Clearway Energy (CWEN) investor relations material

Executive summary

• Proposal to amend and restate the charter to convert all Class A common stock into Class C common stock on a one-for-one, tax-free basis, eliminating the dual-class structure.

• Aims to address persistent trading price disparity, increase liquidity, and broaden investor appeal.

• Board highlights ~45% total shareholder return over the past 12 months, stable and growing dividends, and a diversified clean energy portfolio.

• Annual Meeting scheduled for April 29, 2026, with voting open to stockholders of record as of March 19, 2026.

• Forward-looking statements note risks including market conditions, approval timing, and potential litigation.

Voting matters and shareholder proposals

• Stockholders are asked to approve the Charter Amendment Proposal to simplify the share class structure.

• Approval requires at least 66 2/3% of combined voting power and a majority of Class A voting power.

• Voting can be done online, by phone, mail, or during the virtual Annual Meeting.

Board of directors and corporate governance

• Board and management emphasize responsiveness to stockholder feedback and commitment to long-term value.

• If approved, a Voting Trust Agreement will preserve public stockholders' relative voting power post-conversion.

• Clearway Energy Group LLC will deposit Class B shares into a voting trust to maintain voting balance.