Clearway Energy (CWEN) investor relations material

Executive summary

• Proposal to amend and restate the certificate of incorporation to simplify the public share class structure into a single class is up for a vote at the 2026 Annual Meeting scheduled for April 29, 2026.

• The conversion of Class A common stock into Class C common stock aims to eliminate voting rights disparity, improve trading liquidity, and address valuation discounts.

• Leading proxy advisory firm ISS recommends voting in favor, citing benefits such as enhanced stock appeal and responsiveness to stockholder suggestions.

• Forward-looking statements highlight potential benefits but also note risks including market conditions, litigation, and execution of capital allocation strategy.

Voting matters and shareholder proposals

• Stockholders are urged to vote "FOR" the Charter Amendment Proposal, with the deadline for proxy voting set for April 28, 2026.

• Only stockholders of record as of March 19, 2026, are eligible to vote.

• Voting can be done online, by phone, mail, or virtually at the Annual Meeting.

Board of directors and corporate governance

• The Board recommends approval of the Charter Amendment Proposal and has disclosed compelling reasons for the conversion.

• If approved, a Voting Trust Agreement will be established to preserve the relative voting power of public stockholders post-conversion.

• Directors, executive officers, and certain CEG employees may solicit proxies but will not receive additional compensation for doing so.