This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.

EQUITY RESEARCH
QUARTERLY UPDATE
May 5, 2022 SUSTAINABLE GROWTH AND RESOURCE OPTIMIZATION

Stock Rating:
SunRun Inc.
OUTPERFORM
12-18 mo. Price Target $70.00
RUN: Growth Continues with Strong Demand
RUN - NASDAQ $24.34 SUMMARY
RUN posted strong deployments while raising 2022 deployment guidance to 25%
3-5 Yr. EPS Gr. Rate NA growth (from 20%-plus). At the same time, the company is implementing price
52-Wk Range $60.60-$18.61 increases, which it expects to drive increased value capture per subscriber to $10K by
Shares Outstanding 208.7M 3Q22 (from $7.1k) noting the backdrop of utility rate increases of ~10%-plus in many
Float 200.4M of its geographies. We are also encouraged by RUN's active management of its cost
Market Capitalization $5,114.1M of capital, which it estimates at 4.5% including the benefit of rate swaps after upsizing
Avg. Daily Trading Volume 7,028,404 its recourse lending facility to $600M (from $250M) and pricing a ~$521M ABS in April
Dividend/Div Yield $0.00/0.00% at L+215. With interest rates fluctuating aggressively, we anticipate shares will follow,
RUN's spread capture closely. We remain bullish as we adjust estimates and maintain
Book Value $33.78
our $70 PT.
Fiscal Year Ends Dec
2022E ROE NA KEY POINTS
LT Debt $6,476.0M
■ CFO transition. RUN announced that Danny Abajian would replace Tom
Preferred $0.0M
VonReichbauer as CFO. With over 11 years in RUN's finance team including his
Common Equity $7,050M
roll as Group Head, Project Finance, we expect a smooth transition. We expect Mr.
Convertible Available Yes
Abajian's experience in project finance will prove critical for RUN as we believe the
Revenue most pressing issue for CFO is managing cost of capital.
Q1 Q2 Q3 Q4 Year Mult.
($/mil)
2019A 194.5 204.6 215.5 243.9 858.6 NM ■ What happened?. RUN installed 213MW of solar energy capacity in 1Q22.
2020A 210.7 181.3 209.8 320.4 922.2 NM Creation cost/subscriber was $29,863: installation cost $21,801/subscriber, S&M
2021A 334.8 401.2 438.8 435.2 1.6B NM $8,360/subscriber, G&A $1,087/subscriber, and a Platform Services margin
2022E 495.8A 437.1 478.0 476.0 1.8B NM of $(1,389)/subscriber. Revenue/GAAP EPS of $210M/($0.42) compared to
Prior (E) 387.9 429.0 -- 475.8 1.8B NM consensus of $400M/($0.19)E. ARR increased 3.7% sequentially, from $851M in
2023E -- -- -- -- 2.1B NM 4Q21.
Prior (E) -- -- -- -- 2.1B NM
■ How was guidance? RUN increased guidance for FY22 MW deployments to be up
EPS
Q1 Q2 Q3 Q4 Year Mult. 25% or greater y/y, an increase of 500BPS vs. 4Q21 guidance (implied ~990MW,
GAAP
2019A (0.12) (0.01) 0.23 0.10 0.22 NM 235–245MW for 2Q22). Total Value Generated is expected to grow faster than MW
2020A (0.23) (0.11) 0.28 (0.88) (1.24) NM deployed during FY22, with Net Subscriber Values exceeding $10,000 in 3Q22.
2021A (0.12) (0.20) 0.11 (0.19) (0.39) NM Margins anticipated to improve sequentially throughout the year.
2022E 0.42A (0.15) 0.16 (0.16) (1.05) NM ■ Estimates. Our updated FY22E revenue/installations/EPS estimates go
Prior (E) 0.34 0.39 0.44 0.46 1.63 NM to $1,787M/992MW/($1.05) (from $1,771M/957MW/$1.63). We update
2023E -- -- -- -- (0.45) NM
FY23 revenue/installations/EPS estimates to $2,127M/1,116MW/($0.45) (from
Prior (E) -- -- -- -- 1.86 NM
$2,105M/1,077MW/$1.86) as we account for harmonized NCI levels.
■ Valuation. Our $70 PT (same) is based on $14.24 (from $14.52) net value of
contracted and installed gross earning assets. We apply an 18x multiple to our
2023E adjusted FCF of $668M (from $670M) for projects deployed to value the
development business at $62.93/share (was $63.32/share) discounted one-year at
10% for a combined value of $70/share. We assume an 80% contract renewal rate.

Stock Price Performance Company Description

1 Year Price History for RUN
SunRun, Inc. engages in the installation,
70
financing, and leasing of solar power
60 systems. It provides clean, solar energy
50 to homeowners at a significant savings
40 to traditional utility energy. The company
Colin Rusch Noah Kaye 30 designs, installs, finances, insures,
212-667-7787 212-667-7936 monitors, and maintains the solar panels
20

Colin.Rusch@opco.com Noah.Kaye@opco.com 05/21 08/21 11/21 02/22 05/22

while customers pay for electricity at a
lower rate than their utility.
Kristen Owen, CFA
212-667-7794 For analyst certification and important disclosures, see the Disclosure
Kristen.Owen@opco.com Appendix.
Disseminated: May 5, 2022 06:30 EDT; Produced: May 4, 2022 22:00 EDT

Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 800-221-5588 Fax: 212-667-8229
Colin Rusch Noa
This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
SunRun Inc. RUN (OUTPERFORM) - $70.00

5-YEAR PRICE PERFORMANCE INVESTMENT THESIS

120 We believe RUN has significant growth potential and a

100 differentiated and efficient financing strategy that positions the
80
company to benefit from what we believe could be a robust North
American residential solar and storage installation market at least
60
through 2023.
40

20
RUN
0
Jan-18 Jan-19 Jan-20 Jan-21 Jan-22

Source: Bloomberg
BASE CASE ASSUMPTION CATALYSTS
■ 992MW deployed in 2022 ■ 2022: Tracking installation and cost metrics
■ Continuing reductions in installed cost/W ■ Accelerated deployment and refinancing schedules
■ Broader introduction of Brightbox, RUN's energy storage product

UPSIDE SCENARIO DOWNSIDE SCENARIO

■ New or unanticipated policy supports accelerated development ■ Project economics see increasing compression
■ Cost of capital remains at current level or declines further ■ Poor execution in reducing reliance on indirect channel

PRICE TARGET CALCULATION

Our $70 PT (same) is based on $14.24 (from $14.52) net value of contracted and installed gross earning assets. We apply an 18x multiple
to our 2023E adjusted FCF of $668M (from $670M) for projects deployed to value the development business at $62.93/share (was $63.32/
share) discounted one-year at 10% for a combined value of $70/share. We assume an 80% contract renewal rate.

