26%
51%

HASI

12-mo Pipeline1

>$5.5b

FTN

23%

Pipeline of >150 opportunities and >30

programmatic partners that drive consistent and

diversified volume

Pace, scale, and market complexity favor a trusted financial

partner offering efficiency and replicability

1. Next 12-months pipeline as of 3/31/24. BTM is Behind-the-Meter, GC is Grid-Connected, and FTN is Fuels, Transport and Nature. No offshore wind in the pipeline
2. HASI internal estimates based on public filings by top clients and company assumptions

6

Assets Align with Common Attributes

Real	Contracted
Assets	Cashflows

Top-Tier	Proven
Technologies
Clients

	>$12b
Climate	Managed Assets1	High-Quality,
	Incented
Positive
	Offtakers

1. As of 3/31/24

7

Unique Value Proposition to Investors and Clients

Clients

Trusted Partnership With

Aligned Goals

Programmatic Transactions

Improve Efficiencies

Market and

Policy Expertise

Flexible and

Permanent Capital

Investors

Access to Energy Transition in Lower-Risk Structure

Non-Cyclical

Business Model

Diverse End Markets

Attributes of Growth,

Income and Value

8

Current Valuation Presents Attractive Entry Point1,2

25x

23x

17x

17x

13x

Renewables	Energy Services	Vertically	Asset Managers	HASI
Equipment		Integrated Utilities

Income Generating, Growth Company, at an Attractive Value

1. P/E calculated based on price as of 5/13/24 and consensus earnings per share for next four quarters sourced from Bloomberg
2. Renewables Equipment: ENPH, FSLR, SHLS, ARRY; Energy Services: SU:FP, TT, AMRC; Vertically Integrated Utilities: NEE, XEL, AEE, LNT; Asset Managers: BX, KKR, ARES, APO, BAM

9

Pipeline,

Portfolio and

Managed Assets