Investor Overview

Confidential and Proprietary

February 2018
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Safe Harbor Statement

This discussion document prepared by Continuus Energy, LLC (the “Company”) includes forward-looking statements
covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they
are subject to various risks and uncertainties and actual results for fiscal year 2018 and beyond could differ materially
from the Company’s current expectations. Forward-looking statements are identified by words such as "anticipates,"
"projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate
trends and future events. In particular, this discussion document includes forward-looking statements relating to an
additional line of products and their possible costs and revenues (namely the Company’s Recyte™ line of products
(“Recyte™”)).

Factors that could cause the Company's results (and the Company’s estimates relating to the Recyte™ business) to differ
materially from those expressed in forward-looking statements include, without limitation: 1) variation in demand and
acceptance of the Company's products and services, 2) the frequency, magnitude and timing of Recyte™ costs, revenues
and adoption by potential customers, 3) the renewal, expansion, or loss of the Company’s contracts with current
customers for SpecFUEL®1, 4) general business and economic conditions beyond the Company's control, 5) the
consequences of competitive factors in the marketplace including the ability to attract and retain customers, 6) results of
continuous improvement and other cost-containment strategies, and 7) the Company's success in attracting and retaining
key personnel. The Company undertakes no obligation to revise or update forward-looking statements as a result of new
information, since these statements may no longer be accurate or timely.

1. SpecFUEL® is a registered trademark of Waste Management, Inc. or one of its affiliates.

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Table of Contents

1 Highlights Page 4
4 Recyte™ Page 15

2 Continuus Material Recovery Page 5

5 Economics Page 21

3 SpecFUEL® Page 11
6 Team, Track Record, Page 25
Partners

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Continuus Material Recovery: Highlights

Continuus creates high-performance products and clean-burning fuel from recovered materials

Continuus’ proprietary process separates municipal Recyte™ Products Add Flexibility, Large Markets to SpecFUEL®
1 solid waste, recovering valuable materials Continuus can produce a mix of Recyte™ products and/or
SpecFUEL® at each plant as markets conditions require. By
adding Recyte™ products to its offering, Continuus substantially
A Continuus plant uses these recovered materials to
2 produce Recyte™ and/or SpecFUEL® increases the value of its recovered materials and opens the way
to new, large markets.

Recyte™ is a range of high-value products, worth For example, Recyte™ Roof Cover Boards are dense,
3 $400-$500/ton structurally strong roofing panels which do not rot, are installed
with ordinary tools, and can be made in a wide variety of
configurations. A 4 foot x 8 foot Recyte™ Roof Cover Board
SpecFUEL® is a high-energy, clean-burning solid fuel,
4 worth $30-$40/ton
would sell for approximately $10 at wholesale, competing
favorably with traditional plywood or other alternatives both on
price and performance, giving Continuus a value of $400-$500
Continuus’ process reduces landfill waste by 50-60% per ton of material sold and entry to the roofing board market (an
5 estimated 1 billion board feet/year).

Projected Economics for a Single Continuus Plant Producing 50% Recyte™ Products and 50%
SpecFUEL®

Gross
$50m+ Revenue >60% Margin $20m+ EBITDA >30% Unlevered
IRR

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Continuus Material Recovery
Producing SpecFUEL® and Recyte™ from Recovered Materials

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 Our expertise is resource recovery. We
recover valuable materials from waste.

Continuus’ proprietary process separates municipal solid waste, recovering valuable materials such as paper, cardboard, plastic, and metal at
our operating facility in Philadelphia.

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 We create clean-burning fuel and high-
performance products from recovered
materials.

Continuus uses these recovered materials to produce clean-burning solid fuel under the SpecFUEL® brand and high-performance products
under the Recyte™ brand.

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 Waste Arrives Materials Separated Feedstock Prepared Products Made

A Continuus plant receives Using industry-leading Continuus blends recovered Continuus uses the feedstock to
unsorted municipal solid waste equipment and proprietary paper and plastic into fluffy, produce SpecFUEL®, a clean-
(MSW) directly from collection processes, Continuus separates uniform feedstock. burning fuel, and Recyte™, a
trucks. the waste into different fractions range of high-performance,
and diverts 50-60% of the durable products.
volume from landfills.

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Continuus Today
Continuus brings operational experience, having developed, built, and run plants

Formed in 2015 Strong Partners Operating Experience

Continuus was formed in 2015 by a Continuus has an exclusive joint venture Continuus operates a second-
strong team with deep experience in the with Waste Management, Inc. (WM) to generation, full-scale waste separation
waste, fuel, and energy industries. The develop plants in 19 major North American plant producing up to 500 tons of
company was founded to leverage markets. The company’s investors include product per day from 1,000 tons/day of
technology advances in waste Emerging Infrastructure Capital Partners inbound waste material. Future plants
separation and recovery. (EICP), backed by WestRiver Group and will be third generation design,
The George Kaiser Family Foundation. incorporating improvements from the first
two plants.