KEY RISKS TO PRICE TARGET

■ Capital Risk: RUN's business model depends on its ability to fund installation growth and recycle capital efficiently through debt, ABS,
and other vehicles.

■ Regulatory Risk: RUN faces an environment in which Federal, state, and local incentives and regulations governing distributed solar
are subject to change.

■ Technology Risk: The markets for RUN's products and services are rapidly changing due to changing customer demands, technological
improvements, and new product introductions, as well as changes in pricing, industry standards, and global economic factors.

■ Competitive Risk: RUN is competing against a variety of integrated solar players and local vendors.

■ Macroeconomic Risk: Macro conditions or weakness in the general economy could slow demand for RUN's products.

ESG CONSIDERATIONS *
ESG Rating B
ESG Rating Environment A-
ESG Rating Social B+
ESG Rating Governance C+

*Environmental/Social/Governance (ESG) scores are courtesy of Refinitiv's ESG product which are designed to transparently and objectively measure a company's relative
ESG performance, commitment and effectiveness, based on company-reported data. Refinitiv's ESG ratings are independent of Oppenheimer's stock ratings and are not
taken into consideration when assigning a rating. For full details about Refinitiv's ESG scores, please click here

2
This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
RUN (OUTPERFORM) - $70.00 SunRun Inc.

Oppenheimer & Co. Review of ESG Considerations:

Annual Sustainability Report: ☒

Reporting Compliant with: SASB ☒ GRI ☒ CDP ☐
Key Environmental Considerations: Ecological Impacts (√), Energy Management (√), Materials Sourcing & Efficiency (√),
Product Design & Lifecycle Management (√), Waste & Hazardous Materials Management (√), Water & Wastewater
Management (√)
Key Social Considerations: N/A
Key Governance Considerations: N/A
Analyst Commentary: RUN has proven to be a leader in ESG reporting and practices. RUN reports 100% pay parity and we
note women constitute 50% of senior management and 43% if the board but only 25% of total staff, but does not provide
addition metrics on diversity. We also note that while RUN has a substantially positive environmental impact, Scope 3
emissions increased Y/Y in 2019 which we believe was largely due to company growth.
(√) – denotes factor where the company provides disclosures, and in some cases, may represent a potential area of opportunity
(*) – denotes factor where there could be potential risks or factor we are unable to evaluate due to insufficient information

3
 This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
SunRun Inc. RUN (OUTPERFORM) - $70.00

Oppenheimer & Co.

