Sidoti investor presentation 3.27.17 final (2)

1. SIDOTI INVESTOR
PRESENTATION TITLE
Advanced Emissions Solutions, Inc.
Advancing Cleaner Energy
© 2017 Advanced Emissions Solutions, Inc. All rights reserved.

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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 growth, amount and timing of production and sale
of Refined Coal (“RC”), Tinuum Group, LLC and Tinuum Services, LLC cash flow and ability to make distributions and Tinuum Group’s ability to lease or sell remaining RC
facilities; future revenues, expenses, cash flow, liquidity, and other financial and accounting measures; our ability to commercialize EC products and intellectual property;
expectations about the timing and amount of future dividend payments; returning value to stockholders; and related matters. 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; intellectual property infringement claims from third parties; the outcome of pending litigation; 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.
SIDOTI INVESTOR PRESENTATION
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3. INNOVATING A CLEANER TOMORROW
TICKER:
NASDAQ: ADES
MARKET-CAP:
~$210M
FOCUS: Leader in coal-
fired power emissions
control for 25+ years
TRANSFORMATION:
Completed significant
redirection in
the business
REFINED COAL (RC) EMISSIONS CONTROL (EC)
Equity:
Tinuum Group 42.5% owned
Equity:
Tinuum Services, 50% owned
Royalty:
M-45™ Licenses
Chemicals for Coal Emissions
Equipment for Coal Emissions
35 U.S. Patents, 16 Pending,
10 Int’l filed or pending
3
(1) Market capitalization based on proximity to 3/27/17 closing price
(1)

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INVESTMENT SUMMARY
SOLID AND STABLE CASH FLOWS
Current business projected to deliver at least $50M to $60M annually through 2021
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NICHE INDUSTRY LEADER
Highly leverageable position as trusted partner to America’s top energy producers focused on clean coal technology
INCREMENTAL CASH FLOWS
Potential to more than double current cash flows over next few years through 2021
COMPLETED TRANSFORMATION
No debt, strong balance sheet, streamlined organization, rebuilt governance and proven management team
STRONG EMISSION CONTROL INTELLECTUAL PROPERTY
Chemicals technology commercialized into a growing recurring revenue business
RETURN TO SHAREHOLDERS
Starting $0.25 per share dividend in Q2; potential to expand capital return program through further dividends and/or and
share repurchases