Leading Technology Fuel Producing SpecFUEL® Project Pipeline

The company utilizes industry-leading Continuus has produced and sold Continuus has signed memoranda of
waste separation technology, proven thousands of tons of SpecFUEL®, a clean- understanding for fuel off-take
out through several years of operations. burning engineered fuel. Continuus sells its agreements in two new North American
Continuus has licensed intellectual fuel product under commercial off-take markets. The company continues to
property for processing waste to fuel agreements to customers such as Lafarge, develop its SpecFUEL® business with
and continues to develop its own IP and CEMEX, Essroc, and Lehigh. new and existing customers.
processing systems.

Background image is a view of Continuus’ processing facility in Philadelphia

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Continuus Tomorrow
Continuus has developed Recyte™, a range of high-performance, durable products made from recovered materials

1 Recyte™ products are high-performance materials

Continuus has developed Recyte™, a material that can be used in a
wide range of applications such as high performance construction
materials (roofing sheathing, wall sheathing, flooring, siding, furniture,
or utility polls). Recyte™ products are extremely strong and do not
include toxic adhesives used to make most composite boards.

2 Recyte™ increases product value 10x and opens new markets

Recyte™ products sell for $400-$500 per ton of recovered material, up
from $30-$40/ton for fuel applications, substantially increasing the
economic opportunity for Continuus.

3 Continuus is adding Recyte™ capacity to its facilities

Continuus can shift production between SpecFUEL® and Recyte™ as
market conditions require. A Continuus facility producing 50/50
SpecFUEL and Recyte™ is expected to have revenue of $50 million,
with $20+ million EBITDA and unlevered 10-year IRRs of more than
30%. A ten facility portfolio of Continuus facilities is expected to have an
execution value of more than $120 million.

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 SpecFUEL®
Clean-Burning, High-Energy Solid Fuel

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The Continuus Process Provides Optionality

Continuus’ expertise is in recovering resources and finding the “best and highest” use for recovered material

1 Waste arrives 2 Materials Separated

1,000 • On the tip floor, the waste is pre- • Ferrous metal is extracted
A Continuus facility can process up to sorted to remove bulky materials
unsuitable for processing • Screens remove small items and
1,000 tons per day of waste
food waste
• Waste is shredding to a
homogenous size for processing • Materials are air classified by
weight and density

~50% yield • Light and medium density

materials advance, heavy materials
A Continuus facility expects to produce are removed
about one ton of product for every two
tons of waste it processes
3 Feedstock Prepared 4 Products Made

• Non-ferrous metals are extracted • Feedstock can be densified,

crumbed, or pelletized for
500 • Near-infrared optical sorting to
remove PVC plastic as necessary
SpecFUEL® applications
The Continuus process yields about 500 • Feedstock can be molded or
tons per day of recovered material for use • Further shredding and to produce pressed with heat to make a
in new products useable feedstock variety of Recyte™ products
• Final metal removal to protect
production equipment

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SpecFUEL® is a Clean-Burning Fuel

SpecFUEL® is a clean-burning fuel with a predictable heating value made from the paper and plastic in commercial and
residential waste that would otherwise be landfilled

1 Burns Cleaner than Solid Fossil Fuels, Reducing Emissions

SpecFUEL® is recognized by the Environmental Protection Agency as a
secondary fuel due to its predictable properties. SpecFUEL® reduces
emissions of CO2, NOX, and SO2 when compared to coal.

2 Predictable, High Heating Value

SpecFUEL’s® heating content is adjustable between 7,500 and 11,000 British
Thermal Units (BTUs) per pound, depending on the feedstock mix. The fuel
burns evenly and with minimal heating spikes.

3 Straightforward Delivery of Fuel to Customer

Customers can frequently use SpecFUEL® without substantial modification to
their equipment or fuel handling systems. SpecFUEL® is delivered by truck or
other bulk systems.

4 Reduces Waste to Landfill by 60%

SpecFUEL® is 99.7% recovered paper, cardboard, and plastic. A SpecFUEL®
facility recovers up to 500 tons per day of material that would otherwise go to
landfill.