SunRun Inc. (RUN)
Colin Rusch, 212-667-7787, colin.rusch@opco.com
Noah Kaye, 212-667-7936, noah.kaye@opco.com
Income Statement
Last Reported Quarter: 3/31/2022
Last Oppenheimer & Co. Update: 5/4/2022
FY End: Dec 2021A 2022E
(in $000, except per share data) FY FY FY FY FY FY FY FY MAR JUN SEP DEC FY MAR JUN SEP DEC FY FY
2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 1QA 2QA 3QA 4QA 2021A 1QA 2QE 3QE 4QE 2022E 2023E
Revenue
Total operating leases & incentives 54.7 84.0 118.0 168.4 231.4 404.5 387.8 484.2 174.6 219.5 231.9 200.6 826.6 209.7 259.5 292.5 299.0 1,088.5 1,379.7
Total solar energy systems, product sales, storage, and ancillary 0.0 114.6 186.6 285.5 298.3 355.5 470.7 438.0 160.2 181.7 206.9 234.6 783.4 286.1 177.5 185.5 177.0 698.0 747.4
Total revenue 54.7 198.6 304.6 453.9 529.7 760.0 858.6 922.2 334.8 401.2 438.8 435.2 1,610.0 495.8 437.1 478.0 476.0 1,786.5 2,127.0
Total cost of revenue 43.1 173.7 280.5 399.2 448.1 534.9 645.8 743.5 294.4 328.9 347.0 395.2 1,365.5 451.6 308.7 334.5 331.1 1,426.0 1,472.9
Gross Profit 11.7 24.9 24.1 54.7 81.6 225.1 212.7 178.7 40.4 72.2 91.8 40.0 244.5 44.2 128.3 143.5 144.9 360.5 654.1
Sales & marketing 22.4 78.7 145.5 162.8 137.1 224.5 349.7 480.0 216.0 246.0 275.9 283.7 1,021.6 251.4 289.3 327.4 333.8 1,201.9 1,325.3
Research & development 10.0 8.4 9.7 10.2 15.1 18.8 23.6 19.5 5.9 5.2 5.6 6.5 23.2 6.3 6.6 7.2 7.2 27.2 32.0
General & administrative 33.2 68.1 84.4 92.4 107.4 116.7 125.0 266.7 85.6 62.9 51.3 59.3 259.2 43.1 70.6 69.5 61.9 245.0 276.5
Amortization of intangible assets 0.0 2.3 3.7 4.2 4.2 4.2 4.8 5.2 1.3 1.3 1.3 1.3 5.4 1.3 1.2 1.1 1.2 4.8 4.4
Total operating expenses 65.6 157.5 243.3 269.6 263.8 346.9 428.5 643.8 219.0 214.0 229.7 248.0 910.7 225.6 367.6 405.2 404.1 1,402.4 1,638.1
Loss from operations (54.0) (132.6) (219.2) (214.9) (182.2) (121.9) (215.7) (465.1) (178.5) (141.8) (137.9) (208.0) (666.2) (181.5) (239.3) (261.7) (259.2) (1,041.9) (984.0)
Interest expense, net 11.8 27.5 33.2 53.2 70.5 131.8 174.2 230.6 74.3 75.0 89.1 89.3 327.7 92.3 89.2 92.0 97.7 371.2 464.9
Loss on extinguishment of debt 0.0 4.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other expense, net 0.4 3.0 1.3 (0.8) 1.9 (2.8) 9.3 (8.2) (34.3) 11.6 4.3 (4.2) (22.6) (114.0) 1.0 1.0 1.0 (111.0) 4.0
Loss before income taxes (66.1) (167.5) (254.2) (267.3) (254.6) (250.9) (399.2) (687.5) (218.4) (228.3) (231.4) (293.1) (971.3) (159.7) (329.5) (354.7) (357.9) (1,302.2) (1,452.9)
Income tax expense (benefit) (0.6) (10.0) (5.3) 36.0 32.1 9.3 (8.2) (60.6) (14.1) (14.9) 10.0 28.3 9.3 (3.3) (16.5) (17.7) (17.9) (55.4) (72.6)
GAAP Net loss (65.5) (157.5) (248.9) (303.3) (286.7) (260.2) (391.0) (626.9) (204.3) (213.4) (241.3) (321.5) (980.5) (156.5) (313.0) (337.0) (340.0) (1,246.8) (1,380.3)
Net loss attributable to NCI and redeemable noncontrolling interests (64.3) (86.6) (220.7) (395.0) (411.3) (286.8) (417.4) (453.6) (180.5) (172.2) (265.3) (282.9) (901.0) (68.7) (281.7) (370.7) (306.0) (1,027.1) (1,286.7)
Deemed dividend to convertible preferred stockholders 0.0 0.0 (24.9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Net income allocated to participating securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GAAP Net income (loss) available to common stockholders (1.2) (70.9) (3.4) 91.7 124.5 26.7 26.3 (173.4) (23.8) (41.2) 24.0 (38.5) (79.5) (87.8) (31.3) 33.7 (34.0) (219.7) (93.6)
Basic average shares used to compute net loss per share available to common stockholders 9.8 22.8 55.1 102.4 105.4 110.1 116.4 139.6 202.6 204.4 206.1 207.4 205.1 208.7 208.7 208.7 208.7 208.7 208.7
Diluted weighted average shares used to compute net loss per share available to common stockholders
9.8 22.8 55.1 105.0 108.1 117.1 123.9 139.6 202.6 204.4 213.0 207.4 205.1 208.7 208.7 208.7 208.7 208.7 208.7
Diluted GAAP EPS ($0.12) ($3.11) ($0.06) $0.87 $1.15 $0.23 $0.21 ($1.24) ($0.12) ($0.20) $0.11 ($0.19) ($0.39) ($0.42) ($0.15) $0.16 ($0.16) ($1.05) ($0.45)

As a % of Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
COGS 78.7% 87.5% 92.1% 88.0% 84.6% 70.4% 75.2% 80.6% 87.9% 82.0% 79.1% 90.8% 84.8% 91.1% 70.6% 70.0% 69.6% 79.8% 69.2%
Sales & marketing 40.9% 39.6% 47.8% 35.9% 25.9% 29.5% 40.7% 52.0% 64.5% 61.3% 62.9% 65.2% 63.5% 50.7% 66.2% 68.5% 70.1% 67.3% 62.3%
Research & development 18.2% 4.2% 3.2% 2.2% 2.8% 2.5% 2.7% 2.1% 1.8% 1.3% 1.3% 1.5% 1.4% 1.3% 1.5% 1.5% 1.5% 1.5% 1.5%
General & Administrative 60.7% 34.3% 27.7% 20.4% 20.3% 15.4% 14.6% 28.9% 25.6% 15.7% 11.7% 13.6% 16.1% 8.7% 16.1% 14.5% 13.0% 13.7% 13.0%
Tax Rate 0.9% 6.0% 2.1% -13.5% -12.6% -3.7% 2.1% 8.8% 6.5% 6.5% -4.3% -9.7% -1.0% 5.0% 5.0% 5.0% 5.0% 4.3% 5.0%
Net Margin -119.6% -79.3% -81.7% -66.8% -54.1% -34.2% -45.5% -68.0% -61.0% -53.2% -55.0% -73.9% -60.9% -31.6% -71.6% -70.5% -71.4% -69.8% -64.9%

Y-Y-Revenue x 262.7% 53.4% 49.0% 16.7% 43.5% 13.0% 7.4% 58.9% 121.3% 109.2% 35.8% 74.6% 48.1% 9.0% 8.9% 9.4% 11.0% 19.1%
- EPS 2431.1% -98.0% -1570.3% 32.0% -79.5% -6.5% -649.0% -68.8% 171.5% -57.4%
Q-Q-Revemue x 4.5% 19.8% 9.4% -0.8% 13.9% -11.8% 9.4% -0.4%
- EPS -86.6% 71.8% -157.7% -259.5% 126.5% -64.3% -207.6% -200.9%

Source: Company documents, Oppenheimer & Co. estimates

4
 This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
RUN (OUTPERFORM) - $70.00 SunRun Inc.

Oppenheimer & Co.

