Sidoti conference march 2018 final

1. INVESTOR PRESENTATION
Sidoti & Company Spring 2018 Conference
March 29, 2018
Advanced Emissions Solutions, Inc.
Advancing Cleaner Energy
© 2018 Advanced Emissions Solutions, Inc. All rights reserved.

2. -2-
This presentation includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such
statements in certain circumstances. The forward-looking statements include statements or expectations regarding future cash flows from refined coal (“RC”); future
amount and timing of production and sale of RC; activities to return capital to stockholders; potential to add more RC facilities; Tinuum Group’s ability to lease or sell
remaining RC facilities; future annual revenue goals; potential future value of our stock; potential pursuit of alternative strategic options. These statements are based on
current expectations, estimates, projections, beliefs and assumptions of our management. Such statements involve significant risks and uncertainties. Actual events or
results could differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to, changes and timing in laws,
regulations, IRS interpretations or guidance, accounting rules and any pending court decisions, legal challenges to or repeal of them; changes in prices, economic
conditions and market demand; the ability of the RC facilities to produce and sell coal that qualifies for tax credits; the timing, terms and changes in contracts for RC
facilities, or failure to lease or sell RC facilities; impact of competition; availability, cost of and demand for alternative tax credit vehicles and other technologies; technical,
start-up and operational difficulties; availability of raw materials; loss of key personnel; the value of our products, technologies and intellectual property to customers and
strategic investors; the value placed on our stock price as a result of anticipated future cash flows; intellectual property infringement claims from third parties; seasonality
and other factors discussed in greater detail in our filings with the SEC. You are cautioned not to place undue reliance on such statements and to consult our SEC filings
for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date
made, and we disclaim any duty to update such statements unless required by law to do so.
SAFE HARBOR
2

3. CORPORATE SNAPSHOT: INNOVATING ACLEANER TOMORROW
Tinuum Group, 42.5% owned
Tinuum Services, 50% owned
Royalty:
M-45™ Licenses
Chemicals for Coal Emissions
38 U.S. Patents, 12 Pending,
3 Int’l Patents, 9 Pending
REFINED COAL (RC) EMISSIONS CONTROL (EC)
3
(1) Based upon commonshares outstandingandclosing stock priceas of March 2, 2018.
(1)
TICKER: NASDAQ: ADES
MARKET-CAP: ~$220M
Leader in coal-fired power
emissions control for 20+
years
CAPITAL ALLOCATION:
Active shareholder returns
through a combination of
dividends,stock buy or
accretive alternative options
Denver-area Company
founded in 1996
SHAREHOLDERS: Significant
institutional ownership

4. INVESTMENTSUMMARY
SOLID AND STABLE CASH FLOWS
On average, current business expected to deliver at least $65M to $75M annually through 2021
4
INCREMENTAL CASH FLOWS
Potential to significantly increase current cash flows over next few years through 2021
PLATFORM FOR GROWTH
No debt, strong balance sheet, streamlined organization, rebuilt governance and infrastructure and proven management
team
STRONG INTELLECTUAL PROPERTY
Chemicals technology and knowledge are important to the future of refined coal and for other strategic alternatives
RETURN TO SHAREHOLDERS
Initiated $0.25 per share dividend and repurchased nearly 1.7 million shares through a successful tender offer and stock
repurchase program, combining for over $32 million returned to shareholders in 2017
EVALUATE ALTERNATIVE OPPORTUNITIES
Disciplined evaluation of potential options to monetize current or future tax assets, build upon existing public platform and
properly position for market transformation

5. HISTORICALEVENTS & NEW BEGINNING
NEW MANAGEMENTACCOMPLISHMENTS
TRANSFORMATION
• Simplifiedbusiness model and shed poor
performing assets
• Built diverse new team
• Commercialized patents
RESTRUCTURE & RE-POSITION
• Reduced costs by over 60%
• Improved balance sheet; no debt
• Re-listed on NASDAQwith improved investor relations
• Supported new team & approach at Tinuum resulting
in increased invested RC facilities
RETURN OF CAPITAL
• Paid $20.8 millionin dividends during the
trailing twelve months
• Executed Dutch tender offer for $13.0 million
• Executed stock repurchase for $3.4 million
5
2011
Launch of
Refined Coal
2012
Equipment Systems
and Manufacturing
Started
2013 - 2014
Speculative R&D
Investments
Poor Margin
Equipment Bubble
2014
Identification of
Financial Statement
Matters
Cash Burn
Lean Model;
Focused on RC
Expansion & Return
of Capital
2015 - 2016
Transformation
Restructure
Re-position
2017 - 2018