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SpecFUEL® is Used by Customers Today

Continuus successfully sells SpecFUEL® to a variety of customers today under commercial off-take agreements

SpecFUEL® Customers SpecFUEL® Benefits SpecFUEL® Markets

Three major cement production Customers use SpecFUEL® primarily to SpecFUEL® is suitable for use by
companies purchase SpecFUEL® under meet their fuel needs, making cement kilns, industrial boilers, and
commercial off-take agreements: SpecFUEL’s® predictable heating values power production facilities.
CEMEX, Lafarge, and Lehigh. important. Also, some customers value
SpecFUEL® as a way to meet reduce Continuus’ market strategy is to establish
Additional customers are testing the fuel emissions and work toward their off-take agreements with cement kilns
for use in their facilities. sustainability goals. and industrial boilers first because their
fuel needs are not as large as power
producers.

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 Recyte™
High-Performance Products from Recycled Materials

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Recyte™ is a Continuus Innovation

Recyte™ is produced from the same feedstock as SpecFUEL® and can be made into a wide range of durable products

The highest and best use for our materials

Continuus developed Recyte™ from its ongoing efforts to find the
highest and best use for materials recovered from the waste stream.
Recyte™ is a new material made from approximately equal parts of
co-mingled cellulose and plastic. Recyte ™ can be formed into a
variety of high-performance materials.
The Recyte™ process is patent-pending.
Recyte™ uses the same feedstock as SpecFUEL®, providing
Continuus with optionality to produce the right products to match
demand in a particular market.
Recyte™ has broad market potential in the construction, packaging,
and furniture industries.
Recyte™ leverages the trend toward recycled materials in the
construction industries (e.g., composite lumber).

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Recyte’s™ Attributes Make It Useful

Recyte™ is a new material, consisting mainly of recycled fibers and plastic,
which is strong, durable, moldable, and resistant to air and water

Strong Paints easily

Recyte™ has a tensile strength comparable to Recyte™ can be painted or manufactured with a
particle board or melamine (in thin applications) and variety of surface coverings
plywood or lumber (in thicker applications)

Durable Moldable
Recyte™ is durable, with a very long useful life Recyte™ can be molded into panels, boards, poles,
or any other 3-dimensional shape

Does not include dangerous resins Versatile

Recyte™ is bonded together by recycled plastic, Recyte™ can be formed into interlocking elements
meaning it does not need formaldehyde or other which give it additional versatility
dangerous resins used to bond composite boards

Resists water No special tools

Recyte™ has very low porosity, meaning it does not Recyte™ may be cut and assembled with regular
swell, degrade or turn to mud (like gypsum) when tools at a construction site
exposed to water

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Recyte™ Has Many Applications

Recyte™ is a versatile material with a variety of applications comparable to plywood, lumber, oriented strand board,
melamine, and other common durable products

Recyte™ is versatile …
Recyte™ can be made into board material of varying
thickness and dimensions. It can be molded into curves,
arches, spheres, rectangles, or any 3-dimensional
shape. Recyte’s™ rigidity allows it to hold a shape,
meaning it can create interlocking elements for
structural purposes.
Recyte™ can be made for heavy-duty applications
(such as utility poles or railroad ties) or for lighter
applications (such as fiber board, particle board, or
packaging).

Recyte™ can be used for wall sheathing,

boards, roof cover boards, flooring,
composite siding, decking, composite
lumber, packaging material, particle boards,
moldings, structural elements, furniture,
signage … and many other applications.

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Recyte™ Has Large Markets

For example, the construction board market is estimated at 52 billion board feet per year

52 billion Market sizing

• The market for roofing boards is estimated at 1 billion
board feet per year, growing at 7% annually.

• The wall board market is estimated at 15 billion board

feet per year.

• The total market for construction boards is estimated at

52 billion board feet a year.

• A single Continuus facility, at full capacity, producing

15 billion 20,000 4ft x 8ft boards yields less than 0.5% percent of
the construction board market.

• 25% of the landfilled waste in the US could satisfy about

42% of the annual construction board market.

Continuus’ growth strategy is to enter the roofing board

market. With minimal adjustment to its Recyte™
production process, Continuus expects to expand into
1 billion other board-based verticals, such as wall board (15
billion board feet per year), other construction boards
Roofing Boards (another 37 billion board feet), furniture, signage, and
Wall All
corrugated packaging.
Boards construction
Boards
Market sizing data is measured in billion board feet annually; data is for the United States only; international markets not included

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Example: Recyte™ Roof Cover Boards

Recyte™ Roof Cover Boards are the high-performance, 100% recycled alternative to traditional roofing underlayments

Recyte™ Roof Cover Boards

4ft x 8ft Recyte™ Roof Cover Boards are 4ft x 8ft engineered fiber boards used in
commercial roofing systems.
Dimensions of a typical Recyte™ Roof
Cover Board Performance advantaged
Compared to traditional 4 x 8 roofing boards, Recyte™ Roof Cover
Boards are stronger, resist water, and have no toxic adhesives.
$10/board Price competitive
Expected retail price for Recyte™ Roof
Cover Boards, based on comparable Recyte™ Roof Cover Board pricing is equivalent to traditional roof cover
products boards.