SunRun Inc. (RUN)
Colin Rusch, 212-667-7787, colin.rusch@opco.com
Noah Kaye, 212-667-7936, noah.kaye@opco.com
Balance Sheet
Last Reported Quarter: 3/31/2022
Last Oppenheimer & Co. Update: 5/4/2022
FY End: Dec 2021A 2022E
(in $000, except per share data) FY FY FY FY FY FY FY FY MAR JUN SEP DEC FY MAR JUN SEP DEC FY FY
2013A 2014A 2015A 2016A 2017A [R] 2018A 2019A 2020A 1QA 2QA 3QA 4QA 2021A 1QA 2QE 3QE 4QE 2022E 2023E
Cash and cash equivalents 99.7 152.2 203.9 206.4 202.5 226.6 269.6 520.0 649.5 679.6 717.6 617.6 617.6 629.2 477.0 266.7 337.5 337.5 395.4
Restricted cash 6.1 2.5 9.2 11.9 39.3 77.6 93.5 188.1 163.8 177.9 223.4 232.6 232.6 233.3 233.3 233.3 233.3 233.3 233.3
Accounts receivable, net 17.2 43.2 60.3 60.3 112.1 66.4 77.7 95.1 125.5 163.0 177.8 146.0 146.0 200.5 177.6 193.7 159.7 159.7 190.0
Grants receivable 0.1 5.2 9.2 13.7 11.1 2.7 6.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inventories 0.0 23.9 71.3 67.3 94.4 79.5 260.6 283.0 289.8 341.4 444.5 506.8 506.8 555.9 320.5 428.5 424.6 424.6 499.5
Prepaid expenses and other current assets 4.6 9.6 6.7 9.8 9.2 8.6 26.0 51.5 40.1 34.8 31.3 44.6 44.6 90.4 90.4 90.4 90.4 90.4 90.4
Total current assets 127.7 236.5 360.5 369.3 468.6 461.4 733.8 1,137.7 1,268.7 1,396.7 1,594.7 1,547.7 1,547.7 1,709.4 1,298.8 1,212.6 1,245.5 1,245.5 1,408.6
Restricted cash 3.9 6.0 8.1 6.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Solar energy systems, net 1,081.0 1,480.2 1,992.0 2,629.4 3,161.6 3,820.0 4,492.6 8,202.8 8,460.4 8,767.1 9,126.5 9,459.7 9,459.7 9,772.1 10,354.2 10,987.9 11,610.7 11,610.7 14,041.5
Property and equipment, net 7.5 22.2 44.9 48.5 36.4 34.9 56.7 62.2 58.2 58.9 60.7 56.9 56.9 60.0 60.0 60.0 60.0 60.0 60.0
Intangible assets, net 0.0 13.1 22.7 18.5 14.3 10.1 19.5 18.3 17.1 15.6 14.2 12.9 12.9 11.6 10.4 9.3 8.1 8.1 3.7
Goodwill 0.0 51.8 87.5 87.5 87.5 87.5 95.1 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2 4,280.2
Prepaid tax assets 98.7 109.4 190.1 378.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Assets 6.2 13.3 32.3 34.9 194.8 335.7 408.4 681.7 801.3 910.4 1,013.3 1,125.7 1,125.7 1,421.9 1,421.9 1,421.9 1,421.9 1,421.9 1,421.9
Total assets 1,325.0 1,932.6 2,738.1 3,572.8 3,963.1 4,749.8 5,806.3 14,382.9 14,886.0 15,428.8 16,089.7 16,483.3 16,483.3 17,255.1 17,425.5 17,972.0 18,626.4 18,626.4 21,215.9
Accounts payable 18.1 51.2 104.1 66.0 115.2 131.3 223.4 207.4 212.2 277.8 347.1 288.1 288.1 385.3 261.2 283.1 280.1 280.1 329.6
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 16.2 6.8 8.1 10.7 13.6 15.8 16.1 28.6 27.7 33.4 33.4 31.6 31.6 30.7 30.7 30.7 30.7 30.7 30.7
Accrued expenses and other liabilities 13.3 25.4 49.1 59.3 97.2 98.6 148.5 325.6 312.6 312.7 364.5 364.1 364.1 320.3 320.3 320.3 320.3 320.3 320.3
Deferred revenue, current portion 24.6 44.4 59.7 70.8 42.6 47.4 77.6 108.5 106.7 114.0 109.2 111.7 111.7 113.7 113.7 113.7 113.7 113.7 113.7
Deferred grants, current portion 13.7 13.8 13.9 8.0 8.2 7.9 8.1 8.3 8.2 8.2 8.3 8.3 8.3 8.3 8.3 8.3 8.3 8.3 8.3
Capital lease obligation, current portion 0.0 1.6 9.0 10.0 7.4 9.2 10.1 11.0 10.7 10.6 11.2 10.9 10.9 11.1 11.1 11.1 11.1 11.1 11.1
Recourse debt, current portion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long-term debt, current portion 26.2 2.6 2.1 14.2 21.5 35.5 35.3 195.0 103.5 345.6 403.1 190.2 190.2 193.1 193.1 193.1 193.1 193.1 193.1
Solar asset-backed notes, current portion 0.0 0.0 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Lease pass-through financing obligation, current portion 12.1 5.2 3.7 5.8 5.4 26.5 11.0 16.9 17.1 16.8 7.0 7.2 7.2 7.5 7.5 7.5 7.5 7.5 7.5
Total current liabilities 124.2 150.9 253.2 244.8 311.1 372.2 530.1 901.4 798.8 1,119.1 1,283.6 1,012.1 1,012.1 1,069.9 945.9 967.7 964.8 964.8 1,014.2
Deferred revenue, net of current portion 321.1 467.7 559.1 583.3 522.2 544.2 651.9 690.8 700.4 722.2 739.4 761.9 761.9 780.3 780.3 780.3 780.3 780.3 780.3
Deferred grants, net of current portion 234.1 226.8 220.8 226.9 227.5 221.7 218.6 213.3 210.9 208.3 205.7 206.6 206.6 204.3 204.3 204.3 204.3 204.3 204.3
Capital lease obligation, net of current portion 0.0 5.8 15.0 13.0 5.8 10.0 12.9 12.9 11.2 10.3 12.4 11.3 11.3 11.8 11.8 11.8 11.8 11.8 11.8
Line of credit/convertible note 0.0 48.6 195.0 244.0 247.0 0.0 0.0 0.0 0.0 0.0 0.0 211.1 211.1 470.0 470.0 470.0 470.0 470.0 470.0
Long-term debt, net of current portion 141.5 188.1 232.4 639.9 1,026.4 1,466.4 1,980.1 4,370.4 4,990.5 5,264.0 5,733.7 6,101.6 6,101.6 6,476.0 6,698.9 7,152.3 7,733.8 7,733.8 10,267.1
Solar asset-backed notes, net of current portion 0.0 0.0 105.6 0.0 0.0 247.0 239.5 230.7 180.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Lease pass-through financing obligation, net of current portion 65.1 180.2 153.2 138.0 132.8 337.3 328.0 323.5 322.1 320.3 316.9 314.2 314.2 311.7 305.6 298.0 290.7 290.7 263.3
Other liabilities 2.7 2.4 7.1 5.5 42.7 48.2 141.4 268.7 193.2 230.3 188.8 190.1 190.1 150.8 150.8 150.8 150.8 150.8 150.8
Deferred tax liabilities 104.3 112.6 190.1 415.4 83.1 93.6 66.0 81.9 86.1 62.3 70.8 101.8 101.8 99.0 99.0 99.0 99.0 99.0 99.0
Total liabilities 993.0 1,383.1 1,931.4 2,510.6 2,598.8 3,340.7 4,168.3 7,093.6 7,493.4 7,936.7 8,551.3 8,910.7 8,910.7 9,573.9 9,666.6 10,134.2 10,705.5 10,705.5 13,260.9
Redeemable noncontrolling interests 109.7 135.9 147.1 137.9 123.8 126.3 306.6 560.5 536.3 599.3 596.9 653.7 653.7 630.5 700.0 775.2 849.8 849.8 1,117.7
Noncontrolling interests in subsidiaries 57.7 91.8 105.5 251.2 358.9 334.1 366.7 651.0 690.7 736.3 718.4 718.4 718.4 786.4 786.4 786.4 786.4 786.4 786.4
Total Equity 222.7 416.6 659.6 924.2 1,240.5 1,282.8 1,331.4 6,728.9 6,856.3 6,892.8 6,941.5 6,918.9 6,918.9 7,050.8 7,058.9 7,062.6 7,071.1 7,071.1 6,837.3
Total liabilities, equity and redeemable NCI 1,325.4 1,935.6 2,738.1 3,572.8 3,963.1 4,749.8 5,806.3 14,382.9 14,886.0 15,428.8 16,089.7 16,483.3 16,483.3 17,255.1 17,425.5 17,972.0 18,626.4 18,626.4 21,215.9
[R] denotes restatement
Source: Company documents, Oppenheimer & Co. estimates