6. -6-
U.S. NET ELECTRICITY GENERATION
(BILLION KILOWATTHOURS)
COAL USE: A REALITY MOVING FORWARD
6
WORLD NET ELECTRICITY GENERATION
(BILLION KILOWATTHOURS)
Source: U.S. Energy Information Administration, Annual Energy Outlook(AEO), 2018,www.eia.gov.
6
Source: U.S. Energy Information Administration, International Energy Outlook, 2017, www.eia.gov.
0
500
1000
1500
2000
2500
1990 2000 2010 2020 2030 2040 2050
2017
history projection
renewables
0
2000
4000
6000
8000
10000
12000
14000
2010 2020 2030 2040 2050
renewables

7. -7-
INCREASEAND OPTIMIZE REFINED COAL NET CASH FLOWS:
Add Investors:
• Nurture current & add additional sales channels
• Leverage improving refined coal tax equity market and investor clarity as a result of tax reform
Optimization:
• Maximizeoperational performance to produce RC and further develop customer relationships to
ensure retention of RC customers
• Optimize resources at ADES to support Tinuum and public platform while also reducing expenses
EVALUATEALTERNATIVE OPTIONS:
Evaluate options, including:
• Monetization of current or future tax assets
• Look to build upon current public platform
• Properly position for market transformation
2018 PRIORITIES
7
RETURN CAPITAL TO SHAREHOLDERS:
Evaluate options and execute on continued progress for additional return of capital to shareholders, including:
• Stock repurchase (open market and/or one-time tender offers)
• Dividends (one-time and/or incremental recurring)

8. REFINED COAL

9. ADES
42.5%
RC MODEL: TAX-EQUITY INVESTMENTECONOMICS
TINUUM GROUP
Leading developer and operator of
Refined Coal production facilities that
qualify for incentives under §45 of the
tax code
Economic benefits of the Refined Coal
business include the operating results
and the related tax incentives
Opportunity to use NOx and mercury
emissions reductions as part of the
investor’s clean energy program
Investor may achieve positive after-tax
cash flow within the first few quarters
9
3rd party investor leases or
purchases RC facility and is
responsible for the production
and sale of Refined Coal
~$6.90/ton
Production tax
credits
~$1.37/ton
Tax benefit of
investor outflows
(assuming a 21%
tax rate)
~$8.27/ton Total Investor
In-flows
INVESTOR IN-FLOWSINVESTOR OUT-FLOWS
~$6.50/ton Total Investor Out-flows
Various operating,
chemicalvendor,
engineering and
utility payments and
Tinuum Services
~$3.50/ton Operating Expenses
42.5%
42.5%
15.0%
~$3.00/ton Rental Payments
Tax equity investors receive triple digit IRR, capital return in ~6 months and cash on cash returns in excess of ~1.3x

10. FULL-TIME OPERATIONS ROADMAP
REFINED COALFACILITIES TODAY AND TOMORROW
POTENTIAL
28 RC facilities
(~100 MT/year)
11 RC facilities –
installed
and waiting for investor
or yet to be installed(1)
2018 - 2021
RC Facility information as of December 31, 2017
(1) Certain facilities would require capital investment to transition to operating status
17 RC facilities
leased/sold
(40-50 MT/year)
Operating and Invested
Not Operating and Not Invested
10

11. $0
$10
$20
$30
$40
$50
$60
$70
$80
2018 2019 2020 2021
EXPECTED CASH FLOWS FROM RC
BUSINESS (1)
(in millions)
ß Total: $275 – $300 million à
EXPECTED FUTURE CASH FLOWS
Based on 17 invested facilities as of December 31, 2017 and
includes all net RC cash flows of ADES (1)
Results in expected net RC cash flows of $275M to $300M to
ADES in total through 2021(2)
Each additional refined coal facility could add between $5-7
million annually
Obtained third party tax equity investors for RC facilities in
March, July and November 2017
Additionally, net cash flow usage from Corporate, offset by EC
segment contributions, are estimated to range from $8-10
million annually on a future run rate basis(3)
-11-
11
(1) Net RC cash flows includes the impact of all Tinuum distributions and royalty payments offset by the Company’s federal andstate tax payments as well as interest payments
(2) The projection is basedon thefollowingfourkey assumptions: 1) Tinuum Group continues to not operate retained facilities; 2) Tinuum Groupdoes not havematerial CapEx or unusual operating
expenses; 3) tax equity lease renewals arenot terminated or repriced; and 4)coal-firedgeneration remains consistent
(3) Net cash flow usage does not include payment of potential quarterly dividends or sharerepurchases andis after additional cost adjustments