Easy to work with

50 pounds Recyte™ Roof Cover Boards can be cut and fastened with regular tools
Average amount of Continuus feedstock in and fasteners.
a Recyte™ Roof Cover Board
Attractive Economics
A single 4ft x 8ft Recyte™ Roof Cover Board contains about 50 pounds of
~$400/ton feedstock from Continuus’ processing line and is expected to sell at wholesale
for about $10 or 32c per square foot.
Expected equivalent value of Continuus’
recovered material when used in Recyte™ On a weight basis, Continuus’ feedstock is worth about $400-$500 per ton when
Roof Cover Boards sold as a Recyte™ Roofing Board.
A single Continuus facility could produce about 10,000 Recyte™ Roofing Boards
per day when producing a 50/50 mix of Recyte™ and SpecFUEL®, generating
revenue of $100,000 per day in Recyte™ Roofing Boards.

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 Economics
Adding Recyte™ to the Continuus Product Offering Provides
Strong Margins and New, Large Markets

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Recyte™ and SpecFUEL®: Economics

Adding Recyte™ enables Continuus to increase revenue per ton tenfold from ~$40/ton to $400/ton

Higher value for recovered materials

Recyte™ products are expected to realize $400 to $500 per

10x
ton of product sold, increasing the value of a Continuus
facility.

Recyte™ products utilize the same feedstock as

SpecFUEL®, giving Continuus the option to produce
Recyte™ and/or SpecFUEL® at a particular facility.

Producing Recyte™ adds additional cost, primarily for the

facing / backer materials, additional labor, and materials Expected increase in revenue per ton
handling. of Recyte™ vs. ton of SpecFUEL®

The additional cost of Recyte™ products is easily offset by

the higher revenue achieved.

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Summary Plant-Level Returns

A Continuus facility yields unlevered internal rates of return (IRR) of between 40% and 70% over ten years

Annual metrics by product mix Expected returns based on product mix

50% Recyte™ /
100% Recyte™
50% SpecFUEL® 50% SpecFUEL® / 50% Recyte™
50% unlevered IRR over ten years, with 10x terminal value
Waste input 300,000 tons 300,000 tons
45% unlevered IRR over ten years, with no terminal value

SpecFUEL® 75,000 tons -

Recyte™ (tons) 75,000 tons 150,000 tons

Recyte™ 3,750,000 7,500,000

(boards) boards boards
100% Recyte™
Revenue $68 million $113 million 73% unlevered IRR over ten years, with 10x terminal value
70% unlevered IRR over ten years, with no terminal value
Gross Profit $37 million $66 million

EBITDA $33 million $62 million

Capital $59 million $73 million

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 Continuus is a Big Opportunity
With ten plants, Continuus expects to produce between $600 and $1000 million in revenue, with EBITDA of $300 to $600+ million

$330m $620m
Annual EBITDA for a 10- Annual EBITDA for a 10-
plant roll-out producing plant roll-out producing
50/50 SpecFUEL® and 100% Recyte™
Recyte™
Team and Track Record
Continuus Brings Operating Experience

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Track Record and Partners

Continuus brings operational experience, having developed, built, and run plants

Continuus has an exclusive joint venture with Waste Management to develop plants in 19 major North American
1 Markets with guaranteed 20 year waste supply agreements (worth $6B in waste over life of contracts). This joint
venture relationship guarantees waste supply.

Emerging Infrastructure Capital Partners (EICP) has invested $12 million in Continuus. EICP is backed by the
2 WestRiver Group and The George Kaiser Family Foundation.

Continuus operates a second-generation, full-scale waste separation and resource recovery plant producing
3 SpecFUEL® from waste material. This is the only facility of its type in the United States.

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Meet the Continuus Team

CEO CFO SVP SVP

Carl Rush Randy Whitaker Rich Toberman Rick Cochrane

Chief Executive Officer Chief Financial Officer SVP SVP

Former SVP leading Waste Former MD in Waste Former Director of Waste Most recently COO and CEO,
Management’s emerging Management’s venture Management’s SpecFUEL® respectively, of two private-equity
technology portfolio of investment and new business development and business backed businesses in plastics
investments (2006-2012) group (2008-2012) (2010-2016) and recycling industries

Formerly CEO, GNI Group, a Extensive experience in 35 years in the chemical, oil and Deep experience in operations,
specialty chemical public financing and acquiring several gas, and environmental process, and management
company businesses industries
B.S. Chemical Engineering
B.A., M.B.A M.S. Accounting, M.B.A., CPA B.A., graduate-level chemical
engineering courses

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