5
 This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
SunRun Inc. RUN (OUTPERFORM) - $70.00

Oppenheimer & Co.

SunRun Inc. (RUN)
Colin Rusch, 212-667-7787, colin.rusch@opco.com
Noah Kaye, 212-667-7936, noah.kaye@opco.com
Statement of Cash Flows
Last Reported Quarter: 3/31/2022
Last Oppenheimer & Co. Update: 5/4/2022
FY End: Dec 2021A 2022E
(in $000, except per share data) FY FY FY FY FY FY FY FY MAR JUN SEP DEC FY MAR JUN SEP DEC FY FY
2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 1QA 2QA 3QA 4QA 2021A 1QA 2QE 3QE 4QE 2022E 2023E
Net Loss (65.5) (157.5) (248.9) (303.3) (286.7) (260.2) (391.0) (626.9) (204.3) (213.4) (241.3) (321.5) (980.5) (156.5) (313.0) (337.0) (340.0) (1,246.8) (1,380.3)
Noncash losses and impairments and other 0.0 4.4 3.5 3.9 13.5 0.0 0.0 40.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation and amortization, net of amortization of deferred Treasury grant income 30.2 49.5 71.4 104.1 136.4 156.0 187.2 242.9 92.0 95.2 98.9 102.1 388.1 106.1 120.1 125.8 131.5 483.6 665.6
Bad debt expense 0.2 0.5 2.0 1.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.4 0.8 1.5 2.0
Interest on lease pass-through financing 6.4 10.2 12.0 12.1 12.0 19.2 24.3 23.2 5.4 5.5 5.4 5.1 21.4 5.0 3.7 2.2 2.5 13.5 12.0
Noncash interest expense 1.6 2.4 7.0 13.4 17.2 25.5 25.8 10.9 (28.5) 28.9 38.2 0.0 38.7 0.0 1.8 0.9 1.6 4.4 7.0
Stock—based compensation expense 2.7 9.2 15.8 18.7 22.0 27.9 26.3 170.6 78.0 43.5 39.3 50.2 211.0 39.2 44.3 41.2 51.3 176.0 179.3
Reduction in lease pass—through financing obligations (9.6) (12.3) (16.8) (18.6) (18.2) (25.0) (39.1) (39.2) (10.2) (10.9) (11.0) (10.1) (42.3) (9.8) (9.8) (9.8) (9.8) (39.3) (39.3)
Deferred income taxes/other 2.3 5.3 (5.3) 36.0 32.1 9.3 (8.2) (60.6) (14.1) (14.6) 10.0 50.3 31.5 (97.6) 0.0 0.0 0.0 (97.6) 0.0
Change in:
Accounts Receivable (1.1) (14.5) (15.5) 0.7 (17.9) (5.7) (14.9) 5.0 (32.3) (40.0) (17.8) 28.0 (62.1) (57.2) 23.0 (16.2) 34.0 (16.4) (30.3)
Inventories 0.0 (3.8) (47.3) 4.0 (27.1) 15.0 (181.1) 47.6 (6.7) (51.7) (103.1) (62.3) (223.8) (49.1) 235.5 (108.1) 3.9 82.2 (74.9)
Prepaid and other assets (4.9) (17.1) (0.9) (4.8) (3.5) (75.9) (81.6) (117.0) (88.5) (97.1) (88.4) (103.6) (377.5) (136.8) 0.0 0.0 0.0 (136.8) 0.0
Accounts payable 1.4 11.4 50.9 (40.3) 47.8 8.8 67.4 (45.7) 1.5 50.8 68.1 (53.5) 66.9 100.4 (124.0) 21.8 (2.9) (4.7) 49.4
Accrued expenses and other liabilities 2.7 7.0 19.2 11.8 2.6 15.3 42.1 (10.3) 14.1 4.6 9.3 5.2 33.2 (27.8) 0.0 0.0 0.0 (27.8) 0.0
Deferred Revenue 57.1 97.4 47.7 10.3 8.8 27.4 138.4 41.5 8.0 29.1 12.5 28.6 78.2 27.7 0.0 0.0 0.0 27.7 0.0
Total Changes in Working Capital 55.1 80.4 54.1 (18.3) 10.7 (15.1) (29.7) (79.0) (103.9) (104.3) (119.4) (157.5) (485.1) (142.8) 134.4 (102.4) 35.0 (75.7) (55.8)
Total Cash Flows from Operations 23.4 (7.9) (105.3) (150.6) (61.0) (62.5) (204.5) (318.0) (185.6) (170.1) (180.1) (281.4) (817.2) (256.4) (18.1) (278.6) (127.0) (780.4) (609.5)
Payments for the costs of solar energy systems (322.0) (412.3) (594.9) (727.6) (804.4) (806.4) (815.2) (966.6) (357.0) (394.5) (434.8) (491.3) (1,677.6) (420.6) (702.3) (759.5) (754.4) (2,636.8) (3,096.3)
Purchases of property and equipment (3.7) (15.3) (13.0) (12.5) (8.0) (5.0) (25.3) (3.1) (0.0) (5.5) (6.1) 3.1 (8.6) (6.5) 0.0 0.0 0.0 (6.5) 0.0
Acqusitions of business, net of cash acquired 0.0 (36.4) (19.6) (5.0) 0.0 0.0 (2.7) 471.9 0.0 0.0 0.0 0.0 0.0 (75.0) 0.0 0.0 0.0 (75.0) 0.0