12. 12
The refined coal business is proven and yields many benefits to utilities, investors and the
environment, and while the outlook is improving, there remains hurdles to overcome
REFINED COALENVIRONMENT
IRS Clarity
Net Income and EPS Improvement
Support Reliable Cleaner Energy
BENEFITS
Uniquely Strong Cash Returns &
Rapid Return Of Capital
Coal Reputation and
Political Stigma
IRS Ambiguity
Accounting Treatment
Investor Business Priorities
HURDLES
A significant number of major public and private companies have invested in RC Tax
Equity since its inception
There are benefits if hurdles can be overcome
Federal Tax Reform Clarity

13. EMISSIONS CONTROL

14. -14--14-
EMISSIONS CONTROL: MARKET UPDATE
(1) Market size based on hindsight estimates and current information onhistorical industry pricing, including products such as Powder ActivatedCarbon(PAC), Halogen andRe-emissions.
(2) Based on management’s estimate that industry pricing will normalize according to current pricing trends
14
Decreases in mercury control market demand were of a greater magnitude and speed than what we and other market participants anticipated
Expect that there will be significant consolidation amongst market participants in upcoming 24 months
NORTH AMERICAN MERCURY CONTROL ANNUAL MARKET SIZE TIMELINE
~$1.0 B (1)
Pre-MATS (2011 – 2014) 2014 – 2016
~$600M (1)
Overestimation of
Coal to Natural Gas
2016 – 2017
~$300M (1)
Optimization of
Coal to Natural Gas
2018 forward
~$200M (2)
Pricingcompetition due to
over supplied market
Pricingremains low
due to supply and
demand balance

15. 2017 FINANCIALHIGHLIGHTS
15
$36
$51
12/31/17 12/31/16
REVENUES
Twelve Months Ended
$54
$46
12/31/17 12/31/16
EQUITY METHOD EARNINGS
Twelve Months Ended
$10
$6
12/31/17 12/31/16
ROYALTIES
Twelve Months Ended
$18
$27
12/31/17 12/31/16
OTHER OPERATING EXPENSES
Twelve Months Ended
$52
$37
12/31/17 12/31/16
INCOME BEFORE TAXES
Twelve Months Ended
$31
$13
December 31, 2017 December 31, 2016
CASH & CASH EQUIVALENTS
As of

16. Return of Capital
16
During trailing twelve months (TTM), Company has paid $20.8 million in dividends
and utilized capital of $16.4million to repurchase shares
As of March 15, 2018, dividend yieldwas ~9% on an annualized basis
* Re-Listing on Nasdaq effectiveJuly 7, 2016
* Stock Chart represents closing prices through March 22, 2018
$10.5
$5.2 $5.1
$13.0
$3.4
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
Q2 2017 Q3 2017 Q4 2017 Q1 2018
DIVIDENDS TENDER OFFER STOCK REPURCHASE
$20.8
$13.0
$3.4
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
CUMULATIVE - TTM
$37.2
$5
$6
$7
$8
$9
$10
$11
$12
$13
$14
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18
ADES Share Price Performance since March 2016
ADES begins
implementation
of plan to reduce
costs by 70%
ADES relisted on
Nasdaq Exchange
Tender Offer
Announcement
Recurring quarterly
dividend program
instituted
Initial release
of Tax Cuts &
Jobs Act
ADES comments publicly
related to Tax Cuts & Jobs
Act and updates cash flow
guidance

17. INVESTMENTSUMMARY
SOLID AND STABLE CASH FLOWS
On average, current business expected to deliver at least $65M to $75M annually through 2021
17
INCREMENTAL CASH FLOWS
Potential to significantly increase current cash flows over next few years through 2021
PLATFORM FOR GROWTH
No debt, strong balance sheet, streamlined organization, rebuilt governance and infrastructure and proven management
team
STRONG INTELLECTUAL PROPERTY
Chemicals technology and knowledge are important to the future of refined coal and for other strategic alternatives
RETURN TO SHAREHOLDERS
Initiated $0.25 per share dividend and repurchased nearly 1.7 million shares through a successful tender offer and stock
repurchase program, combining for over $32 million returned to shareholders in 2017
EVALUATE ALTERNATIVE OPPORTUNITIES
Disciplined evaluation of potential options to monetize current or future tax assets, build upon existing public platform and
properly position for market transformation

18. THANK YOU