5. HISTORICAL EVENTS & NEW BEGINNING
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
2017
Lean Model and
Focused on
Recurring Cash
Flow
2015 - 2016
Transformation
Restructure
Re-position
NEW MANAGEMENT ACCOMPLISHMENTS
TRANSFORMATION RESTRUCTURE RE-POSITION
Simplified business model and shed poor performing assets
Built diverse new team
Commercialized patents
Reduced costs by over 70%
Improved balance sheet; no debt
Re-listed on NASDAQ with improved investor relations
Solidified market reputation in Power Market
Supported new team & approach at Tinuum
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6. -6-
U.S. NET ELECTRICITY GENERATION
(BILLION KILOWATTHOURS)
Source: U.S. Energy Information Administration, Annual Energy Outlook(AEO), 2017, www.eia.gov.
COAL USE: A REALITY MOVING FORWARD
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OBTAIN NEW TAX EQUITY INVESTORS FOR REFINED COAL:
Nurture current & add additional sales channels
Dedicate additional resources
Leverage improving political and refined coal tax equity market
GROW EMISSIONS CONTROL & CONTINUE TRANSFORMATION:
Sell recently commercialized chemicals
Further monetize valuable intellectual property
Explore targeted M&A
RETURN CAPITAL TO SHAREHOLDERS:
Declare dividend of $0.25 in Q2
Evaluate and be prepared for potential additional dividends (one-time and/or incremental recurring)
Evaluate and be prepared for potential stock buy-backs
2017 PRIORITIES
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8. REFINED COAL
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9. ADES
42.5%
TINUUM GROUP OWNERSHIP STRUCTURE
TINUUM GROUP: VALUABLE JOINT VENTURE
Denver area company founded in 2006
Leading developer and operator of
Refined Coal production facilities
Federal tax policy incented the
development of Refined Coal that reduces
mercury and NOx emissions
Refined coal production enables investors
to receive tax incentives and Tinuum
receives income from those investors
Income expected through 2021
NEXGEN REFINED
COAL, LLC
42.5%
GOLDMAN SACHS
15.0%
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10. FULL-TIME OPERATIONS ROADMAP
REFINED COAL FACILITIES TODAY AND TOMORROW
POTENTIAL
28 RC facilities
(~100 MT/year)
7 RC facilities – installed
and waiting for investor
2017 - 2021RC Facility information as of March 23, 2017
14 RC facilities
leased/sold
(40-50 MT/year)
Operating and Invested
Not Operating and Not Invested
7 RC facilities – yet
to be installed
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11. Projected Future RC Rent Payments
$0
$10
$20
$30
$40
$50
$60
$70
2017 2018 2019 2020 2021
PROJECTED RC CASH FLOWS TO ADES AS OF TODAY
(in millions)
 Total: $275 – $300 million 
Projected Future RC Cash Flows to ADES
• Based on 14 invested facilities as of March 23, 2017
• Results in projected cash flows of $275M to $300M
to ADES in total through 2021
• Each additional refined coal facility could add
between $5 -7 million annually
• Closed an additional RC facility in March 2017
-11-
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12. Proven Refined Coal Business Model
RC Tax Equity Examples: Goldman Sachs, Waste Management, DTE Energy,
Arthur Gallagher, Fidelity Investments and many others
There are benefits IF hurdles can be overcome
Coal Reputation and
Political Stigma
Uncertain Federal
Tax Reform
IRS Complexity
Net Income and EPS
Improvement
Uniquely strong
cash returns
Provide Cleaner
Energy
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REFINED COAL ENVIRONMENT
HURDLES BENEFITS
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13. EMISSIONS CONTROL
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EMISSIONS CONTROL: CURRENT OPPORTUNITY
$100M
$300M - $500M
CURRENT FOCUS MERCURY CONTROL
Mercury control regulation since 2015/2016; with large capital investments complete
Recurring consumables needed to control mercury
$100M annual target market and we are just
getting started (1)
Consumable market is $400M - $600M annually
MARKET
Cost effective and simple alternative
Less equipment corrosion
Turn-key with world-renowned experts
COMPETITIVE DIFFERENTIATORS
Patented technology
Low operating cost mode
Recurring revenue model
COMPETITIVE ADVANTAGES
(1) Target Market estimated annual revenues based on the Company's internal estimates from current products for the mercury control consumables market
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15. -15-
EMISSIONS CONTROL: OTHER 2017 ACTIONS
Assess commercialization
of remaining IP within
mercury control and
emerging waste water
treatment within coal-fired
power market
Complete commitments
on equipment
installations and warranty
Standardize, simplify and
rationalize to ensure
repeatability at lowest cost
Evaluate accretive
M&A alternatives
within dynamic market
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16. FINANCIALS
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17. -17-
FINANCIAL REVIEW
ANNUAL REVENUES
$17M
$63M
$51M
2014 2015 2016
EQUITY METHOD EARNINGS
& ROYALTIES
$20M
$52M
2014 2015 2016
OTHER OPERATING EXPENSES
$57M
$27M
2014 2015 2016
NET INCOME (LOSS)
-$30M
$98M
2014 2015 2016
$49M
$47M
$1M
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18. -18-
CURRENT CASH FLOWS VS. STOCK PRICE
18
Incremental
Cash Flows
$ ?
Potential Value
Potential Value:
Ability to add up to 14 more Refined Coal facilities; each
new refined coal facility would add between $5M-7M
annually; 1 new facility added in 2017 would add
approximately $30M of cash or $1 to $2 per share
Ability to generate cash from untapped IP within
Emissions Control business
Undiscounted Under Value:
Current stock price may be undervalued based on current
business cash flows of $275M to $300M through 2021
Base
Cash Flows
$13.0
Undiscounted
Under Value
(2)
(2) Stock price calculated based on cash flow from current business of $275M to $300M
(1) Stock price based on proximity to 3/27/17 closing price
$5.0
$15.0
$25.0
Stock
Price
$9.5
Current
(1)

19. THANK YOU