Total Cash Flows from Investing (325.8) (464.0) (627.5) (745.1) (812.3) (811.3) (843.3) (497.8) (357.1) (400.0) (440.9) (488.2) (1,686.2) (502.1) (702.3) (759.5) (754.4) (2,718.3) (3,096.3)
Proceeds from U.S. Treasury grants and state tax credits 29.3 1.6 4.7 9.1 13.8 10.9 2.3 5.7 0.0 0.0 (8.0) 0.0 (8.0) 0.0 0.0 0.0 0.0 0.0 0.0
Proceeds from issuance of debt 148.3 192.8 544.4 794.1 919.2 997.5 185.5 182.7 579.7 217.3 0.0 1.8 798.8 943.7 310.5 473.5 617.2 2,344.9 2,816.7
Repayment of debt (0.6) (120.1) (357.9) (434.5) (530.2) (534.6) (193.0) (191.5) (258.2) (180.2) 0.0 0.0 (438.4) (314.7) (89.7) (21.5) (38.2) (464.0) (292.5)
Payment of debt fees (5.5) (7.9) (14.8) (13.7) (14.4) (24.8) (28.7) (14.1) (15.4) (13.5) (13.9) (11.0) (53.8) (8.6) 0.0 0.0 0.0 (8.6) 0.0
Proceeds from solar asset-backed notes 0.0 0.0 111.0 0.0 0.0 0.0 1,181.5 751.5 431.6 326.4 506.0 495.7 1,759.7 0.0 0.0 0.0 0.0 0.0 0.0
Repayment of solar asset-backed notes 0.0 0.0 (2.1) 0.0 0.0 0.0 (670.5) (399.5) (293.4) (32.4) 0.0 (103.0) (428.8) 0.0 0.0 0.0 0.0 0.0 0.0
Proceeds from issuance of convertible preferred stock, net of issuance costs 0.0 143.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Proceeds from lease pass-through financing obligations 64.9 174.2 129.1 16.0 6.2 217.1 9.1 8.7 2.5 2.8 2.6 2.2 10.0 1.9 0.0 0.0 0.0 1.9 0.0
Repayment of lease pass-through financing obligation 0.0 0.0 (88.9) 0.0 0.0 (9.0) (7.6) 0.0 0.0 0.0 (21.2) 0.0 (21.2) (3.3) 0.0 0.0 0.0 (3.3) 0.0
Contributions received from noncontrolling interests and redeemable noncontrolling interests 165.3 169.5 275.7 573.5 594.9 345.1 711.9 818.1 247.7 328.3 324.3 338.4 1,238.7 230.5 391.4 430.7 430.2 1,482.8 1,557.3
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (63.9) (32.0) (28.7) (39.5) (54.5) (78.4) (76.7) (111.2) (47.9) (41.8) (52.3) (54.4) (196.5) (51.2) (43.9) (54.9) (57.2) (207.2) (217.6)
Acquisition of noncontrolling interests (22.0) (0.0) 0.0 0.0 (35.4) 0.0 (4.6) (2.7) (4.2) 0.0 (37.4) (0.4) (42.0) (30.2) 0.0 0.0 0.0 (30.2) 0.0
Proceeds from exercises of stock options 1.1 2.7 3.5 7.4 1.0 12.6 16.2 48.7 8.5 10.5 4.3 12.8 36.1 0.0 0.0 0.0 0.0 0.0 0.0
Proceeds from initial public offering/subscription agreement, net of offering costs 0.0 0.0 222.1 (0.4) 0.0 0.0 0.0 75.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Payment of capital lease obligation 0.0 (1.2) (4.9) (12.8) (9.8) 0.0 (13.9) (10.6) (3.1) (3.1) 0.0 (3.1) (9.2) 2.5 0.0 0.0 0.0 2.5 0.0
Repurchase of common stock 0.0 0.0 0.0 0.0 0.0 0.0 (5.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in restricted cash (4.6) 1.4 (8.8) (1.0) (21.4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Cash Flows from Financing 312.3 524.4 784.5 898.2 869.5 936.4 1,106.6 1,160.7 647.9 614.3 704.5 678.9 2,645.6 770.7 568.3 827.8 952.1 3,118.9 3,864.0
Net (Decrease) Increase in Cash and Cash Equivalents 9.9 52.5 51.7 2.5 (3.8) 62.6 58.8 345.0 105.2 44.2 83.5 (90.7) 142.2 12.2 (152.1) (210.4) 70.8 (379.8) 158.2
Cash and Cash Equivalents, Beginning of Period 89.8 99.7 152.2 203.9 206.4 202.5 304.4 363.2 708.2 813.4 857.6 941.1 708.2 850.4 862.6 710.5 500.1 850.4 470.6
Cash and Cash Equivalents, End of Period 99.7 152.2 203.9 206.4 202.5 265.1 363.2 708.2 813.4 857.6 941.1 850.4 850.4 862.6 710.5 500.1 570.9 470.6 628.8
Source: Company documents, Oppenheimer & Co. estimates

