Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited
to, statements based upon or relating to Sunruns and Vivint Solars expectations or predictions of future financial or business performance or conditions. Forward-looking statements generally relate to future events or future financial or
operating performance. In some cases, you can identify forward-looking statements by terms such as may, will, should, would, expects, plans, anticipates,
could, intends, target, projects, contemplates, believes, estimates, predicts, potential, will be, will likely result
or continue or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements may include, but are not limited to, statements concerning the
expected benefits of the transaction; cost synergies and opportunities resulting from the transaction; Sunruns leadership position in the industry; the availability of rebates, tax credits and other financial incentives including solar
renewable energy certificates, or SRECs, and federal and state incentives; regulations and policies related to net metering and interconnection limits or caps and decreases to federal solar tax credits; determinations by the Internal Revenue Service
of the fair market value of Sunruns and Vivint Solars solar energy systems; changes in regulations, tariffs and other trade barriers and tax policy; the retail price of utility-generated electricity or electricity from other energy
sources; federal, state and local regulations and policies governing the electric utility industry and developments or changes with respect to such regulations and policies; the ability of Sunrun and Vivint Solar to manage their supply chains
(including the availability and price of solar panels and other system components and raw materials) and distribution channels and the impact of natural disasters and other events beyond their control; the ability of Sunrun and Vivint Solar and
their industry to manage recent and future growth, product offering mix, and costs (including, but not limited to, equipment costs) effectively, including attracting, training and retaining sales personnel and solar energy system installers;
Sunruns and Vivint Solars strategic partnerships and expected benefits of such partnerships; the sufficiency of Sunruns and Vivint Solars cash, investment fund commitments and available borrowings to meet anticipated cash
needs; the need and ability of Sunrun and Vivint Solar to raise capital, refinance existing debt and finance their respective obligations and solar energy systems from new and existing investors; the potential impact of interest rates on
Sunruns and Vivint Solars interest expense; the course and outcome of litigation and investigations and the ability of Sunrun and Vivint Solar to consummate the transactions contemplated by the definitive transaction agreement in a
timely manner or at all. These statements are not guarantees of future performance; they reflect Sunruns and Vivint Solars current views with respect to future events and are based on assumptions and estimates and subject to known and
unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. These risks include, but are not
limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive transaction agreement or the failure to satisfy the closing conditions; the possibility that the consummation of the
proposed transactions is delayed or does not occur, including the failure of the parties stockholders to approve the proposed transactions; uncertainty regarding the timing of the receipt of required regulatory approvals for the merger and the
possibility that the parties may be required to accept conditions that could reduce or eliminate the anticipated benefits of the merger as a condition to obtaining regulatory approvals or that the required regulatory approvals might not be obtained
at all; the outcome of any legal proceedings that have been or may be instituted against the parties or others following announcement of the transactions contemplated by the definitive transaction agreement; challenges, disruptions and costs of
closing, integrating and achieving anticipated synergies, or that such synergies will take longer to realize than expected; risks that the merger and other transactions contemplated by the definitive transaction agreement disrupt current plans and
operations that may harm the parties businesses; the amount of any costs, fees, expenses, impairments and charges related to the merger; uncertainty as to the effects of the announcement or pendency of the merger on the market price of the
parties respective common stock and/or on their respective financial performance; uncertainty as to the long-term value of Sunruns and Vivint Solars common stock; the ability of Sunrun and Vivint Solar to raise capital from third
parties to grow their business; any rise in interest rates which would increase the cost of capital; the ability to meet covenants in investment funds and debt facilities; the potential inaccuracy of the assumptions employed in calculating operating
metrics; the failure of the energy industry to develop to the size or at the rate Sunrun and Vivint Solar expect; and the inability of Sunrun and Vivint Solar to finance their solar service offerings to customers on an economically viable basis.
These risks and uncertainties may be amplified by the ongoing COVID-19 pandemic, which has caused significant economic uncertainty and negative impacts on capital and credit markets. The extent to which the COVID-19 pandemic impacts Sunruns and Vivint Solars businesses, operations, and financial results, including the duration and magnitude of such effects, will depend on numerous factors, many of which are
unpredictable, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the pandemic or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume.
Any financial projections in this filing are forward-looking statements that are based on assumptions that are inherently subject to significant
uncertainties and contingencies, many of which are beyond Sunruns and Vivint Solars control. While all projections are necessarily speculative, Sunrun and Vivint Solar believe that the preparation of prospective financial information
involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of
significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this filing should not be regarded as an indication
that Sunrun and Vivint Solar, or their representatives, considered or consider the projections to be a reliable prediction of future events.
Annualized,
pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
The foregoing
review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Sunruns and Vivint
Solars most recent reports on Form 10-K, Form 10-Q, Form 8-K and other documents on file with the United States Securities
and Exchange Commission (SEC). These forward-looking statements represent estimates and assumptions only as of the date made. Unless required by federal securities laws, Sunrun and Vivint Solar assume no obligation to update any of these
forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Given these uncertainties, investors should not place
undue reliance on these forward-looking statements. Investors should read this document with the understanding that Sunruns and Vivint Solars actual future results may be materially different from what Sunrun and Vivint Solar expect.
Sunrun and Vivint Solar qualify all of their forward-looking statements by these cautionary statements.