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 This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
RUN (OUTPERFORM) - $70.00 SunRun Inc.

Oppenheimer & Co.

SunRun Inc. (RUN)
Colin Rusch, 212-667-7787, colin.rusch@opco.com
Noah Kaye, 212-667-7936, noah.kaye@opco.com
Operational Drivers and Valuation Metrics
Last Reported Quarter: 3/31/2022
Last Oppenheimer & Co. Update: 5/4/2022
2021A 2022E
FY end: Dec FY FY FY FY FY FY FY FY MAR JUN SEP DEC FY MAR JUN SEP DEC FY FY
(in $m, except per share data) 2013A 2014A 2015A 2016E 2017E 2018A 2019E 2020E 1QA 2QA 3QA 4QA 2021E 1QA 2QE 3QE 4QE 2022E 2023E
MW booked (during period) - 163 274 293 337 - - - - - - - - - - - - - -
MW deployed (during period) 80 130 203 282 323 373 413 457 168 186 219 220 792 213 238 270 271 992 1,116
Annual growth rate in MW deployed 62% 57% 39% 15% 15% 11% 11% 73% 25% 13%
Cumulative MW deployed (end of period) 264 393 596 878 1,202 1,948 2,774 3,687 3,854 4,040 4,259 4,479 5,271 5,484 5,721 5,992 6,263 7,255 9,488

Cost Per Watt (As Reported):

Total Creation Costs $ 3.87 $ 3.58 $ 3.32 $ 3.13 $ 3.22 $ 3.36 $ 3.83 $ 4.04 $ 3.31 $ 4.04 $ 3.75 $ 4.11 $ 4.12 $ 3.98 $ 3.96 $ 3.99 $ 3.87
Installation $ 2.94 $ 2.76 $ 2.68 $ 2.49 $ 2.44 $ 2.45 $ 2.67 $ 2.85 $ 2.17 $ 2.87 $ 2.63 $ 2.96 $ 2.96 $ 2.81 $ 2.78 $ 2.87 $ 2.77
Sales $ 0.64 $ 0.69 $ 0.49 $ 0.57 $ 0.77 $ 0.85 $ 1.10 $ 1.17 $ 1.12 $ 1.12 $ 1.08 $ 1.12 $ 1.13 $ 1.14 $ 1.15 $ 1.07 $ 1.06
G&A $ 0.37 $ 0.29 $ 0.29 $ 0.24 $ 0.26 $ 0.24 $ 0.22 $ 0.19 $ 0.19 $ 0.18 $ 0.19 $ 0.17 $ 0.16 $ 0.16 $ 0.16 $ 0.18 $ 0.17
Platform Services Margin $ (0.09) $ (0.17) $ (0.14) $ (0.17) $ (0.26) $ (0.17) $ (0.16) $ (0.17) $ (0.17) $ (0.13) $ (0.16) $ (0.13) $ (0.13) $ (0.13) $ (0.13) $ (0.13) $ (0.13)

Operating leases growth Y-o-Y 45% 35% 45% 40% 56% 26% 26% 67% 100% 91% 28% 68% 40% 20% 31% 56% 36% 29%
Incentives growth Y-o-Y 91% 58% 36% 31% 132% -66% 17% 244% 198% 201% -7% 96% 1% 1% 1% 1% 1% 1%
Operating leases and incentives GM % 21% 13% 5% 5% 16% 40% 28% 20% 8% 19% 25% 7% 15% 35% 35% 35% 35% 31% 35%

Solar energy systems sales Y-o-Y 112% 154% -11% 64% 53% -5% 25% 103% 145% 61% 75% -4% 6% -18% -36% -17% 11%
Solar energy product sales Y-o-Y 50% 16% 17% -8% 10% -9% 76% 198% 83% 31% 86% 2% -10% 2% 2% -2% 2%
Solar energy systems and products sales GM % 12% 10% 16% 15% 17% 22% 18% 16% 17% 17% 11% 15% 13% 21% 22% 23% 4% 23%

Days Inventory - 50.3 92.7 61.6 76.9 54.2 147.3 138.9 89.6 94.5 116.6 116.7 135.5 112.0 94.5 116.6 116.7 108.7 123.8
Days A/R 114.8 79.4 72.2 48.5 77.2 31.9 33.0 37.7 34.1 37.0 36.9 30.5 33.1 36.8 37.0 36.9 30.5 32.6 32.6
Accounts Receivables as a % of Annualized Sales 31.5% 21.8% 19.8% 13.3% 0.2 8.7% 9.1% 10.3% 9.4% 10.2% 10.1% 8.4% 9.1% 10.1% 10.2% 10.1% 8.4% 8.9% 8.9%
Days Payable 153.2 107.5 135.5 60.4 93.8 89.6 126.2 101.8 65.6 76.8 91.0 66.3 77.0 77.6 77.0 77.0 77.0 71.7 81.7
Accounts Payable as a % of Annualized Sales 33.0% 25.8% 34.2% 14.5% 21.7% 17.3% 26.0% 22.5% 15.8% 17.3% 19.8% 16.5% 17.9% 19.4% 17.3% 19.8% 16.5% 15.7% 15.5%
Depreciation as a % of cumulative MW deployed 11.4% 12.6% 12.0% 11.9% 11.3% 8.0% 6.7% 6.6% 2.4% 2.4% 2.3% 2.3% 7.4% 1.9% 2.1% 2.1% 2.1% 6.7% 7.0%
Cash Conversion Cycle (38.4) 22.1 29.5 49.7 60.3 (3.4) 54.1 74.8 58.1 54.6 62.4 80.9 91.6 71.2 54.4 76.5 70.2 69.6 74.7

Current Ratio (x) 1.03 1.57 1.42 1.51 1.51 1.24 1.38 1.26 1.59 1.25 1.24 1.53 1.53 1.60 1.37 1.25 1.29 1.29 1.39
Quick Ratio (x) 0.94 1.29 1.04 1.09 1.01 0.79 0.66 0.68 0.97 0.75 0.70 0.75 0.75 0.78 0.69 0.48 0.52 0.52 0.58
Debt/Equity Ratio (x) 1.17 1.04 1.07 1.14 1.17 1.66 1.96 0.77 0.82 0.87 0.94 0.99 0.99 1.06 1.09 1.15 1.23 1.23 1.64
Book Value/Share 22.77 $ 18.28 $ 11.97 $ 9.03 $ 11.77 $ 11.65 $ 11.44 $ 48.20 $ 33.85 $ 33.73 $ 33.68 $ 33.36 $ 33.73 $ 33.79 $ 33.83 $ 33.84 $ 33.89 $ 33.89 $ 32.76
Tangible Book Value/Share $ 22.77 $ 16.00 $ 10.38 $ 8.17 $ 10.94 $ 10.86 $ 10.62 $ 17.54 $ 12.72 $ 12.78 $ 12.91 $ 12.72 $ 12.86 $ 13.28 $ 13.32 $ 13.33 $ 13.37 $ 13.37 $ 12.25
Net Cash/Share $ (90.72) $ (53.89) $ (31.19) $ (22.39) $ (22.37) $ (27.58) $ (32.69) $ (45.74) $ (32.98) $ (34.64) $ (36.92) $ (38.86) $ (39.29) $ (41.75) $ (42.92) $ (46.17) $ (48.57) $ (48.57) $ (60.54)
Debt/Share $ 26.71 $ 18.93 $ 12.83 $ 10.28 $ 13.73 $ 19.33 $ 22.42 $ 37.00 $ 27.85 $ 29.26 $ 31.51 $ 33.05 $ 33.42 $ 35.89 $ 36.93 $ 39.06 $ 41.81 $ 41.81 $ 53.82
Interest Expense $ 11.75 $ 27.52 $ 33.24 $ 53.24 $ 70.52 $ 131.77 $ 174.25 $ 230.60 $ 74.27 $ 75.00 $ 89.10 $ 89.10 $ 327.70 $ 81.29 $ 89.24 $ 92.03 $ 97.69 $ 371.21 $ 464.94
Implied Interest Rate (annualized) 7.0% 11.5% 6.2% 5.9% 5.4% 7.5% 7.7% 4.8% 5.6% 5.3% 5.8% 5.8% 5.0% 5.0% 5.0% 5.0% 5.0% 4.4% 4.3%

Capex as % of sales 595% 215% 200% 163% 153% 107% 98% 105% 107% 100% 100% 112% 105% 86% 161% 159% 158% 148% 146%
Free Cash Flow (FCF) $ (302) $ (436) $ (713) $ (891) $ (873) $ (874) $ (1,045) $ (1,288) $ (543) $ (570) $ (621) $ (770) $ (2,503) $ (684) $ (720) $ (1,038) $ (881) $ (3,424) $ (3,706)

Source: Company documents, Oppenheimer & Co. estimates

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This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
SunRun Inc. RUN (OUTPERFORM) - $70.00

Disclosure Appendix
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investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.

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Rating and Price Target History for: SunRun Inc. (RUN) as of 05-03-2022
08/08/19 02/28/20 08/11/20 11/06/20 05/06/21 08/06/21 11/05/21
O:$22 O:$23 O:$55 O:$65 O:$67 O:$69 O:$70
100

80

60

40

20

0
2020 2021 2022

Created by: BlueMatrix

All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer & Co.
Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price histories,
please write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department,
Business Manager.

Oppenheimer & Co. Inc. Rating System as of January 14th, 2008:

Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months.
Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months.
Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months.
Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a
potential conflict of interest.
Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008:

8
This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
RUN (OUTPERFORM) - $70.00 SunRun Inc.

Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend
payments, and/or the ability of the shares to perform better than the leading stock market averages or stocks within its
particular industry sector.
Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market
averages due to a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/
or will perform less well than higher rated companies within its peer group. Our readers should be aware that when a rating
change occurs to Neutral from Buy, aggressive trading accounts might decide to liquidate their positions to employ the funds
elsewhere.
Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness
perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the
peer group.

Distribution of Ratings/IB Services Firmwide

IB Serv/Past 12 Mos.

Rating Count Percent Count Percent

OUTPERFORM [O] 523 73.04 288 55.07

PERFORM [P] 193 26.96 75 38.86
UNDERPERFORM [U] 0 0.00 0 0.00

Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co.
Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer
& Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings
to securities rated Underperform.
Note: Stocks trading under $5 can be considered speculative and appropriate for risk tolerant investors.

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This document is being provided for the exclusive use of BILL WATTS at PACIFIC INVESTMENT MANAGEMENT CO LLC.
SunRun Inc. RUN (OUTPERFORM) - $70.00

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Please note that all ESG ratings are independent of Oppenheimer stock ratings. They are intended to provide supplemental information
regarding ESG for our covered companies. ESG ratings do not have any impact on the stock rating.

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